Thu May 12 2022
The final sign-offs for the Markets Rules and associated legal agreements have now been scheduled on to agendas of the key approval bodies in South Somerset and Natural England. This means we anticipate that market opening for Market Round 1 could occur in July 2022, subject to the appropriate approvals being granted.
Market opening will be preceded by the release a range of information relating to the Market schedule and anticipated market size.
Some key points to note prior to then:
The Somerset Local Authorities have confirmed that their Phosphate Budget Calculator should continue to be used as the basis for calculating Phosphorus mitigation needs for new developments.
The geography of the market has now been simplified. There are now three "areas of risk": The Tone, the Brue and the Parrett. Links to maps of each area are included in the Guidance section of this website. Round 1 of the market will focus on the Parrett area of risk, with credits available for developments awaiting resolution of planning applications in the South Somerset District Council part of this area.
In the next fortnight, EnTrade will write to all developers in the Parrett who have registered an EOI to buy credits. EnTrade will ask that they confirm their wish to proceed in Market Round 1, to confirm their short and long-term mitigation needs and confirm that South Somerset District Council has agreed the validity of their Phosphate Budget calculation.
Thu Mar 31 2022
Timings for the first market round are still not firmed up, but we continue to make positive progress in finalising the relevant legal agreements with South Somerset District Council (SSDC).
Once SSDC has approved the legal and enforcement mechanisms, EnTrade will issue a Catchment Opportunity Statement confirming indicative supply and demand. Developers will also receive the template Environmental Credit Supply Agreement for review at the same time, whilst suppliers will receive the template Nature-based Project Agreement.
We will also hold a pre-market review with Natural England and SSDC to confirm the validity of our mitigation project accreditation estimates and developer estimates of credit requirements. This will enable us to ask suppliers and developers to formally register their projects/ offsite mitigation requirements for entry into the market.
All of that considered, bidding is unlikely to take place until June at the earliest.