Here you will find all the key information on settlement if you are a Supplier, Capacity Provider and a CfD Generator.

EMRS Settlement Calendar

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EMRS Settlement Calendar provides a schedule of when payments for Suppliers, CfD Generators and Capacity Provider will be invoiced, when payment is due, and if applicable, the Settlement Date and the Settlement Run.

EMR Settlement Calendar 2024/2025

Revision: 1 Date of Publication: 25.03.2024
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EMR Settlement Calendar 2023/2024

Revision: 3 Date of Publication: 25.01.2024
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EMR Settlement Calendar 2022/2023

Revision: 6 Date of Publication: 09.08.2023
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EMR Settlement Calendar 2021/2022

Revision: 3 Date of Publication: 22.06.2021
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EMR Settlement Calendar 2020/2021

Revision: 2 Date of Publication: 27.03.2020
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EMR Settlement Calendar 2019/2020

Revision: 1 Date of Publication: 22.03.2019
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Key Payment Figures

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This document sets out the main rates and amounts used in the calculation of payments under both the Contracts for Difference (CfD) and Capacity Market (CM) schemes. For example, it includes the Interim Levy Rate for the CfD scheme and Weighting Factors for the CM scheme.

Key Figures for Payments 2024/25

Revision: 7 Date of Publication: 15.07.2024
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Key Figures for Payments 2023/24

Revision: 12 Date of Publication: 05.06.2024
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Key Figures for Payments 2022/23

Revision: 15 Date of Publication: 05.06.2024
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Key Figures for Payments in 2021/22

Revision: 14 Date of Publication: 28.09.2023
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Key Figures for Payments in 2020/21

Revision: 11 Date of Publication: 02.03.2023
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Key Figures for Payments in 2019/20

Revision: 7 Date of Publication: 09.02.2022
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Key Figures for Payments in 2018/19

Revision: 12 Date of Publication: 28.09.2018
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Defaulting Missing Data

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In instances where EMRS does not receive metered data for any Settlement Period on any Settlement day, it needs to run the settlement calculations in time for the invoices to be generated. This is mainly for two reasons:

  • Meter Point Administration Number (MPAN) data has not been provided by the Data Aggregator; or
  • Balancing Mechanism Unit (BMU) data from the Settlement Administration Agent (SAA) is delayed.

In order to maintain accuracy and reduce the impact on future reconciliation runs EMRS will use logic to provide estimates of missing data so that invoices can be generated according to the EMR Settlement Calendar. The logic used to default data will depend upon the type of EMR Party that has missing data and what data EMRS has available to use in the defaulting calculation. G13 – Defaulting Missing Data provides further details to support Suppliers and CfD Generators on this process. In the event, data default is applied Suppliers and CfD Generators will receive notification.

There are two types of email notification:

  • Missing Metered Volumes via D0357
  • Missing Metered Volumes from the Settlement Report

When a Missing metered volumes from the Settlement Report notification is sent further information will be published below.

Market Reference Prices

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Market Reference Prices are used to calculate CfD Generator payments. There are two classifications of generation under a CfD contract and each has its own Market Reference Price:

  • Baseload Technologies (such as biomass with CHP);
  • Intermittent Technologies (such as solar or wind).

EMRS calculates both these reference prices, known as the Intermittent Market Reference Price (IMRP) and the Baseload Market Reference Price (BMRP), on behalf of Low Carbon Contracts Company.

The BMRP is calculated on a seasonal basis pursuant to condition 15 of the Contract for Difference Standard Terms and Conditions. Baseload prices are calculated using a traded volume weighted average based on forward season data received from LEBA. The BMRP is published in April and October of each year.

The Intermittent Market Reference Price is calculated using day-ahead data received from EPEX SPOT and N2EX. An IMRP is calculated for every hour of the day pursuant to condition 21 of the Contract for Difference Standard Terms and Conditions.

Baseload Market Reference Price

Season BMRP
Summer 2024 80.52 £/MWh
Winter 2023 128.81 £/MWh
Summer 2023 207.07 £/MWh
Winter 2022 405.26 £/MWh
Summer 2022 168.25 £/MWh
Winter 2021 102.45 £/MWh
Summer 2021 48.47 £/MWh
Winter 2020 44.91 £/MWh
Summer 2020 39.41 £/MWh
Winter 2019 55.98 £/MWh
Summer 2019 53.79 £/MWh
Winter 2018 62.55 £/MWh
Summer 2018 44.03 £/MWh

Intermittent Market Reference Price

The Intermittent Market Reference Price is calculated using day-ahead data received from EPEX SPOT and N2EX. An IMRP is calculated for every hour of the day pursuant to condition 21 of the Contract for Difference Standard Terms and Conditions.

For more information about how Market Reference Prices are used the please see the Contracts for Difference page.

Intermittent Market Reference Price – June 2016 to present day

Date of Publication: 19.07.2024
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Strike Price Adjustments

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All Strike Price Adjustment (SPA) spreadsheets are now published on LCCC’s website.

LCCC published ‘Strike Price Adjustment Guidance’ which is intended to help CfD Generators understand the series of calculations that result in a Generators Annual Adjusted Strike Price. The document provides non-binding guidance and simplified worked examples of Strike Price adjustments for all contracts.

For more information about how Strike Prices are used, please see the Contracts for Difference page. For more information about how Strike Prices are adjusted please see the Indexation section of the LCCC Payments page.

Capacity Cleared Price Adjusted for UK Consumer Prices Index

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Capacity Cleared Price (CCP) is adjusted for UK Consumer Prices Index (CPI) for T-4 and T-3 Auctions only.

This must be calculated no later than three months before the commencement of the Delivery Year. CPI adjusted CCP is calculated in pounds per MW and is the price at which Capacity Payments are payable in respect of Capacity Market Units (CMU) for the Delivery Year. This is detailed within the Electricity Capacity Regulations 2014 (as amended).

The table below illustrates the CCP adjusted for CPI for Delivery Year from 1 October 2023 to 30 September 2024:

Auction Clearing Price* CPI Adjustment Multiplier** Adjusted Capacity Cleared Price***
2014 T-4 £19,400.00 MW 1.308300 £25,381.03 MW
2015 T-4 £18,000.00 MW 1.278541 £23,013.73 MW
2016 T-4 £22,500.00 MW 1.275621 £28,701.47 MW
2017 T-4 £8,400.00 MW 1.252733 £10,522.96 MW
2019 T-3 £6,440.00 MW 1.218571 £7,847,60 MW
2019 T-4 £15,970.00 MW 1.193988 £19,067.99 MW

The table below illustrates the CCP adjusted for CPI for Delivery Year from 1 October 2024 to 30 September 2025:

Auction Clearing Price* CPI Adjustment Multiplier** Adjusted Capacity Cleared Price***
2014 T-4 £19,400.00 MW 1.355878 £26,304.03 MW
2015 T-4 £18,000.00 MW 1.325036 £23,850.64 MW
2016 T-4 £22,500.00 MW 1.322010 £29,745.22 MW
2017 T-4 £8,400.00 MW 1.298290 £10,905.64 MW
2019 T-3 £6,440.00 MW 1.262885 £8,132.98 MW
2019 T-4 £15,970.00 MW 1.237408 £19,761.41 MW
2020 T-4 £18,000.00 MW 1.219968 £21,959.43 MW

*As stated in the Final Auction: Results T-4 Capacity Market Auction 2014, Auction Results: T-4 Capacity Market Auction 2015, Auction Results: T-4 Capacity Market Auction 2016, Auction Results: T-4 Capacity Market Auction 2017, Final Auction Results: T-3 2019 and Final Auction Results: T-4 Capacity Market Auction 2020 for this table it’s been converted from £ per kW to £ per MW.
** “CPI” means the UK Consumer Prices Index (All Items) published monthly by the Office for National Statistics or, if such index ceases to be published, such other index as may replace it.
*** As stated in the Electricity Capacity Regulations 2014 (as amended) to calculate the price in pounds per MW.

G17 – Capacity Provider Payments illustrates a worked example of Capacity Cleared Price (CCP) adjusted for inflation in Appendix 4.

Credit Cover Default Register & Non-payment Register

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On behalf of Electricity Settlements Company (ESC) we publish the Capacity Market Credit Cover Default Register in relation to the Electricity Capacity (Supplier Payment etc.) Regulations 2014, as amended and the Capacity Market Non-Payment Register in relation to the Electricity Capacity Regulations 2014, as amended.

Capacity Market Non-Payment Register sets out the names and details relating to Suppliers and Capacity Providers who have not paid an invoice under these regulations by 5:00 pm on the payment due date.

Credit Cover Default Register contains details of Suppliers who have entered Stage 1 or Stage 2 Credit Cover Default. Suppliers who subsequently lodge Credit Cover whilst in Stage 1 Default will be removed from the register. Suppliers who enter Stage 2 Default will remain on the register up to 295 Working Days following the end of the relevant Delivery Year.

Capacity Market Non-Payment Register

Revision: 1 Date of Publication: 03.07.2024
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Capacity Market Credit Cover Default Register

Revision: 1 Date of Publication: 29.04.2024
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Capacity Volume Register

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The Capacity Volume Register (CVR) will be published from 10th to 20th Working Day inclusive after the end of the month in which a System Stress Event occurred.

The CVR lists all the CMUs’ over or under delivery positions from a System Stress Event with the aim of facilitating Volume Reallocation amongst CMUs. It also includes the following for each Settlement Period in the previous calendar month which was a System Stress Event and in respect of each CMU:

  • The capacity delivered by a CMU (i) during the Settlement Period (j), (E);
  • The Adjusted Load Following Capacity Obligation (ALFCO);
  • (if any) the Initial Over-Delivery Volume (IOD);
  • (if any) the Initial Under-Delivery Volume (IUD);
  • The Aggregated traded Capacity Market Volume (ACMV); and
  • The adjusted metered output (AE), which is equal to E plus ACMV.

The CVR will be updated and republished by 5pm daily throughout the window. We’d encourage you to check this webpage to view the latest CVR.

Please note:

  • During the Volume Reallocation window any CMVRNs received between 8.30am-4pm will be reflected in the CVR published by 5pm on the same day.
  • CMVRNs received after 4pm will be processed the following day.
  • At 5pm on WD19 EMRS will publish the CVR with all trades received up to 4pm.

While the Volume Reallocation window is open, your performance during the Stress Event (E) and your DSR baseline will be recalculated if EMRS receives updated data through a later Settlement Run. This may cause changes to your Over-Delivery or Under-Delivery amounts before the close of the window.

The Final Capacity Volume Register will be published Working Day 20. This will include any trades received between 4pm and 5pm on Working Day 19. This will indicate everyone’s positions as at 5pm on Working Day 19, the close of the Volume Reallocation window.

WP48 – Volume Reallocation provides details on how Capacity Providers can participate in Volume Reallocation and the timescales associated with this process.

In the Capacity Market, Capacity Committed CMUs must fulfil their Capacity Obligations during a System Stress Event. After a System Stress Event has occurred, Capacity Providers may use Volume Reallocation if they have under or over-delivered compared to their obligation. This can be done to reduce penalty charges they may face based on their performance during the System Stress Event and provide a mechanism for over-delivering CMUs to receive earlier payments for their excess capacity.

Mock System Stress Event Reporting

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The Mock System Stress Event Reporting is to address data quality issues to improve the overall settlement accuracy if a System Stress Event were to happen. This reporting replicates the calculations involved in a System Stress Event. It will help Capacity Providers understand their initial position had a Stress Event occurred and be informed of any issues identified against individual CMUs.

When is the next Mock System Stress Event Reporting scheduled for 2024/25 Delivery Year?

Date  Activity  
13 November 2024  Issue Mock System Stress Event Reporting to Capacity Providers with no exceptions identified and with exceptions identified.
7 February 2025 Issue Mock System Stress Event Reporting to Capacity Providers with no exceptions identified and with exceptions identified.

What happens if you have any queries regarding the Mock System Stress Event Reporting received?

EMRS will be available to respond to any queries related to your Mock System Stress Event Reporting during the period 13 November – 6 December 2024 following the first reporting period, and 7 February – 28 February 2025 following the second reporting period. Please do contact our Service Desk and they’ll assign your query accordingly.

Where can I locate further information on this activity?

Further details about this reporting is available in the Latest Changes section and is directly accessible by the Latest Change – Mock System Stress Event Reporting webpage. This provides information to help support Capacity Providers in reviewing the Mock System Stress Event Reporting received.

Also, we thought it would be helpful to highlight these items: