Section A of the BSC deals with Parties and participation. The main issues covered include the capacities that a Party may have under the BSC; the arrangements for admission of new Parties; requirements for Parties to provide information to Elexon, and to register with the Central Registration Agent (CRA); and provisions for withdrawal and expulsion from the BSC.

Section B covers the establishment of the Balancing and Settlement Code Panel, the appointment and duties of Panel Members, the powers and functions of the Panel, the proceedings of the Panel, Panel Committees, Annual Reports and the Annual BSC Meeting.

Section C covers the constitution of Elexon and the obligations of the shareholder of Elexon; the powers, functions and responsibilities of Elexon; the management of Elexon; the relationship between Elexon and Parties; the Business Strategy and Annual Budget for Elexon; and Subsidiaries of Elexon.

Section D outlines the recovery by Elexon through BSCCo Charges of BSC Costs, which are the costs that Elexon incurs in operating the trading arrangements. Elexon’s costs and the contracted costs of BSC Agents are paid for by BSC Parties as described in Section D of the BSC. The amount each BSC Party pays (Funding Shares) depends on their market role and the volume of energy they generate, supply or trade. Funding Share data by month can be found on the Elexon Portal.

Section E contains the rules covering BSC Agents. It sets out: which BSC services are required to be provided by BSC Agents, BSCCo's (Elexon's) role in contracting with BSC Agents; and the relationship between BSCCo, Parties and BSC Agents. It also contains provisions relating to the BSC Services Manager.

Section F sets out the rules and procedures for modifying the Balancing and Settlement Code (BSC, the Code). This includes procedures for proposing, consulting on, developing, evaluating and reporting to the Authority on potential modifications. Section F also sets out rules and procedures for the creation and modification of Code Subsidiary Documents (CSDs) and provisions relating to change coordination and Information System (IS) Policies.

Section G contains the rules covering certain contingency events, including Black Start, civil emergencies and Fuel Security Periods. It sets out: how normal BSC rules may be varied during the contingency event; the roles of the Panel, BSCCo (Elexon) and the NETSO in the contingency process; and how Parties may recover certain costs incurred during the contingency event.

Section H sets out arrangements for the initial establishment of Code Subsidiary Documents; the relationship of the BSC with other documents; arrangements that applied to the commencement of trading under the BSC; arrangements covering Default under the BSC; the ownership, use and disclosure of data; audit provisions in the BSC; the limitation of liability of Parties under the BSC; arrangements for the resolution of disputes; and the legal and contractual relationship between Parties.

Section J deals with Party Agents and how BSC Parties, Party Agents and CVA Meter Operator Agents (MOAs) Qualify to participate in the Supplier Volume Allocation (SVA) arrangements of the BSC. Unlike Suppliers and Licensed Distribution System Operators (B

Section K of the BSC deals with the classification and registration of Metering Systems, BM Units and Trading Units. The main issues covered include: identifying the Parties that are responsible for Imports and/or Exports of energy at Boundary Points; registering the Metering Systems that measure Imports and Exports of energy in the names of the Parties responsible for them; registering BM Units and assigning BM Units to Trading Units; registering the Metering Systems at Systems Connection Points in the names of the Parties responsible for them; the approval of Line Loss Factors by the Panel; and the process to be followed in the event that a Supplier Fails.

Section L of the BSC covers the requirements for Metering Equipment; the requirements to install, commission, operate and maintain Metering Equipment for measuring Active Energy and Reactive Energy; and the role of the Technical Assurance Agent (TAA) in relation to Metering Equipment.

Section M contains the BSC rules regarding Credit Cover and Credit Default. It sets out how a Trading Party's Energy Indebtedness is calculated; the basis on which Trading Parties may lodge Credit Cover for their Energy Indebtedness; and what happens if this Credit Cover is insufficient and causes a Credit Default. It also includes arrangements for compensation payments to Trading Parties following certain calculation errors.

Section O of the BSC primarily addresses data communications and sets out an outline of the arrangements for Communications under the BSC; requirements to be complied with by Parties and Party Agents to be able to send certain Communications to BSC Agents and ensure that certain Communications are received; requirements for the form of certain Communications between Parties or Party Agents and BSC Agents; and the basis upon which certain Communications will be treated as received by a Party or a BSC Agent for the purposes of the BSC.

Section P sets out how Contract Trading Parties (Trading Parties and National Grid), may notify contract volumes to settlements, specifically to the Energy Contract Volume Aggregation Agent (ECVAA). Two types of notifications, Energy Contract Volume Notifications (ECVNs) and Metered Volume Reallocation Notifications (MVRNs), are allowed and these can only be submitted on behalf of Contract Trading Parties by agents, appointed by the Parties specifically for this purpose, and known as Energy Contract Volume Notification Agents (ECVNAs) and Metered Volume Reallocation Notification Agents (MVRNAs) respectively.

Section Q deals with the submission of data items in respect of relevant BM Units in accordance with the Grid Code; the submission of Physical Notifications in accordance with the Grid Code, to enable Final Physical Notification Data to be submitted by the NETSO; arrangements for the submission by Lead Parties of Bid-Offer Pairs for relevant BM Units and for the acceptance of Bids and Offers by the NETSO; the submission by the NETSO of Acceptance Data for the purposes of Section T and Section V; the submission by National Grid of Balancing Services Adjustment Data; the submission by the NETSO to the Balancing Mechanism Reporting Agent (BMRA) of other operational data items for the purposes of Section V.

Section R contains the rules for determining Metered Volumes for the purposes of Central Volume Allocation (CVA). It covers BM Units, Interconnectors, Grid Supply Points (GSPs) and GSP Groups relating to CVA Metering Systems. It sets out rules for the submission and validation of: Central Registration Service (CRS) data and Meter Technical Details; Aggregation Rules; and CVA Line Loss Factors. It also sets out how the Central Data Collection Agent (CDCA) determines Metered Volume data and submits it to the Settlement Administration Agent (SAA) and/or Supplier Volume Allocation Agent (SVAA). It also sets out some further CDCA functions

Section S and its associated Annexes set out the rules by which Supplier BM Unit Metered Volumes are determined from a combination of Half Hourly and Non Half Hourly Metering Systems. It describes the obligations on Suppliers to provide data and to ensure that Supplier Agents (i.e. certain Party Agents - principally Meter Operator Agents (MOAs), Half Hourly Data Collectors (HHDCs), Half Hourly Data Aggregators (HHDAs), Non Half Hourly Data Collectors (NHHDCs) and Non Half Hourly Data Aggregators (NHHDAs)) undertake the requirements defined for them.

Annex S-1 defines Performance Levels or Serials required of Suppliers and their Supplier Agents, and the Menu of Supplier Charges that specifies charges to apply should each Supplier or its Supplier Agents deviate from these Performance Levels. The arrangements for the payment of such charges are also defined.

Annex S-2 sets out how the metered quantities for Metering Systems and for Supplier BM Units are determined by the Supplier Volume Allocation Agent (SVAA).

Section T contains the rules for undertaking Settlement and determining BSC Parties' Trading Charges, including the detailed algebraic calculations. It sets out the data involved and the process followed by the Settlement Administration Agent (SAA) in determining volumes and cashflows. It also sets outs the rules regarding the Market Index Definition Statement; Market Index Data; Loss of Load Probability Calculation Statement; De Minimis Acceptance Threshold; Continuous Acceptance Duration Limit; Price Average Reference Volume; Value of Lost Load; Transmission Loss Factors and Transmission Loss Multipliers.

Section U of the BSC sets out general obligations of Parties and BSC Agents relating to data and information; and provisions relating to Settlement. References in Section U to Parties do not include Elexon or Elexon Clear.

Section V of the BSC sets out details of the Balancing Mechanism Reporting Service (BMRS) BMRS; and other reporting requirements from BSC Agents to Parties, the Authority and/or for public reporting.

Section W covers arrangements for the resolution of Trading Disputes under the BSC; arrangements for the establishment and operation of the Trading Disputes Committee (TDC); actions to be taken upon resolution of a Trading Dispute; and the effect of resolution of a Trading Dispute.

Section X and its Annexes contain definitions of the terms used in the BSC and an interpretation of some of the conventions used within the BSC. It comprises Section X, which provides an interpretation of the legal standards as well as other terms and language used in the BSC together with Annex X-1: General Glossary, and Annex X-2: Technical Glossary.

Annex X-1 contains General Definitions: in the Code and in each Code Subsidiary Document, unless the context otherwise requires and subject to any express provisions to the contrary, the words and expressions set out in Annex X-1 shall bear the respective meanings therein set out.

Annex X-2 contains a number of technical definitions and acronyms applying within the BSC. The information is divided between those terms used only within Section S relating to Supplier Volume Allocation, and terms used throughout the remaining sections of the BSC. This is required because, for convenience, some definitions and acronyms have a different meaning between Section S and other sections of the BSC.

Section Z of the BSC covers the establishment of the Performance Assurance Board (the PAB) - its powers and functions, the duties and responsibilities of its members, and its proceedings; performance assurance procedures; Risk Management Determination (RMD) Queries and Appeals; and the administration and implementation of Performance Assurance Techniques (PATs).