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 YOU ARE HERENewsDefaulting Party under the BSC – Iresa Limited  
JUL 2018
30
Defaulting Party under the BSC – Iresa Limited
Originally published by Nathalie Palazzo on 30/07/2018 13:38:03

Defaulting Party under the BSC – Iresa Limited 

This document sets out the resolutions made by the BSC Panel in relation to Iresa Limited (company number 08186664) (‘the Defaulting Party’) under Section H3.2.1 of the Balancing and Settlement Code (‘BSC’).  Provision of a copy of this document to a BSC Party shall constitute notification to that BSC Party of the decisions of the Panel, and shall also constitute notification to that BSC Party of the Default pursuant to BSC H3.2.1(a).

In accordance with the provisions of Section B4.7 of the BSC, an urgent meeting of the Panel was convened at 11:30 on 30 July 2018

The Panel NOTED that the Defaulting Party is in Default under Section H3.1.1(g)(i) of the BSC in that:
‘the Defaulting Party suspends payment of its debts or admits its inability to pay its debts as they fall due’

The Panel considered this matter and, having regard to its objectives under Section B1.2.1 and to its other obligations under the BSC, RESOLVED as follows:

(a) Pursuant to Sections H3.2.1(b) and H3.2.2(a) to:
(i) suspend with effect on and from the commencement of Settlement Period 1 (00:00) on 31 July 2018 the right of the Defaulting Party to submit (or have submitted on its behalf) Energy Contract Volume Notifications under Section P of the BSC; and/or
(ii) disapply (for the purposes of Settlement) with effect on and from the commencement of Settlement Period 1 (00:00) on 31 July 2018 that part of all Energy Contract Volume Notifications submitted (at whatever time) by or on behalf of the Defaulting Party which relate to the period commencing on and continuing after Settlement Period 1 (00:00) on 31 July 2018.  

(b) Pursuant to Sections H3.2.1(b) and H3.2.2(b) to:
(i) suspend with effect on and from the commencement of Settlement Period 1 (00:00) on 31 July 2018 the right of the Defaulting Party to submit (or have submitted on its behalf) Metered Volume Reallocation Notifications under Section P of the BSC; and/or
(ii) disapply (for the purposes of Settlement) with effect on and from the commencement of Settlement Period 1 (00:00) on 31 July 2018 that part of all Metered Volume Reallocation Notifications submitted (at whatever time) by the Defaulting Party or on its behalf which relate to the period commencing on and continuing after Settlement Period 1 (00:00) on 31 July 2018.

(c) Pursuant to Sections H3.2.1 (b) and H3.2.2 (e), to suspend, subject to approval by the Authority, the right of the Defaulting Party to register further Metering Systems and BM Units.

(d) Pursuant to Sections H3.2.1 (b) and H3.2.2 (f), with effect on and from the commencement of Settlement Period 1 (00:00) on 31 July 2018 to suspend the right of the Defaulting Party to receive reports and data.

(e) Pursuant to Section H3.2.1(f), to notify the Funds Administration Agent on behalf of the BSC Clearer to treat the Defaulting Party as a Defaulting Party for the purposes of Section N of the BSC.

(f) Pursuant to Sections H3.2.1 (b) and H3.2.2 (g), to suspend with immediate effect the right of the Defaulting Party to vote pursuant to Annex B-2 of the BSC.

(g) To notify the Defaulting Party and, pursuant to Section H3.2.1(a), each other BSC Party of the Default.

ELEXON shall continue to closely monitor and review the situation concerning the Defaulting Party (including its effect on other BSC Parties).

The Panel noted that nothing in these Resolutions should be taken as preventing it from deciding at any time to take any further, additional, different or other steps under Section H3.2.1 of the BSC in relation to the Defaulting Party.

For more information, please contact market.operations@elexon.co.uk.

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