CMCXX25 Mod proposal Publication of Information on Extensions and Terminations of Awarded New Capacity Outline of the Proposed Modification 1 Issue being addressed by the proposed modification 1 We believe the rationale for an
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Presentation Transcript
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CMC_XX_25 Mod proposal – Publication of Information on Extensions and Terminations of Awarded New Capacity<br>
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Outline of the Proposed Modification 1<br>
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Issue being addressed by the proposed modification 1 We believe the rationale for an Extension/Termination should be made available to all market participants Summary of the provisions of the CMC related to Extensions [Sec J.5]
Where required a participant may apply to the System Operator for an extension to the date by which a Milestone (other than for Substantial Financial Completion) shall be achieved.
This application requires the participant to submit a justification to the System Operator and such Extension then must be approved by the RAs
Where an Extension is approved, the Capacity and Trade Register shall be updated to record these changes. (Sec. J.5.6.10)
No rationale as to why the extension was needed currently is required to be published as part of this process.
The modification proposal is to require the publication of information on granted extensions of either the Long Stop Date or the Capacity Quantity End Date and Time including the reasons for such approved extension (but not requiring the disclosure of commercially sensitive material).
Terminations [Sec J.6]
Where the System Operators issue a Capacity Termination Notice, they shall publish a notice of this, identifying the Unit and the effective termination date. They must also update the Capacity and Trade Register by setting the status flag to Terminated.
No detailed justification for why a termination notice was issued currently needs to be published as part of this process
There is no specified time period in which the System Operators shall publish notice of a Capacity Termination Notice
The modification proposal will require the publication of information the reasons for a terminations and also will require publication of the Termination Notice within a specific timeframe.<br>
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Rationale for the modification proposal 1 Access to Extension/Termination rationales could help mitigate similar problems for other participants<br>
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Impact 1 This will benefit will have an industry wide impact Informed Investment Decisions (industry wide)
Through improved market outlook and incentive to continue to invest in developments in advance of auction to ensure project maturity
Increased knowledge of potential capacity shortfalls
Improved Security of Supply
Through more effective investment decisions and increased ability to mitigate delays
Increased Transparency
Through improved access to information on extensions and why they were required by the market participant
SEM-23-101DelayModDecisionpaper.pdf
"The SEM Committee recognises that a number of market participants have requested that more information is published after decisions have been made about the extensions and the reasons for the extensions, to aid transparency. The SEM Committee has asked the RAs to give due consideration to this issue, and work with the TSOs to publish appropriate information. However, the SEM Committee recognises that any additional requirements to publish information should be consistent with any existing obligations (e.g., REMIT) and should not duplicate any existing requirements. Furthermore, it may be appropriate for some information to remain confidential."<br>
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Impact on Code Objectives 1 This MOD meets all the CM Code Objectives, especially c, d, e and f.<br>
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Proposed Code Drafting Changes (to be discussed with SOs) Extensions
J.5.8.7 Any application made under J.5.8.2 should be made as soon as reasonably practicable and, in any event, at least 3 months prior to the scheduled Long Stop Date.
J.5.9 Where any extension has been granted under J.5.5 to J.5.8, the Participant shall make a disclosure on an approved Inside Information Platform within [5] working days of the grant of such extension.
TERMINATION OF AWARDED NEW CAPACITY
J.6.1.8 Where the System Operators issue a Capacity Termination Notice, the System Operators shall:
(a) at the same time, send a copy of the Capacity Termination Notice to the Regulatory Authorities;
(b) subject to J.6.1.8A and B.14, within a period of [25] Working Days publish a notice that it has terminated Awarded Capacity, identifying the Capacity Market Unit and the effective date of termination; and
(c) update the Capacity and Trade Register to terminate Awarded Capacity reflecting the Capacity Termination Notice, by setting the Status Flag to “Terminated”.
J.6.1.8A Where no Notice of Dispute has been notified by the Participant in respect of the Capacity Termination Notice, the Participant shall within a period of [25] Working Days make a disclosure on an approved Inside Information Platform 1 Paragraph B.5.2.2 does not apply ESB GT is neutral as to whether the System Operators or Participant makes a disclosure<br>
