EMPIRE FINANCE

Collateral Overview

All the collateral requirements are within clause C3 of the Access Rules.

Types of Collateral

We accept the following form of collateral:

• Bank Guarantee (Letter of Credit);
• Cash Deposit in a dedicated Collateral Account.

Collateral Amount

The amount of collaterals posted with BritNed will always need to cover submitted and successful bids for Transmission Rights across all product periods that a customer participates in. With Empire this will cover all Long Term, Day Ahead and Intraday trading activities.

For Annual, Seasonal, Quarter and Monthly products, the amount of collateral needs to cover 1 month of the product period.

For all other products, the amount of collateral needs to cover the whole product period.

Collateral Example

To help with the calculation of collaterals, we have developed the example below. If you have any questions please get in touch.

Currency

All collaterals must be in Euros.

Where to send scanned copies or electronic Letters of Credit

Send to: box.otcbritned.ng@britned.com

Where to send physical copies

All Letter of Credit physical documentation must be sent to:

BritNed Development Limited
Attn Jennifer Porter
National Grid House
Risk & Securities
Warwick Technology Park
Gallows Hill
Warwick
CV34 6DA
UK

The table below summarises when each product type will be invoiced as detailed in the BritNed Access Rules C2.3. It includes a few products that aren’t currently offered but may be offered in the future.

Invoicing over the migration period is detailed in the section below.