SUBSCRIBER NOTE: Platts to amend reporting requirement for Gap products

Following the UK power market's November 1 transition to the Gregorian trading calendar for products with delivery in Winter 2014 and beyond, Platts has been monitoring and reporting on market activity in the two UK calendars, EFA and Gregorian. Platts notes that liquidity has now fully migrated to the Gregorian calendar for all applicable seasons, diminishing the need for market participants to cover gaps in their positions using the two and three-day products created to bridge the gaps between the two calendars in forward periods. Consequently, there is an absence of liquidity in the two gap products assessed by Platts: Gap 1, September 29-30, 2014 and Gap 2, March 30/31, 2015.

Effective immediately, Platts intends to suspend its assessments of the Gap 2, March 30/31, 2015 product as no trades or indications have been reported for this product since the November 1 launch. For Gap 1, September 29-30, 2014 period, Platts intends to maintain the assessment until delivery but proposes to enter NA values for both baseload and/or peakload on days when there is no trade or firm and verifiable indications of market value. To date, there has been one baseload trade for Gap 1, while bids and offers have also been reported to Platts, but there has been little to no activity observed for the corresponding peakload contract.

Given the unique and temporary nature of the Gap products in the UK power sector, Platts will continue to monitor liquidity and adjust reporting requirements to reflect liquidity when and if the products trade. Please direct any queries or concerns about this editorial decision to Jillian Ambrose, UK power desk, jillian.ambrose@platts.com copy pricegroup@platts.com and ukpowercalendar@platts.com.