The Capacity Market has now been reinstated. If you had an agreement in the T4 2016 or 2017 auctions and you have withdrawn the credit cover or if you have conditionally Prequalified in T1 2019 you will be required to repost credit cover with the EMR Settlement Body by Friday 20 December. For Applications from the recent Prequalification round in October 2019 that are required to lodge credit cover with the EMR Settlement Body you will need to do this by Friday 15 November.
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    ​​​Post-Auction Submissions​
    ​New Build, Refurbishing and Unproven DSR CMUs may have to make further submissions to the Delivery Body if successful in the Auction, before Credit Cover can be released.
    ​​

    These submissions are to monitor the progress of the construction of a New Build CMU or Refurbishing CMU and to prove the Capacity of an Unproven DSR CMU.​

    ​Achieving the Financial Commitment Milestone​
    ​New Build and Refurbishing CMUs are required to satisfy a Financial Commitment Milestone by no later than 18 months after receiving Auction results. The fulfilment of the Financial Commitment Milestone requires the submission to the Delivery Body of an Independent Technical Expert's (ITE) report.

    This Report will certify that

    • The Capacity Provider has incurred a Capital Expenditure of at least 10% of the Total Project Spend.

    • The Capacity Privider has entered into a Major Contract for the supply of components for at least 20% of the Total Project Spend.

    • The board of directors have resolved to complete the relevant works such that the CMU is operational ahead of the delivery year.

    • The directors have certified that the company has sufficient financial resources to meet the Total Project Spend and that the Major Contract is legal, valid, binding and in force.
    The Milestone must be achieved and the ITE's report received by no later than 18 months following Auction Results Day.​
    ​​Six Monthly Progress Reports​
    ​A New Build or Refurbishing CMU is also required to keep the Delivery Body informed of the progress of the Construction/Refurbishment works, until it achieves it proves an output of 90% of its capacity, the "Substantial Completion Milestone".

    Reports must be submitted to the Delivery Body and include:

    • A schedule identifying the earliest and latest dates on which each of the Construction Milestones are expected to be achieved and an explanation of any substantial changes.

    • Any material changes to the works described in the Construction Plan.

    And be accompanied by:

    • An assessment from an Independent Technical Expert.

    • A certificate from two directors of the Capacity Provider, stating that they believe the report to be accurate.
    ​Capacity Providers are not entitled to Capacity Market payments until the Substantial Completion Milestone is achieved.​
    ​Deferrals​
    ​A Transmission CMU may have chosen during Prequalification to defer proving that the unit has Transmission Entry Capacity (TEC) until after the Auction. Similarly, a Distribution CMU may defer submission of its Distribution Connection Agreement.

    The relevant Connection Agreement must be submitted to the Delivery Body by no later than 18 Months prior to the start of the relevant Delivery Year.​​


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