From today, 1 October 2024, Elexon’s ownership will change. Elexon will become independent of National Grid ESO’s ownership and will operate under a ‘federated model’ ownership arrangement.
New generation and supply licence conditions will come into force that require the 13 largest BSC Parties (those with a greater than two percent funding share in Elexon as of 1 January 2023) to each take a share in Elexon.
Elexon Chair, Sara Vaughan, says:
“This is a new era for Elexon, as we evolve alongside the rest of the industry. We have been working closely with Government and the 13 largest BSC Parties to complete the changes to our ownership arrangements smoothly.
“We will continue to work with all BSC Parties and wider stakeholders as an independent and neutral organisation, delivering excellent Settlement services, governance arrangements, data and digitalisation and major programmes for the industry. We will also continue to deliver customer excellence and value for money on behalf of the whole industry. ”
Elexon Chief Executive Officer, Peter Stanley says:
“We welcome Elexon’s change in ownership, where we become independent of National Grid ESO, as NESO is formed. We look forward to collaborating with the new NESO, to deliver Clean Power 2030 and a path to Net Zero.”
The rights and authority of the 13 Parties will remain unchanged, and Elexon will continue to operate with an independent Board.
The Government, using powers under the Energy Act 2023, has published notices of the decision which will today (1 October) transfer Elexon’s shares and modify the BSC, Elexon’s Articles of Association and generation and supply licences.
Under the new arrangements Elexon’s corporate purpose ‘Serving at the heart of the industry building a path to Net Zero’ remains unchanged.
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