CHAPTER VI U.K. CLEARING PRICE AND PAYABLE PRICE

Article 23 U.K. Calculation of clearing price at interconnection points

The clearing price for a given standard capacity product at an interconnection point shall be calculated in accordance with the following formula:

• P_cl = P_R,au + AP

Where:

• P_cl is the clearing price;

• P_R,au is the applicable reserve price for a standard capacity product which is published at the time when this product is auctioned;

• AP is the auction premium, if any.