Day-ahead auction with delivery on the German/Austrian TSO zones

Size

The minimum volume increment is 0.1 MW for individual hours and 0.1 MW for blocks.

Tick

The minimum price increment is EUR 0.1 per MWh.

Underlying

Electricity traded for delivery the following day in 24 hour intervals.

Special case: the switch to and from daylight saving time is transparent for the members as the trading system automatically doubles the quantities for hour 03 (i.e. 2.00 am to 3.00 am) when the clocks are reset to daylight saving time and deletes the exceeding quantities when they are switched back to winter hours.

Place of Delivery

Deliveries are made within either of the following TSOs zones:

• Amprion GmbH
• transpower stromübertraguns GmbH
• 50Hertz Transmission GmbH
• EnBW Transportnetze
• Austrian Power Grid.
  
  

All these places of delivery form one market zone. In case of congestion between TSOs zones, prices can be determined by separate auctions for each market area. In case of changes in the composition of the market areas, EPEX Spot SE informs Exchange Members before auction price calculation in order to allow them to modify their bids accordingly.

Auction hours:

The daily auction takes place at 12.00 am, 7 days a week, year-round, including statutory holidays. After the auction results, members have 30 minutes to raise objections against errors falling within EPEX Spot SE responsibility.

Type of orders

Individual hours

Orders contain up to 250 price/quantity combinations for each hour of the following day. Prices must be between -3000 €/MWh and 3000 €/MWh. The 250 prices are not necessarily the same for each hour. A volume – whether positive, negative or nil – must be entered at the price limits. A price-inelastic order is sent by putting the same quantity at the price limits.

Blocks

Block orders are used to link several hours on an all-or-none basis, which means that either the bid is matched on all of the hours or it is entirely rejected. Block orders have a lower priority compared with single hourly orders.

Standard block orders

• Block Baseload covering hours 1 to 24
• Block Peakload covering hours 9 to 20
• Block Night covering hours 1 to 6
• Block Morning covering hours 7 to 10
• Block High Noon covering hours 11 to 14
• Block Afternoon covering hours 15 to 18
• Block Evening covering hours 19 to 24
• Block Rush Hour covering hours 17 to 20
• Block Off-Peak 1 covering hours 1 to 8
• Block Off-Peak 2 covering hours 21 to 24
• Block Business covering hours 9 to 16

User Defined Blocks

Trading members have also the possibility to submit user-defined blocks linking several consecutive hours of their choice.

Particular conditions

The maximum volume for a block bid is 300 MW and a maximum of 45 block bids per trading account can be entered by the participants.

Physical fulfilment of Phelix Base Month or Phelix Peak Month futures

The Members that are admitted to trade on the Austrian/German auction and on EEX Power Derivatives Phelix futures have the possibility to ask for a total or partial physical delivery of the quantity of electricity agreed on the futures market.

To do so, the Members must have requested one or several specific trading accounts. They must transmit the corresponding fax form to EPEX Spot Market operations, at the latest, two exchange days before delivery begins at 4 pm. Physical fulfilment is executed via price-inelastic orders on the entire delivery period.