Glossary Term: Balancing Mechanism and Imbalance Settlement
Acronym: BMIS
The Balancing Mechanism balances the energy on the system and is managed by National Grid (NGC). Information on the actions that the Balancing Mechanism takes to balance the system will be passed to the Settlement Administration Agent (SAA), for use in the Settlement calculations.
Elexon calculate the imbalance settlement based on the bids and offers made and whether a company is liable for charges or whether the company should be paid for any imbalance. The Funds Administration Agent (FAA) details the amounts payable to or by Trading Parties with respect to each Settlement Period.
BSC defined definition
The systems and processes that support the operation of the trading arrangements under the Code.