Can I amend the Letter of Credit template?
The Letter of Credit cannot be amended, this is standard set of arrangements used for all customers that use a Letter of Credit.
Collateral
How do I calculate the amount of credit I need to post with BritNed?
The amount of credit to post will depend on the volume of Intraday trading you plan on conducting. You need to have enough posted to cover all of the Intraday trades you will make in one month. BritNed will invoice you monthly and once this is paid, your collateral will be released for further intraday trading.
To which address do we send the Letter of Credit or Bank Guarantee?
The address to send the LoC or Bank Guarantee to is:
BritNed Development Limited
Attn Kay Shenstone
National Grid House
Risk & Securities
Warwick Technology Park
Gallows Hill
Warwick
CV32 6DA
UK
How can I withdraw collateral from our credit?
If you wish to reduce your collateral, you need to send a letter that includes the following:
Company headed paper;
Company address;
BritNed’s address;
Amount of the security refund;
Bank details
Signature
To process your request, the letter must include the above elements and be signed by:
1) an individual listed in the extract of the Chamber of Commerce (i.e. Companies House); please include a copy of the extract of the Chamber of Commerce; or
2) a person who has been authorised by an individual listed in the extract of the Chamber of Commerce (i.e. Companies House); please include a copy of the extract of the Chamber of Commerce and a
document signed by the individual in the Chamber of Commerce extract confirming the persons authorisation; or
3) a person who signed the Participant’s Agreement.
Once the form which is signed by an authorized signatory and includes above requirements, BritNed will proceed with the payment. This will be done within 10 working days.
Is there a format letter to withdraw credit?
When can I increase our credit?
You can increase your credit from Monday till Friday between 9.00hrs CE(S)T and 16.00 CE(S)T
Invoicing
Can I set up a Direct Debit to settle my Intraday invoices each month?
This is currently not possible, all Intraday invoices will need to be settled via bank transfer in line with the invoicing terms.
I have a question about my Long Term or Day Ahead invoices, who do I need to contact?
Please contact JAO, they manage all of the Long Term and Day Ahead invoices. You can find their contact details here.
What are the invoicing terms for Intraday auctions?
BritNed will send an invoice at the beginning of the month for the intraday capacity you were allocated in the previous month. The standard payment terms for this invoices is 14 calendar days.
VAT
What are BritNed's VAT numbers?
Our VAT numbers are GB785760188 in Great Britain and NL813642127B01 in the Netherlands.
How is VAT treated for Day Ahead capacity?
JAO does not charge Market Parties who are not registered in Luxembourg with VAT. It is the responsibility of each Market Party to declare the invoices to their local revenue authority and pay the VAT at the country of their registration under the reverse charge procedure. This information is in the footer of each JAO invoice. Further questions should be directed to JAO.
How is VAT treated for Long Term capacity?
JAO does not charge Market Parties who are not registered in Luxembourg with VAT. It is the responsibility of each Market Party to declare the invoices to their local revenue authority and pay the VAT at the country of their registration under the reverse charge procedure. This information is in the footer of each JAO invoice. Further questions should be directed to JAO.
Customs
Do I need to make monthly customs declarations on the NL side?
In the Netherlands, BritNed will make monthly declarations for import and export. This will be an aggregated figure and based at the NL reference point rather than the Mid North Sea reference point. These arrangements are based on Article 321 of Commission Implementing Regulation 2015/2447, section 7.1.3 of the Handboek Douane (Customs Manual) and an agreement BritNed has with the Dutch Customs Authority.
Do I need to make monthly customs declarations on the GB side?
In the UK, BritNed will make monthly declarations for import and export. This will be an aggregated figure and based at the GB reference point rather than the Mid North Sea reference point.
Where can I get additional information on customs in UK?
Annex F – Energy, page 252 covers this point with BritNed as the Fixed Transport Installation (FTI) to make these declarations
Where can I get additional information on customs in NL?
The following links are from the Tax and Customs Administration in the Netherlands. The websites are in Dutch but can be easily converted to English using Google Chrome, simply right click on the page and select “Translate to English”.