|Headquarters:||4th Floor, 350 Euston Road, London NW1 3AW, United Kingdom|
|Location(s):||London, United Kingdom|
|Date of foundation:||2000|
|Balancing Energy and Imbalance Volumes Settled:||
Please note that being bi-lateral, this is the sum of both the buy and sell sides of the contract (effectively a double count).
|Current number of employees (October 2017):||153|
|Annual report(s):||ELEXON 2016/17 Annual Report|
ELEXON, founded in 2000 with the New Electricity Trading Arrangements (NETA) introduced in England and Wales in March 2001 and in Scotland in 2005, administers the Balancing and Settlement Code (BSC). The requirement to have the BSC in force is placed on the TSO, National Grid, through its Transmission Licence. ELEXON administers the BSC, and provides and procures the services needed to implement it. ELEXON’s expertise and impartiality give the customers the confidence that the BSC operates efficiently and accurately.
What ELEXON does
ELEXON is vital to the operation of the wholesale electricity market as the company compares how much electricity generators and suppliers said they would produce or consume with actual volumes. ELEXON works out a price for the difference and transfers funds accordingly. This involves taking 1.25 million meter readings every day and handling £1.5 billion of ELEXON’s customers’ funds each year.
EMR Settlement Ltd (EMRS) is a wholly owned subsidiary of ELEXON Ltd. It was set up in March 2014 after the Government’s Department of Energy and Climate Change (DECC) recognised that ELEXON had the experience and capability to provide settlement services to deliver the Government’s new policies to support low carbon generators (Contracts for Difference (CFD)) and to introduce a Capacity Market (CM). It recognised the similarities between the data, systems and processes that successfully operate under the BSC and those that will be required for CFD and CM.
ELEXON’s governance structure
Four key groups of people work together to make sure governance, strategy, and operational delivery combine to deliver an outstanding service for ELEXON’s customers.
These are the ELEXON Board, the BSC Panel, the ELEXON Executive and the ELEXON staff.
The ELEXON Board is responsible for:
- providing leadership to the company;
- setting the company’s strategic aims, including the approval of its annual Business strategy;
- ensuring that the necessary financial and human resources are in place for the company to meet its objectives, including approving the company’s budget;
- reviewing the performance of the company’s management;
- the governance of the company;
- ensuring that ELEXON’s obligations to its stakeholders, including BSC Parties, are understood and met.
The BSC Panel
The Balancing and Settlement Code (BSC) Panel oversees the management, implementation and development of the BSC. It brings together stakeholders from across the electricity industry, including the regulator Ofgem, the TSO, National Grid, generators, suppliers and other BSC Parties is delivered efficiently, economically, effectively, fairly and transparently.
The Panel oversees changes to the BSC and approves the strategy element of ELEXON’s annual Business Plan. To support this process, the BSC Panel has identified its strategic priorities in a Panel Strategy and incorporated a Strategic Work Programme that addresses these priorities though 2015/16 and beyond. Both the Strategy and Work Programme feeds directly into the development of the annual BSCCo business plan and will inform the work of the Panel, its Committees and ELEXON going forward.
Our Executive Team is responsible for the company’s day-to-day management. The team works with our Board, BSC Panel and staff to ensure the successful delivery and evolution of the BSC.
ELEXON has over 150 staff based at the company’s offices in central London. Experts in their field, some have worked in the energy sector for many years, while others bring fresh skills and perspective from other sectors. Together they ensure that ELEXON delivers a great service to the customers every day and maintain our seamless delivery of the BSC.