- This event has passed.
18 January 2016
On Monday 11 January 2016, we informed Suppliers on behalf of the Low Carbons Contracts Company (LCCC) and Electricity Settlements Company (ESC) to advise that their bank accounts currently used for EMR are changing from Monday 18 January 2016. This was communicated via email to Suppliers and sent to their Primary Company, Finance Authorities and Finance Contacts as per your current registration details.
The new bank accounts for LCCC and ESC are to be used for each payment type from Monday 18 January 2016. This should support you in updating the details you have held for the LCCC and ESC bank accounts within your systems.
What action do I need to take?
Please ensure you update the account details with your systems to ensure payments are made into the correct bank account. Any payments made from Monday 18 January 2016 should be made into the new bank accounts. From Monday 18 January 2016 all CFD payments should be made into the same account, except cash Credit Cover payments, which should be made into the new collateral account. This change is designed to make making payments easier.
- All future Daily CFD invoices will include the new bank account details. The first invoice issued with the new details will be Monday 11 January 2016 for payments due on Monday 18 January 2016.
- All future CFD Quarterly Reconciliation and Reserve Payment invoices will include the new bank account details (same account as the daily CFD invoices).
- The next Monthly Settlement Costs Levy invoices will include the new ESC bank account details. The next Settlement Costs Levy Invoice will be issued on Monday 1 February 2016.
To avoid any delays or rejections to your payments being received we’d encourage you to ensure you make payment into the correct bank account from Monday 18 January 2016. If you make payments by CHAPS or foreign payments these will bounce back to the payee. The old bank accounts will close shortly.
What if I’ve submitted a Direct Debit (DD) mandate for my invoices to be paid?
On Monday 4 January 2015, we issued a communication on DD and this did provide an indicative time-scale of when the earliest DD payment could occur. The following confirms that:
- LCCC will notify you five working days in advance of your account being debited by DD.
- ESC will notify you three working days in advance of your account being debited by DD.
This is supported by your invoice indicating if payment will be made by DD.
How does this impact CFD Credit Cover?
From Monday 18 January 2016, please pay any cash Credit Cover into the new collateral bank account. Any additional CFD Credit Cover required to be lodged should continue to be transferred into the bank account as detailed in the latest version of WP42 – Supplier CFD Credit Cover on the EMRS website. A new version of WP42 – Supplier CFD Credit Cover will be published on Monday 18 January 2016 containing the new collateral bank account details.
If you have any further queries please do call 020 7380 4333 or email [email protected].
- 18 January 2016