1. MOD_03_19 Amended application of the Market Back Up Price if an Imbalance Price(s) fail to calculate
Energia

2. Imbalance Settlement Period 09:00 - 09:30
Background Info
Imbalance Pricing Period- 5 min period Imbalance Settlement Period- 30 min period Market Back Up Price- For each Imbalance Settlement Period, γ, the Market Operator shall calculate the Market Back Up Price (PMBUγ) as the quantity-weighted average price of the prices associated with each Day-ahead Trade Quantity (qTDAxuh, qTDAxvh) and Intraday Trade Quantity (qTIDxuh, qTIDxvh) for all Generator Units, u, and Supplier Units, v, in the Imbalance Settlement Period, γ.
Imbalance Settlement Period 09: :30
Period Start Time
09:00
09:05
09:10
09:15
09:20
09:25
Period End Time
09:30
5min Imbalance Price (IPP)
€60.00
€65.00
€70.00
€75.00
€80.00
€85.00
30 min Imbalance Settlement Price (ISP)
€72.50
Market Back Up Price
€90.00

3. Modification Proposal Summary
This Modification Proposal seeks to amend the current application of the Market Back Up Price in the TS&C.
Issue
When one or more 5min Imbalance Prices are not calculated within the Imbalance Settlement Period, the Market Back Up Price is used for the entire Imbalance Settlement Period
Aim
To address this issue, we propose that the Market Back Up Price is used for any missing 5min Imbalance Pricing Period(s) and the Imbalance Settlement Price to be continued to be calculated as designed
Benefits
This approach will produce an Imbalance Settlement Price that has utilised any calculated 5min Imbalance Prices
Therefore resulting in a published Imbalance Settlement Price that is more reflective of the underlying Balancing Market conditions than the current approach

4. Example: Imbalance Pricing 22/11/2018
Imbalance Price Analysis
Period Start Time
09:00
09:05
09:10
09:15
09:20
09:25
Period End Time
09:30
Imbalance Price
€180.00 X
Imbalance Settlement Price
€85.80
Market Back Up Price Used?
Yes
Energia: Imbalance Price
Energia: Imbalance Settlement Price
€164.30 No
This MOD proposal results in an Imbalance Settlement Price of €164.30, which is a price that is more reflective of the marginal energy actions taken during this Imbalance Settlement Period.
In addition, it should also be clarified that if all six Imbalance Prices fail to calculate during an Imbalance Settlement Period, the Market Back Up Price will apply for each period.

5. Justification
The proposed modification furthers the following Code Objectives:
(b) to facilitate the efficient, economic and coordinated operation, administration and development of the Single Electricity Market in a financially secure manner;
(d) to provide competition in the Single Electricity Market;
(e) to provide transparency in the operation of the Single Electricity Market;
(f) to ensure no undue discrimination between persons who are parties to the Code; and
(g) to promote the short-term and long-term interests of consumers of electricity on the island of Ireland with respect to price, quality, reliability, and security of supply of electricity.
Conclusion
Without this modification, the code will continue to disregard Imbalance Prices that have been successfully calculated in the Imbalance Settlement Period when the Market Back Up Price is used
If approved, this approach will insure the Imbalance Settlement Price will incorporate Imbalance Price(s) that have been successfully calculated, resulting in an Imbalance Settlement Price that is more reflective of the marginal energy actions taken during this Imbalance Settlement Period.