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Extras Glossary

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Glossary

LIMIT ORDER

Buy or sell order which is entered with a position limit; it is executed at this limit or at a better limit.

MARKET AREA

An area comprising one or several Delivery Areas.

MARKET CLEARING PRICE

Synonym for auction price. The market clearing price corresponds to the intersection between the aggregated supply and demand curve.

MARKET COUPLING

Market coupling allows the matching of power exchanges orders and the implicit allocation of the available cross-border capacities received from the Transmission System Operators (TSOs).

MARKET COUPLING CONTRACTS (MCC)

Market Coupling Contracts are listed for the purpose of Price Coupling. The commodity underlying the Market Coupling Contracts is the PTR. The PTR is delivered under the form of specified PTRs which correspond to the specification of the executed PTRs on each electrical border by the Market Coupling Facilitator.

MARKET COUPLING FACILITATOR

The entity signing the Market Coupling Facilitator Agreement.

MARKET COUPLING FACILITATOR AGREEMENT

The agreement to be signed by EPEX SPOT SE, and the Market Coupling Facilitator.

MARKET NOTICE / NOTICE

Document issued by EPEX SPOT to communicate with Exchange Members.

MARKET SURVEILLANCE OFFICE

Independent Exchange Body, as described in the Exchange Rules.

MATCHING

Combination of two compatible opposite orders that leads to a Transaction.

MCP

Abbreviation for market clearing price.

MISTRADE

A transaction which was effected as a result of a mistake.

NOMINATION

Daily declaration of power supply, of purchase and sale or of imports and exports made to the TSO by the Balance Responsible Party. Physical delivery of transactions is fulfilled by means of reporting schedules/nominations to the TSO.

NON-CLEARING-MEMBER

Exchange member which has concluded a “NCM agreement” with a clearing member and is approved as a trading participant by ECC.

OPERATIONAL RULES

Part of the Rules and Regulations of EPEX SPOT that sets forth the Contracts details and trading parameters, General Services Conditions, Price List and Technical Access Rules.

OPERATOR (TSO)

Shortcut for Transmission System Operator, operating the power transportation grid of a given Delivery Area. 

ORDER

Electronic document by which the Exchange Member submits the Price and the quantity for which it seeks to make a Transaction in a Contract.

ORDER BOOK

Centralisation by the Trading System of buy and sell Orders and ranking based on the execution priority determined by the matching algorithm.

OTC

Abbreviation for "Over-The-Counter". An OTC contract is a bilateral contract in which two parties agree on how a particular trade or agreement is to be settled in the future.

OTC CLEARING

Service offered by exchanges. OTC transactions which correspond in their contract specification to exchange transactions can be registered. In this case clearing and settlement of the OTC transactions will be done by the respective clearing house.

PARTIAL MARKET AREA

A group of one or several Delivery Areas belonging to a Market Area.

PAYMENT

Obligation to pay resulting from a Transaction on EPEX SPOT.

PEAKLOAD

Characterizes the load type for the delivery or procurement of electricity at a constant load over 12 hours from 08:00 am until 08:00 pm on every working day (Monday to Friday) during a delivery period.

PHELIX

Physical Electricity Index. Calculated on a daily basis by EPEX SPOT, the Phelix is the average price for base load (Phelix Day Base) and peak load (Phelix Day Peak) electricity traded on the German/Austrian Auction.

PHYSICAL FULFILMENT

Exchange members can ask for the physical fulfilment of futures positions held with EEX Power Derivatives by buying or selling on the corresponding auction the underlying of the futures contract.

PHYSICAL POWER CONTRACT

A contract whose underlying is the electrical power transiting over a Transmission System managed by a TSO, which defines the voltage, frequency, cosine φ (displacement factor) and cut-off frequencies, in compliance with the contractual obligations of the prevailing concession agreement for the general power grid. The delivery of such contract happens at any Injection or Withdrawal point on the relevant Transmission System.

PHYSICAL TRANSMISSION RIGHTS (PTRs)

The right under ATC based Market Coupling to use a specified quantity of the Available Interconnection Capacity in the export direction, expressed in MW for each hourly period of a given day. In the framework of ATC based Market Coupling, the PTR is granted to ECC through the execution of Market Coupling Contracts. For the avoidance of doubt, the PTRs are inferior or equal to the Available Transfer Capacity under the ATC Market Coupling.

POWER TRANSMISSION NETWORK

Very high voltage grid managed by a TSO.

PRE-ARRANGED TRADES

Transactions which shall be concluded according to a prior arrangement between two Exchange Members by entering consecutive Orders with opposite limits in continuous trading which are executed against each other.

PRICE COUPLED MARKETS

Exchanges operating Price Coupling in coordination with EPEX SPOT.

PRICE COUPLING

Price coupling between different countries allows creating a single exchange zone – and consequently single price zones when interconnection capacities do not limit cross-border power exchanges. It contributes to improve the market liquidity and participates in the creation of a single European electricity market.

PRICE INELASTIC BIDS

Orders to be executed whatever the market price.

PRICE LIST

Set of fees payable by Exchange Members upon trading on EPEX SPOT, as described in the Operational Rules.

REMIT

Regulation on Energy Market Integrity and Transparency. It is a proposal by the EU Commission of a harmonised EU-wide regulation of energy markets.

RESILIENCE

The resiliency prices are calculated by adding a specific quantity of purchase/sale order to the order book of the day-ahead auction markets.

RULES AND REGULATIONS

Set of documents issued by EPEX SPOT SE, comprising the Trading Agreement or the Market Coupling Facilitator Agreement (for Market Coupling Facilitator only), the Exchange Rules, the Operational Rules and the Code of Conduct and governing the organisation of EPEX SPOT.

SCHEDULE

Daily declaration of power supply, of purchase and sale or of imports and exports made to the TSO by the Balance Responsible Party. Physical delivery of transactions is fulfilled by means of reporting schedules/nominations to the TSO.

SEGMENT / MARKET SEGMENT

Describes the modality of trading in the sense of closed or open Auction, intraday trading and Continuous Trading for each Market Area.

SELLER SURPLUS

Difference between the submitted price and the market price, multiplied by the quantity actually sold.

SETTLEMENT

Payment of Transactions executed on EPEX SPOT and handled by the Clearing House.

SINGLE-CONTRACT ORDER

Order relating to a contract with one Expiry.

SPOT MARKET

Market on which transactions regarding products are concluded and/or registered which are settled within a period of two settlement days. Settlement can take place immediately (intraday), the following day (day-ahead) or two days ahead.

SPREAD

The price range between best bid and best ask is called spread.

SÄCHSISCHES MINISTERIUM FÜR WIRTSCHAFT UND ARBEIT (SMWA)

Saxon ministry of economy. Part of the responsible German market surveillance authorities.

TECHNICAL ACCESS RULES

Rules pertaining to the configuration and installation of Trading Systems.

TRACFIN

The “Traitement du renseignement et action contre les circuits financiers clandestins”, TRACFIN, is a service of the French Ministry of Finances. It fights money laundering.

TRADE

Outcome of the matching of buy and sell orders.

TRADER'S EXAMINATION

Examination leading to the qualification as an Exchange Trader on EPEX SPOT.

TRADING ACCOUNT

Username and password giving access to the Trading Systems.

TRADING AGREEMENT

Contract between the Exchange Member and EPEX SPOT SE whereby the Exchange Members accepts to comply with the Rules and Regulations of EPEX SPOT SE.

TRADING MEMBER

Category of Exchange Member described in the Exchange Rules which is authorised to trade on EPEX SPOT.

TRADING MEMBER WITH A SPECIAL TASK

An external entity, which has to take part in the optimisation of cross-border trading in power between separate power markets (Volume Coupling).

TRADING PARTICIPANT

Company which is approved as a Trading Participant according to the ECC Clearing Conditions.

TRADING PROCEDURE

Auction Trading or Continuous Trading.

TRADING SYSTEM

Electronic system operated by EPEX SPOT SE that allows Exchange Members to trade on EPEX SPOT Market Segments.

TRANSACTION / TRADE

Contract agreed on EPEX SPOT for which the procedures and specifications are defined in the Rules and Regulations.

TRANSMISSION SYSTEM OPERATOR

Entity in charge of operating the power transportation grid of a given delivery area.

VOLATILITY

Volatility is a measure of the price fluctuations in the course of one day. The additional margin parameter and the spread margin parameter can then be determined on the basis of volatility.

VOLUME COUPLED MARKETS

Exchanges operating Volume Coupling in coordination with EPEX SPOT.

VOLUME COUPLING

Coordinated day-ahead Auction involving two or more power markets. Cross-border volumes computed by an Auction Office are transferred to the exchanges which consider them as price acceptant bids into their local system. The exchanges thus locally calculate their prices on their own in a second step.

WITHDRAWAL

Power consumed or declared to the TSO and included as a negative figure in the calculation of the Balance Responsible Imbalance.

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