Disclaimer

Any user of this website expressly agrees to the Conditions of use published in the General Conditions and undertakes to comply with them.

Read More
Search

main navigation

Products Day-Ahead Auction

content


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 - 00: the period between 23:00 and 00:00 (GMT/BST)
  • Hour 00 - 01: the period between 00:00 and 01:00 (GMT/BST)
    … until Hour 22 - 23: the period between 22:00 and 23:00 (GMT/BST)

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 (GMT/BST)

Publication time    As soon as possible from 11:42 (GMT/BST) 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 (GMT/BST) 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.

Admissible Orders    On the day of the switch from summer time to winter time, hour 01-02 exists twice and are traded separately. On the day of the switch from winter time to summer time, hour 01-02 cannot be traded.

Minimum and maximum prices    -500.00 €/ 3 000.00 €
In order to accommodate exchange rate fluctuations, the minimum and maximum price limits in the Auction will be set at the technical limits of +/- GBP 9,999. 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 and within the technical limits it will automatically be modified and placed at the price limit. Such Order will be taken into consideration by the algorithm at the new price.
 

Price characteristics    Orders are submitted in GBP per MWh to one decimal places.
The Market Clearing Price is returned to two decimal places.

Quantity characteristics    In MW with one decimal digit

Single-Contract Orders

Minimum and maximum number of price/quantity combinations for Single- Contracts Orders    2 and 256

Block Orders

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. Pre-defined Block Orders exist but the Exchange Member is not restricted in the determination of the Block Orders.

Pre-defined Block Orders   

The following Block Orders are pre-defined in the system. Times in GMT/BST:
• Base (23:00 to 23:00)
• Peak (07:00 to 19:00)
• Offpeak (23:00 to 07:00 and 19:00 to 23:00)
• Overnight (23:00 to 07:00)
• Block 3+4 (07:00 to 15:00)
• Block 5 (15:00 to 19:00)
• Block 6 (19:00 to 23:00)

Specific conditions
•    All or none
•    The maximum volume for a classic Block Order is 500 MW.
•    A maximum of 80 classic 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: 7
  • Maximum number of Block Orders in a linked Block Order family : 40
  • 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: 7

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: 5

Classic portfolios

  • Classic portfolios allow the submission of single-contract orders and classic block orders. They do not allow the submission of “Linked”, “Exclusive” and “Big Blocks”

Smart and big blocks portfolios

  • Smart and big blocks portfolios are classic portfolios with the additional functionality allowing the submission of linked, exclusive and big blocks.

Big blocks

  • Maximum number of classic big Blocks per SAB portfolio: 10
    Maximum number of exclusive big Blocks per SAB portfolio: 5
    Maximum number of linked big Blocks per SAB portfolio: 5
    Maximum size of big Blocks per SAB portfolio: 800 MW


EPEX SPOT GB 30-Minute Day Ahead Auction

Trading Procedure    Daily Auction

Trading days    Year-round

Tradable Contracts (Expiries)   

  • Half hourly (30 min.)
  • Half-hour 23:00 – 23:30 the period between 23:00 and 23:30 (GMT/BST)
  • Half-hour 23:30 – 00:00: the period between 23:30 and 00:00 (GMT/BST)
    … until Half hour 22:30 – 23:00: the period between 22:30 and 23:00 (GMT/BST)

Opening of the Order Book     48 half hourly batches per day starting fourteen days prior to the delivery day

Closure of the Order Book     Daily at 15:30 (GMT/BST)

Publication time    As soon as possible from 15:45 (GMT/BST)

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 to the TSO.

Admissible Orders    On the short clock-change day the products 01:00 – 01:30 and 01:30 – 02:00 are not possible to trade. On the long clock-change day, each half hour of the duplicate hour will exist, with the periods indicated with an 'x' (e.g. 01:00X – 01:30X)

Minimum and maximum prices    -500.00 GBP/ 3 000.00 GBP 

Price characteristics    Orders are submitted in GBP per MWh to one decimal places
The Market Clearing Price is returned to two decimal places

Quantity characteristics    In MW to one decimal place

Single-Contract Orders

Minimum and maximum number of price/quantity combinations for Single- Contracts Orders    2 and 256

Block Orders

The following Block Orders are pre-defined in the system. Times in GMT/BST:
• Base (23:00 to 23:00)
• Peak (07:00 to 19:00)
• Offpeak (23:00 to 07:00 and 19:00 to 23:00)
• Overnight (23:00 to 07:00)
• Block 3+4 (07:00 to 15:00)
• Block 5 (15:00 to 19:00)
• Block 6 (19:00 to 23:00)

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.

Specific conditions
•    All or none
•    The maximum volume for a classic Block Order is 50 MW.
•    A maximum of 3 classic Block Orders per Delivery Day and per portfolio can be entered by the Exchange Members.

 
 

sidebar


to the top

ticker