Currently, the Market Index Price (MIP) is used as the default option on two occasions in the Imbalance Price calculation:
- When the Net Imbalance Volume (NIV) equals zero and there is therefore no actions to set the Imbalance Price.
- When all actions in the stack are unpriced by the calculation process, there is no actions left to set the Replacement Price.
As part of the annual Market Index Definition Statement (MIDS) review in 2015, the Imbalance Settlement Group (ISG) and the BSC Panel recommended forming an Issue Group to review the use of the MIP in its current form in defaulting situations described above.