Virtual Trading Party VTP Market Entry Consulting Service

An asset operator must undertake a self-assessment qualification process to trade as a Virtual Trading Party (VTP) in the wholesale electricity markets.

The self-assessment is a subset of the supplier accreditation process using the Pre-Qualification Survey (PQS) and Qualification Readiness Assessment (QRA) documents and is assessed by KPMG on behalf of Elexon prior to submission to the Elexon Performance Assessment Board (PAB) for approval. It is evidence based and aims to ensure that the participant can adequately fulfil its obligations under the Balancing and Settlement Code (BSC).

The PQS is the first submission which allows KPMG to determine whether the applicant is ready to proceed to QRA.

A participant can qualify for and participate as a VTP without qualifying for the VLP or AMVLP roles.

Market entry requires the applicant to have suitable robust systems in place to perform its VTP obligations which have been fully tested following a recognised software methodology alongside documented business process flows covering VTP operational scenarios.

The applicant must complete the relevant sections of the QRA with supporting evidence. The topics under examination are:

• Applicant Information
• Testing
• Operational Security and Controls
• Change Management and Risk Assessment Process
• Management, Resource Planning and Local Working Procedures
• Virtual Trading Party

Enegen’s Genstar4 software fully supports the requirements of a VTP. Enegen provides a comprehensive VTP market entry service for applicants selecting Genstar4 for their VTP operations. This includes:

• Template responses for all relevant sections of the QRA.
• Professional guidance and advise for the completion of responses pertinent to the applicant.
• Examples of appropriate business process flows for all VTP operational scenarios.
• All evidential documents covering Enegen as a supplier and Genstar4 as a product.
• Typical timelines for self-assessment are quoted at 5 months however Enegen have guided applications through the process in around 3 months.

Enegen will also perform the required CVA testing with Elexon which includes the VTP 'P' data flows and Wholesale Market Activity Notifications (WMANs).

Follow this link for Enegen's VLP Accreditation Service and AMVLP Accreditation Service.

Click here to request a call back or telephone +44 (0)23 9431 7620