ELEXON is vital to the smooth operation of the wholesale electricity market. We compare how much electricity generators and suppliers say they will produce or consume with actual volumes. We work out a price for the difference and transfer funds accordingly. This involves taking 1.25 million meter readings every day and handling £1.5 billion of our customers’ funds each year.
The rules are set out in the Balancing and Settlement Code (BSC). We administer the code, then provide and procure the services needed to implement it. Our expertise and impartiality give our customers the confidence that the BSC operates efficiently and accurately.
In order to make this happen, ELEXON has developed an operations and infrastructure to fairly and effectively manage this forecasting and measurement of electricity production and usage. Then using this information we are able to execute corresponding settlements. Technology and systems are important to us. We work with IT and systems providers who create solutions that allow us to manage the work in the best way for all stakeholders involved. Our people are hardworking and curious, investigating the best way to do this logically and honestly with our partners and stakeholders to make sure we get the best results possible. Since our founding in 2001, we have achieved considerable efficiencies in our processes, saving the sector millions of pounds by improving our operational effectiveness.
In 2014, our role expanded to encompass EMR (Electricity Market Reform) and ELEXON was appointed by the then Department of Energy & Climate Change to be the official provider of settlement services for the Contract for Difference and Capacity Market.
Our role in the industry will continue to develop in coming years, as ELEXON plays an active role in discussions about the future of the energy sector in the United Kingdom and Europe.
Corporate Social Responsibility is also very important to us. ELEXON have several initiatives and charities we actively support. We are flexible in incorporating our employee’s charitable aims, and offer two charity days per year for them to volunteer with an ELEXON sponsored initiative or in their own way.
Our offices in Euston, Central London are contemporary, airy and open plan. We regularly host industry body events, panels and committees in our location to further our work and that of our stakeholders. We currently employ in the region of 180 members of staff across many teams within our three main departments (operations, design & delivery, and professional services). People enjoy a healthy work/ life balance, training, support and career development, and excellent benefits in exchange for hard work.
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