Elexon has announced it is to return £1.5 million to the Balancing and Settlement Code (BSC) Trading Parties through a reduction in normal charges over the coming months.
The reduction has been driven by a number of cost efficiencies and savings made by the company, which administers the BSC and provides and procures the services needed to implement it and settle the payments between generators, suppliers and traders.
Elexon’s charges exactly match its costs with no profit margin added – since closing its office on 12th March due to the coronavirus pandemic, Elexon has made a number of savings.
It will now pass these on to the BSC Trading Parties, which include any company such as suppliers or generators which trade in the wholesale market under the terms of the BSC.
Elexon Chief Executive Mark Bygraves said: ‘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.”