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Liquidity: statutory consultation on the ‘Secure and Promote’ licence condition

Liquidity: statutory consultation on the ‘Secure and Promote’ licence condition Power Trading Forum. Martin Bell 12/12/13. Reminder – structure of our liquidity proposals. Current stage – statutory consultation.

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Liquidity: statutory consultation on the ‘Secure and Promote’ licence condition

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  1. Liquidity: statutory consultation on the ‘Secure and Promote’ licence condition Power Trading Forum Martin Bell 12/12/13

  2. Reminder – structure of our liquidity proposals

  3. Current stage – statutory consultation • On 20 November, we published a statutory consultation on the proposed licence condition. This is a legal requirement before making changes to licences • This stage focuses on the licence drafting. We would like to obtain feedback on the licence text. In particular, we want to check that it reflects our policy design • The full set of documents we published were: • Responses to the statutory consultation, and any feedback on the Impact Assessment and Guidance should be submitted by 18 December

  4. Market making design (1) • Our design for the market making obligation remains broadly as set out in June • However, following responses to the last consultation, we have updated our policy design to improve its effectiveness Approach to market maker availability • Trading windows have a number of advantages – these include: Requirement in June consultation Requirement in November statutory consultation

  5. Market making design (2) • Knock-on changes to availability rules • As a result of moving to trading windows, some of the other availability rules also needed to be redesigned • These rules are intended to provide protection for Secure and Promote licensees against specific risks, while still ensuring that the design delivers regular availability

  6. Market making design (3)

  7. Timetable 20 Nov 2013 18 Dec 2013 Early 2014 Plus 20 days 31 Mar 2014 Contact details: Graham Knowles (graham.knowles@ofgem.gov.uk), Martin Bell (martin.bell@ofgem.gov.uk) or Leigh Rafferty (leigh.rafferty@ofgem.gov.uk)

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