1. VaR Timeline
March 2007

2. VAR Time Line End of Month Start of Month
Com issued 13th of month
Com paid 24th of month
Rec invoice paid 5th of month
Rec issued 26th of month
Cap issued 6th of month
Cap paid 20th of month
VAR = Rec +15 days of Av (Cap + Com +/- Rec +/-ad hoc +/- …….)
VAR = Cap + 15 days of Av (Cap + Com +/- Rec +/-ad hoc +/- …….)
VAR = Cap+ Com +15 days of Av (Cap + Com +/- Rec +/-ad hoc +/- …….)
VAR + Com +15 days of Av (Cap + Com +/- Rec +/-ad hoc +/- …….)
VAR = 15 days of Av (Cap + Com +/- Rec +/- ad hoc +/- ……)
npower, RWE Group /02/2019

3. How is the .REC invoice accommodated Large ad hoc invoices
npower, RWE Group /02/2019