Finance

As we transition to Empire, collaterals have a few key deadlines that you need to be aware of.

Please progress your updates to collateral ahead of the deadlines to ensure a smoother transition process.

18 August 2023 (Friday)

• Scanned copies of your Letter of Credit to be email to BritNed/OTC. We are aware that some banks now issue an electronic only Letter of Credit, these must also be emailed to us.
• Please send scanned copies or electronic Letters of Credit to: box.otcbritned.ng@britned.com

01 September 2023 (Friday)

• Physical Letter of Credit to be received by OTC. This should have already been sent to us as a scan. The physical copy must be posted to the address detailed in the 'Collaterals' section further down this page.
• All cash deposits must be received.

01 - 22 September 2023

• We will be unable to process any changes to the collaterals lodged as we carry out the migration activities

BritNed will transfer all existing Long Term Transmission Rights from eCAT to Empire. This transfer will take place during the planned go-live week for Empire which is 18 - 22 September 2023.

We will not be transferring any Day Ahead Transmission Rights. The final Day Ahead auction on eCAT will run on 17th September 2023 for delivery on 18th September.

We will run a Day Ahead auction on Empire towards the end of the go-live week in preparation for the return to operation following the end of the Planned Outage. This will be confirmed in more detailed migration timelines that we publish.

BritNed will not be transferring any collaterals from eCAT to Empire as part of the transition.

Customers will need to ensure the appropriate amount of collateral is lodged with BritNed to cover their trading activities and any existing Long Term rights that are transferred over to Empire to eCAT.

Please refer to the deadlines at the top of this page regarding collaterals.

We are currently working with JAO to determine the invoicing process for Transmission Rights from September 2023. Further information will be published once this is agreed.

We will not be transferring any Intraday Transmission Rights. The final intraday auction on Kingdom is planned for 17th September 2023 with delivery on 18th September 2023.

We will run Intraday auctions on Empire around the 23rd or 24th September. This will be confirmed in more detailed migration timelines that we publish.

For customers that already trade in our Intraday auctions, you will have collateral already lodged with BritNed.

This collateral will be migrated to Empire as part of the transition activities.

All collateral that is provided before the Key Deadlines, detailed at the top of this page, will be reflected in Kingdom until the final Intraday auction is closed. After this point, all collaterals will be migrated to Empire.

After the final Intraday auction on Kingdom, the September 2023 auction data from Kingdom will be transferred over to Empire.

The invoice that you receive in October 2023 from Empire, will include the September Intraday auctions held on Kingdom up to 17th September and the Intraday auctions held on Empire for the rest of September.

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

Types of Collateral

We accept the following form of collateral:

• a Bank Guarantee (Letter of Credit);
• a 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.

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 Kay Shenstone
National Grid House
Risk & Securities
Warwick Technology Park
Gallows Hill
Warwick
CV32 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 will be detailed separately once this process is agreed with JAO.