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14 September 2023 5:00 pm
To support the start of the 2023/24 Delivery Year Suppliers are required to lodge Credit Cover by no later than 12 Working Days before the start of the Delivery Year. Suppliers’ first deadline to lodge Credit Cover for October 2023 is by 5:00 p.m. on 14 September 2023.
How much Credit Cover do I need to lodge?
The amount of Credit Cover is set at 110% of the monthly Capacity Market Supplier Charge. Suppliers exact amounts were confirmed in the monthly Capacity Market Credit Cover and Supplier Charge schedules issued on the 31 July 2023. You can also locate this schedule in My EMRS in your Party Data section.
How do I lodge Credit Cover?
Credit Cover is accepted as either cash, via a Letter of Credit or a combination of the two. Please note, in order for Credit Cover to be considered as lodged, the cash amount must have been received in the relevant bank account or a valid Letter of Credit must have been received by EMRS. When lodging a Letter of Credit by SWIFT message, please email a copy of the message to the Service Desk.
WP45 – Supplier CM Credit Cover details the process for lodging Credit Cover including the Letter of Credit templates and bank details. G14 – Supplier CM Credit Cover provides further guidance on CM Credit Cover. Should you wish to make changes to the wording of the Letter of Credit then these changes should be authorised by EMRS before submitting to our bankers. Unauthorised changes will be rejected and as a result will delay having Credit Cover lodged.
Further information is captured on the Stakeholder Support for Suppliers – CM webpage.
- 14 September 2023
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