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Elexon Imbalance Pricing Guide > Chapter 3 - How does pricing work? > Flashcards

Chapter 3 - How does pricing work? Flashcards

1
Q

What are the 5 types of balancing actions?

A
  1. Bid offer acceptances (BOA)
  2. Volume of GB Need Met (VGB) - TERRE
  3. Replacement Reserve Aggregated Unpriced System Buy and Sell Actions (RRUASB and RRAUSS) - TERRE
  4. Balancing Services Adjustment Actions (BSAAs)
  5. Demand Control Actions
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2
Q

What are the 3 actions taken to minimize system balancing interference?

A
  1. Flagging
  2. Classification
  3. Tagging
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3
Q

What is Flagging?

A

Identifying balancing actions that are potential system balancing actions

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4
Q

What is Classification?

A

Classifying tagged actions to determine if they are indeed system balancing actions (or energy balancing)

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5
Q

What is Tagging?

A

Completely removing both the price and volume of a balancing action so no part of it is used in the final price calculation

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6
Q

What two actions can be repriced?

A
  • Demand control actions

- BOAs or BSAAs from STOR (during availability window)

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7
Q

What are the 4 Flagging actions?

A
  1. CADL Flagging
  2. SO Flagging (physical constraint related actions)
  3. STOR Provider Flagging
  4. Emergency Instruction Flagging
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8
Q

What are the 4 Tagging actions?

A
  1. DMAT tagging (De Minimis Acceptance Threshold 0. MWh)
  2. Arbitrage Tagging
  3. Net Imbalance Volume (NIV) Tagging
  4. Price Average Reference (PAR) Tagging
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9
Q

What are the 7 pieces of balancing info does the SO send to the BSC?

A
  1. FPN
  2. Bid Offer Data
  3. Bid Offer Acceptance Data
  4. Quarterly Hour Volume of GB Need met (VGB)
  5. Quarter Hour Interconnector Schedule
  6. Balancing Services Adjustment Data (BASD)
  7. Demand Control Instructions
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10
Q

When submitting a BSAA as part of the BASD, what 4 pieces of info are required?

A
  1. Balancing Services Adjustment Cost ( can be NULL)
  2. Balancing Services Adjustment Volume (MWh)
  3. SO-Flag (T/F)
  4. STOR Provider Flag (T/F)
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11
Q

How is the Balancing Services Adjustment Price calculated?

A

Dividing the Balancing Services Adjustments Cost by the Balancing Services Adjustments Volume

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12
Q

What are the 3 types of TERRE actions?

A
  1. Volume of GB Need Met (VGB - energy balancing)
  2. Replacement Reserve Aggregated Unpriced System Buy Actions (RRAUSB - system balancing)
  3. Replacement Reserve Aggregated Unpriced System Sell Actions (RRAUSS - system balancing)
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13
Q

What is the Loss of Load Probability?

A

A measure of system reliability between 0 and 1

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14
Q

What does the Reserve Scarcity Price (RSVP) represent?

A

It represents a measure of scarcity in available generation capacity at Gate Closure (calculated by SO)

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15
Q

How is the Reserve Scarcity Price calculated?

A

Multiplying the Loss of Load Probability (LoLP) by the Value of Lost Load (VoLL)

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16
Q

What 2 prices are available to STOR actions for repricing (within STOR Availability Window)?

A
  1. Utilization price

2. Reserve Scarcity Price

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17
Q

How is the Loss of Load Probability calculated?

A

Via the Loss of Load Probability Calculation Statement

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18
Q

What is an Intertrip?

A

A circuit breaker that disconnects a generator or demand from the Transmission system

19
Q

Why do BSAAs from intertrips have a NULL price?

A

They do not have a cost/price available on the required time scales

20
Q

What are NULL priced BSAAs classified as?

A

Second Staged Flagged Balancing Actions - they will be subject to replacement price is they enter the NIV

21
Q

When are actions SO Flagged?

A
  1. BOAs - when these may be impacted by a transmission constraint
  2. BSAAs - when these may be impacted by a transmission constraint and/or system-to-system balancing service over an interconnector (whether to GB or connecting country)
22
Q

What is a Transmission Constraint?

A

Any limit on the ability of the Transmission System

23
Q

What are some examples of Transmission Constraints?

A
  1. Exceeding thermal rating of an asset
  2. Maintaining voltages
  3. Maintaining transient and dynamic stability of electricity plant, equipment or systems (direct or indirect connection to Transmission system)
24
Q

What is emergency Flagging?

A

When SO issues Emergency Instructions to cope with unexpected event, these will be flagged as such
(Treated same as SO-Flagged BOAs)

25
Q

What are the 2 types of Emergency Instructions?

A
  1. Emergency Flagged (First stage flagged)

2. Emergency Acceptance (First stage unflagged)

26
Q

What is the time limit for the Continuous Acceptance Duration Limit (CADL) Flagging?

A

10 mins

27
Q

What is the De Minimis Acceptance Threshold set at for De Minimis Tagging?

A

0.1 MWh

28
Q

When does Arbitrage Tagging apply?

A

When a Bid is higher than or equal to an equal volume Offer.

29
Q

During Classification, if there are no First Stage unflagged balancing actions what happens?

A

All balancing actions become Second Stage Flagged Balancing Actions

30
Q

During NIV tagging a positive NIV denotes what about the system?

A

System is short, as the SO needs to buy more generation

31
Q

How is the Replacement Price calculated?

A

Using a volume weighted average of the most expensive 1MWh of unflagged actions

32
Q

What is the most expensive 1MWh of unflagged action referred to?

A

The Replacement Price Average Reference Volume (RPAR)

33
Q

What is the purpose of PAR tagging?

A

To align the energy imbalance price with the price of the marginal energy balancing action

34
Q

When is the Sell Price Price Adjustment used (SPA)?

A

When the system is long (NIV -‘ve)

35
Q

How many zones are there?

A

14

36
Q

How many TLMs are calculated per zone and what are they?

A

2 per zone

a. Delivering TLM (net exporter in a zone)
b. Offtaking TLM (net importer in a zone)

37
Q

What makes up a Zone in the geographic area?

A
  1. No more than 1 GSP Group per zone
  2. any part of an Offshore Transmission System directly connected to GSP Group
  3. any part of an Offshore Transmission System which connects to the onshore AC Transmission system at a
    point within the geographic area of the GSP Group
38
Q

What TLM value are Interconnector BM Units assigned?

A

1 - they are exempt from losses

39
Q

Are Metered Volumes of Interconnector BM Units scaled for losses?

A

No

40
Q

What happens to the final imbalance price when there are no Second Stage Unflagged Actions?

A

The replacement price will be calculated using the Market Price (for that settlement period)

41
Q

What happens when there are no actions left in the NIV?

A

The energy imbalance price will be set to the Market Price

42
Q

What happens when the SO doesn’t have a Gate Closure De-Rated Margin Value to produce a Final LoLP?

A

It will use the next available De-Rate Margin value (two hours ahead forcast)
- If that’s not available then LoLP will be NULL

43
Q

What is Applicable Balancing Services Volume Adjustment Data?

A

These are volume adjustments to BM Units that are instructed by the SO to provide automatic frequency response and other non-BM balancing actions which are not accounted for elsewhere

44
Q

What are the 10 steps of the Energy Imbalance Price Calculation Process?

A
  1. Receive Balancing Actions (Includes SO-Flagging, CADL Flagging, Emergency Flagging)
  2. Determine STOR Price
  3. Rank Buy and Sell Sets
  4. DeMinimis and Arbitrage Tagging
  5. Classification
  6. Net Imbalance Volume (NIV) Tagging
  7. Replacement Price
  8. Price Average Reference Volume (PAR) Tagging
  9. Buy/Sell Price Price Adjustment
  10. TLM and Energy Imbalance Price Calculation

Elexon Imbalance Pricing Guide (6 decks)

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