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TSC Modifications – Extraordinary Meeting 86 Dave Carroll, Trading Operations, SEMO

Imbalance Price Modifications. TSC Modifications – Extraordinary Meeting 86 Dave Carroll, Trading Operations, SEMO 6 th September 2018. Background. Imbalance price calculated every 5mins, from which the 30 min Imbalance Settlement Price is derived

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TSC Modifications – Extraordinary Meeting 86 Dave Carroll, Trading Operations, SEMO

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  1. Imbalance Price Modifications TSC Modifications – Extraordinary Meeting 86 Dave Carroll, Trading Operations, SEMO 6th September 2018

  2. Background • Imbalance price calculated every 5mins, from which the 30 min Imbalance Settlement Price is derived • Market Backup price is calculated after each Gate Closure for the Imbalance Settlement Period that most recently closed • Highly automated due to continuous trading

  3. Background @ 20:10 the Backup Imbalance Price for 21:30 is calculated

  4. Background @ 21:00 the 5 minute Imbalance Price for 20:35 – 20:40 is calculated

  5. Background @ 21:00 the 30 minute average Imbalance Price from 20:00 – 20:30 is calculated

  6. Current Process Market Management System (MMS) Not Available Not Available

  7. Rationale for Modification • Experience from SEM go-live and from market trial • Unscheduled outages not specifically accounted for in the code (MOD_30_18) • Scheduled outages may be more frequent and longer in duration during start of market (MOD_31_18) • Need to improve transparency of what the Imbalance Price is at all times for Market Participants

  8. Proposal • Each day get the ex-ante price from the Day Ahead Market • Convert this from an hourly to half hourly price • Publish “backup to PMBU” prices on www.sem-o.com website • If the Imbalance Settlement Price and Market Backup Price are not available 30 minutes after the end of the relevant Imbalance Settlement Period, then the “Backup to PMBU” price is effective and will be used in settlement • Issue Market Message to participants

  9. Proposed Process Market Management System (MMS) • Imbalance Settlement Price • Market Backup Price Not Available Not Available • Pre-published Backup Imbalance Price based on DAM Not Available Not Available • Most Recent Imbalance Price Not Available

  10. Justification • Improves resilience as a further backup Imbalance Price will be available before a previous Imbalance Price (which may be totally unreflective) needs to be used • The “Backup to PMBU” price based on the DAM will be more reflective of prevailing prices where most trading occurs • Market Participants will always be aware of what price is being used 30 mins after an Imbalance Settlement Period

  11. Discussion Any Questions?

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