The following Energy guidance note Produced in partnership with James Stanier of Gowling WLG provides comprehensive and up to date legal information covering:
Electricity and gas in Great Britain is traded through bilateral markets. There is no prescribed form regarding trades. However, there are two primary agreements which have become established as standard forms of electricity trading and gas trading—the Grid Trade Master Agreement (GTMA) in respect of electricity, and the Short Term Flat NBP Trading Terms and Conditions 2015 (NBP Terms) in respect of gas.
Additionally, in the case of gas, the Standard Terms and Conditions for the Sale and Purchase of Natural Gas for UK Short Term Deliveries at the Beach 2015 (Beach Terms) provide for trading of gas where delivery takes place at one of the National Transmission System's entry terminals (which are known as the ‘beach’). This is in contrast to the NBP Terms, which provide for trades to take place at the National Balancing Point, which is a notional delivery point on the National Transmission System.
The GTMA, NBP Terms and Beach Terms exist as standalone agreements, but also can be incorporated in modified form as an annex to a master trading agreement such as the European Federation of Energy Traders (EFET) General Agreements or International Swaps and Derivatives Association Master Agreement (ISDA).
Bilateral trading on power and gas exchanges is commonly used as an alternative to trading under one of these agreements, particularly in
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