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:
And be accompanied by:
Capacity Providers are not entitled to Capacity Market payments until the Substantial Completion Milestone is achieved.
Deferrals
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