Elexon to give back £1.5m of savings to the trade: Elexon has reported it is to return £1.5 million to the Balancing and Settlement Code (BSC) Trading Parties by way of a reduction in normal charges during the coming months.
The decline has been compelled by a quantity of cost efficiencies and savings made by the company, which administers the BSC and supplies & procures the services necessary to implement it and settle the payments among generators, suppliers & traders.
Elexon’s charges precisely match its costs with no profit margin added – following closing its office on 12th March because of the coronavirus pandemic, Elexon has created a number of savings.
It will now forward these on to the BSC Trading Parties, this includes any company such as suppliers or generators that trade in the wholesale market under the conditions of the BSC.
Elexon Chief Executive Mark Bygraves stated: ‘I recognise this is not a significant amount but the principle of returning underspend and savings is correct as many of our customers are dealing with difficult circumstances due to the impact of COVID-19 on the economy, as well as other challenges.
“We strive to deliver value for money to our customers and we are committed to tight cost controls as well as transparency of our spending. We have returned unused funds in the past, and we will look for further opportunities to return more money to Trading Parties as we head towards the end of the financial year.”
Elexon to give back £1.5m of savings to the trade