Electricity imbalance settlement - Modo: The Podcast (ep. 16: Elexon)

How is electricity traded? And what is 'imbalance settlement'? The Balancing and Settlement Code, or BSC, is a document outlining the rules of the balancing mechanism and imbalance pricing in Great Britain. In today's episode, Quentin speaks to Aditi Tulpule, Legal Counsel at Elexon - the organisation that manages imbalance pricing and payment.
In this episode they discuss:
A brief history of the BSC, how it works, and why it's integral to the smooth running of the balancing mechanism.
The importance of data transparency in our newly decentralised, increasingly real-time energy system.
Why innovation and collaboration are vital when it comes to creating market environments that work for all parties.
Recent regulatory changes that participants need to be aware of (including where energy storage fits into the 'generation vs. supply' categorisation).
And, of course, Elexon's role in all of the above.
Elexon is a not-for-profit entity, funded by electricity market participants. It was established to manage the Balancing and Settlement Code.
Find out more: platform.modo....

[@sivagnanamsanniasi6188]

The way host and elexon member drove the discussion and explaining in layman terms wherever needed is simply superb. Is there any specific session planned to cover on mhhs?

[@modoenergy]

Thanks! We haven't got anything planned specifically on market wide half-hourly settlement yet, but it's definitely something we'll look to discuss on the pod with the right guest when we can.

[@oliverwinks168]

This is an absolutely great discussion. Thank you both for recording it and making it available! I'm really interested in the idea of controlling the demand side of the equation when it comes to balancing the grid. Presumably one can sell a service that reduces (or even increases) demand, after all, from a balancing perspective that would be equivalent to changing the supply side. If that's the case how does metering work? If a device is capable of measuring it's own power consumption would Elexon accept readings from that device as proof of fulfilling a contract or will they only accept data from specific metering hardware? I guess p375 comes into play here? It would be great to talk to someone about how all this works.