EPEX SPOT Day-Ahead Auction in UK
Trading Procedure Daily Auction
Trading days Year-round
Time zone UK local time
Tradable Contracts (Expiries)
- 1 hour of the day
- Hour 23: the period between 23:00 and 00:00
- Hour 00: the period between 00:00 and 01:00, and so on and so forth
|Product Type ||Product Code prefix (fixed)||Product Code suffix (variable)||Example|
|Suffix variable || Definition || Range |
| YY || Year (two digits) ||00 TO 99|
|MM|| 1.1.1 ||MONTH OF YEAR (TWO DIGITS)|
|DD||1.1.2||DAY OF MONTH (TWO DIGITS)|
|HH||Hour number (two digits)||00 TO 23, 01X|
Conventions Dates expressed within codes for one-hour products are calendar dates
Opening of the Order Book 24 hours per day starting fourteen days before the Delivery Day
Closure of the Order Book Daily at 11:00
Publication time As soon as possible from 11:42 for preliminary results
Preliminary results are published for information purposes only. Only final results are binding on Exchange Members.
Final results will be published between 11:55 and 12:50 unless in case of decoupling (technical deadline for decoupling).
Clearing and Settlement Trade information transmitted by EPEX SPOT SE to the central counterparty, ECC AG, for Settlement of the Contracts
Delivery procedure Nomination by ECC and by the relevant Balance Responsible Parties to the TSO.
Clock change On the short clock-change day the product bearing the suffix variable ‘01’ is omitted. On the long clock-change day an additional product bearing the suffix variable ‘01X’ is added.
Minimum and maximum prices Power Exchanges in PCR have harmonised minimum and maximum price limits of -500 Euros/MWh and +3000 Euros/MWh for Auction Orders.
In order to accommodate exchange rate fluctuations, the minimum and maximum price limits in the Auction will be set at the technical limits of EuroLight. The Order Book will be converted from GBP to Euros before it is sent to the algorithm and from Euros to GBP when the results are received. If an Order is outside the price limits, it will automatically be modified and placed within the relevant limit. Such Order will be taken into consideration by the algorithm at the new price.
Price characteristics In GBP per MWh with two decimal digits
Quantity characteristics In MW with one decimal digit
Definition Specification of a limit price for a single hour covering 2 Expiry periods, where an Expiry relates to the BSC (Balancing and Settlement Code) Settlement period. 24 products are listed per day.
Definition Order on one or several combined Expiries with a minimum of one Expiry on the same Delivery Day. Expiries depend on each other in their execution.
• All or none
• The maximum volume for a Block Order is 500 MW.
• A maximum of 80 Block Orders per Delivery Day and per portfolio can be entered by the Exchange Members.
Linked Block Orders
- Maximum number of generations of a linked Block Order family: 3
- Maximum number of Block Orders in a linked Block Order family: 7
- Maximum number of children for a parent Block Order: 6
- Maximum number of parents for a child Block Order: 1
- Maximum number of linked Block Orders families for a (portfolio, Market Area) combination: 5
Exclusive group Block Orders
- Maximum number of Block Orders in an exclusive group: 24
- Maximum number of exclusive Block Order families for a (portfolio, Market Area) combination: 18