Decision to approve BSC Modification P469
Decision
- Publication date
- Industry sector
- Generation and Wholesale Market
- Supply and Retail Market
This letter presents our decision to approve the proposed solution for BSC Modification P469: 'Credit Default Refusal and Rejection Period'.
BSC modification P469 amends the Balancing and Settlement Code (BSC) to extend the start of the Credit Default Refusal Period by 2 hours and of the Credit Default Rejection Period by half an hour. This will allow more time for a market participant to rearrange an energy trade that was refused or rejected because of a counterparty reaching its credit limits for trading.
We have considered the issues raised by the modification proposal and the Final Modification Report and we have taken into account the responses to the industry consultations as well as the BSC Panel's views and recommendation.
We have concluded that implementation of the proposed solution, which extends the credit default refusal and rejection periods, will better facilitate the achievement of the applicable objectives of the BSC and that the modification is consistent with our principal objective and statutory duties.