PwC has audited the Pool since it was created at the start of electricity privatisation in 1990, decided to award a new contract to the firm following a competitive tender required by European Union law.
The Pool’s members (generators and suppliers) buy and sell electricity against a defined set of trading rules and agreements. An important part of this mechanism is the financial settlement process that calculates suppliers’ bills and ensures payment to generators. The auditor’s role is to audit this critical process to ensure that it operates in accordance with the Pool Rules.
However, PwC may find their role changing. The government on Thursday last week called a meeting of top electricity industry and consumer representatives to tell them to play their part in the final stages of putting in place neew electricity trading arrangements that will replace the Pool.
FINANCE DIRECTOR PROFILE – DAVID NISH – FD at ScottishPower