Jurisdiction(s):
United Kingdom

Key definition

Agreement definition

What does Agreement mean? In competition law practice, an agreement is any form of coordination between undertakings that shows a meeting of minds about market conduct (for example pricing, output, customers or territories). It is not limited to a legally enforceable contract: it includes informal or “gentlemen’s” understandings, oral arrangements, email exchanges and tacit understandings, and extends to decisions of associations of undertakings. Mere parallel conduct is insufficient without evidence of contact or communication. The term is used in legislation and developed by case law: Article 101 TFEU, section 4 of Ireland’s Competition Act 2002, and the UK Chapter I prohibition in the Competition...

Grid Trade Master Agreement (Great Britain): legal practitioners’ overview of structure, key provisions, trading mechanics and alternatives

Published by a LexisNexis Energy expert

Practice notes

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What is a GTMA?

Electricity in great britain (gb) is exchanged via a bilateral marketplace. No fixed template is mandated for trades. Nevertheless, the Grid Trade Master agreement (GTMA) has become the recognised standard contract for power trading, and is extensively adopted by generators, suppliers and traders to record a bilateral deal for the sale and purchase of electricity. For broader background on the structure of the GB power market, see Practice Note: The Great Britain electricity market—an introduction. First issued in 2001 by the Futures and Options Association (now absorbed into the global Futures Industry Association (FIA)), the GTMA was designed for use following the launch of the New Energy Trading Arrangements (NETA) (which, in 2005, gave way to the British Electricity Trading and Transmission Arrangements (BETTA)). The GTMA was updated in 2004, and the majority now transact under this revised form. The FIA makes the 2004 update publicly accessible: Grid Trade Master Agreement, 2004. Trading under a GTMA may occur up to one hour before the start of the relevant half-hour Settlement Period in which electricity is to be delivered. After this cut-off, further trading must be arranged for later periods, in accordance with contractual procedures thereafter only...

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James Stanier

Gowling WLG

James Stanier is a specialist energy lawyer who advises clients on a wide range of complex commercial and regulatory matters. James advises market leading offtakers, major utilities, energy traders, suppliers, network owners and operators, developers and managers of industry codes. James frequently advises on commercial agreements in the energy sector, having a particular specialism in power purchase agreements (PPAs) and heat supply arrangements. He has drafted and negotiated PPAs for a significant proportion of GB's largest renewable projects. Additionally, he has expertise in energy trading documentation - including GTMAs, ISDAs, EFETs, NBPs, master agreements and associated credit support documents. James has worked in the energy sector throughout his legal career. He counts himself as very lucky to be able to work in a sector which he is passionate about and thrives on providing innovative and technical legal advice in a constantly developing and fast moving...

Web page updated on 22/05/2026

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