On 30 May 2023, LCCC issued a Stakeholder Bulletin to confirm the following:
Quarterly Obligation Period 1 July 2023 to 30 September 2023
- Adjusted the Interim Levy Rate to £5.438/MWh from £2.789/MWh
- Adjustment to the Total Reserve Amount to £288,762,337.04 from £373,510,977.62
To view LCCC’s calculations, please visit the CfD Levy Dashboards. For background information the Stakeholder Bulletin confirms the reasons for the adjustments being made in advance of the Quarterly Obligation Period.
EMRS Settlement Calendar will provide the dates for when invoices will be generated and when payments are due. The Key Payment Figures for 2023/24 have been updated to reflect these changes and are located on the Settlement Data for Suppliers webpage.
Suppliers must make Interim Rate payments and provide Credit Cover if they supply electricity within the Quarterly Obligation Period. Suppliers are required to maintain their Credit Cover requirement using the ILR applicable for the Quarterly Obligation Period.
Do you have sufficient Credit Cover lodged?
Please ensure you have sufficient Credit Cover lodged by 5pm on 30 June 2023 to meet the the ILR. The relevant reference period of 5 June 2023 to 25 June 2023 will be used to calculate your Credit Cover Amount on 3 July 2023.
How is my Credit Cover Calculated?
The minimum Credit Cover requirement is a Supplier’s metered volumes for a 21 day reference period multiplied by the Interim Levy Rate. G5 – Supplier CfD Credit Cover provides information on how to calculate your Credit Cover, the daily Credit Cover Report and what happens if a Supplier doesn’t lodge sufficient Credit Cover.
What is my current CfD Credit Cover balance?
The CfD Credit Cover balance can be found in the latest Daily Credit Cover Report sent to your company email and also available to download on My EMRS. Please see item J2022 (Column H) on the report which reflects the Total Credit Cover held (combination of cash and LoC value) as of the day. Items names and further details are available within the Data Transfer Catalogue (DTC).
What is the process for lodging Credit Cover?
WP42 – Supplier CfD Credit Cover provides details on the process for lodging Credit Cover including the Letter of Credit templates (p21-25) and the approved bank account details for cash Credit Cover (p6).
In order for Credit Cover to be considered;
- Cash amount must have been received in the relevant bank account;
- Valid Letter of Credit received electronically; and
- Received by 5pm on 30 June 2023
PLEASE NOTE: The bank account details and Letter of Credit templates are different to those used for CM Credit Cover.
What are the key dates I need to be aware of?
The table below shows the key dates for the 1 July 2023 to 30 September 2023 Quarterly Obligation Period following this announcement.
|30 June 2023||Suppliers ensure sufficient Credit Cover lodged for ILR of £5.438/MWh|
|1 July 2023||ILR of £5.438/MWh applies|
|11 July 2023||Suppliers invoiced for the first ILR payment based on £5.438/MWh|
Who do I contact if I have a query?
|EMRS||Interim Levy Rate Notice, Quarterly Supplier Reconciliation Invoice, and Credit Cover||020 7380 4333||[email protected]|
|LCCC||Calculation of the Interim Levy Rate||020 7211 8881||[email protected]|
|LCCC||General queries about LCCC or the management of the CfD scheme||020 7211 8881||[email protected]|