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

Extras Glossary

content

Glossary

AGGREGATED CURVES

Are included in the aggregated curves hourly orders, executed blocks, the coupling volume, the last two elements being considered at any price.

ALL-OR-NONE ORDERS

Limit orders that are executed for the entire quantity only and remain in the Order Book until they are filled.

AMICABLE DISPUTE RESOLUTION PERIOD

The period for amicable settlement, in accordance with article 11.2 of the MCFA, of disputes arising under or in connection with the MCFA, which shall not exceed two (2) months (or any other period as agreed upon between the Parties).

APPLICANT

Legal entity having submitted a Membership application to EPEX SPOT SE.

ASK PRICE

Price of a sell order.

AUCTION

Procedure for making transactions after a period of time during which the orders entered by exchange members in the order book are accumulated but not executed. The price determination algorithm aims at optimising the total welfare, i.e. the seller surplus, the buyer surplus and the congestion rent (if applicable).

AUCTION OFFICE

Company managing interconnection capacity on behalf of one or several TSOs.

AVAILABLE INTERCONNECTION CAPACITY

Available Interconnection Capacity means ATC for ATC Based Market Coupling and remaining margin on critical branches for flow-based Market Coupling.

AVAILABLE TRANSFER CAPACITY (ATC)

Part of the day-ahead NTC (i.e. the maximum cross border exchanges between hubs compatible with security standards applicable in both hubs and taking into account the technical uncertainties on future network conditions) made available in accordance with the Agreement concluded between all the parties involved in the concerned Market Coupling for Coupled Markets. For the avoidance of doubt, ATC are also equal to the maximum amount of PTRs.

BALANCE RESPONSIBLE (PARTY)

Legal entity obligated to pay a TSO for the after-the-fact Imbalances of a grid-user coming within the Balance Responsible’s Perimeter.

BALANCE RESPONSIBLE AGREEMENT

All contractual agreements between the transmission system operator and the grid user regarding the settlement of power imbalances recorded on balance perimeters.

BALANCE RESPONSIBLE PERIMETER

Energy account which the transmission system operator keeps for every user of the system. This system is in accordance with a balance area agreement. In the account feeding, withdrawals and the transfer of energy to other balance areas (schedule) are booked in order to establish the deviation in the energy balance of every user.

BALANCING MARKET

Market managed by TSOs in order to guarantee the availability of power reserves in D-1 and intra day to ensure global supply-demand balance in real time.

BASELOAD

Characterises the type of load for the delivery of electricity or the procurement of electricity with a constant output over 24 hours of each day of the delivery period.

BID

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

BID PRICE

Price of a buying order.

BLOCK ORDER

Combination of single hours which depend on each other for their execution. On the auction, all block orders can only be either executed fully, or rejected fully.

BUNDESKARTELLAMT (BKartA)

The Bundeskartellamt (Federal Cartel Office) is an independent competition authority whose task is to protect competition in Germany.

BUNDESNETZAGENTUR (BNetzA)

The Bundesnetzagentur (Federal Network Agency) is a German authority whose task is to provide, by liberalisation and deregulation, for the further development of networks and markets as is the case of electricity. The Agency has rights of information and investigation as well as the right to impose graded sanctions.

BUYER SURPLUS

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

CENTRAL WEST EUROPE (CWE)

Region encompassing the power spot markets of France, Germany, Belgium, Netherlands and Luxembourg, which are coupled since 9 November 2010.

CLEARING

Financial and physical settlement of transactions.

CLEARING CONDITIONS

Document issued by ECC, describing the settlement and collateralisation of transactions. Clearing conditions are binding for all Clearing Members and Non-Clearing Members.

CLEARING HOUSE

An institution which acts as a central counterparty for transactions (CCP). The clearing house organises the accounting of receivables and liabilities, the delivery and the collateralisation of the transactions.

CLEARING MEMBER

Participant in the clearing procedure endowed with a clearing license.

CODE OF CONDUCT

The Code of Conduct sets forth the rules of conduct and market behaviour which must be respected at all times by the Exchange Members.

COMMISSION DE REGULATION DE L'ENERGIE (CRE)

Independent administrative body in charge of regulating the French electricity and gas markets.

CONGESTION RENT

Price difference between two markets linked by market coupling arising when there is congestion on the border.

CONTINUOUS TRADING

Unlike in an auction, orders may be executed as soon as they are placed in the order book. Competing orders in the order book are prioritised firstly by their price and then by their time stamp.

CONTRACT

Commercial contracts traded on EPEX SPOT, which specifications and parameters are described in the Operational Rules.

COUPLED MARKETS

Price or Volume Coupled Markets.

CROSS TRADES

A Transaction where an Exchange Member is both on the buy and the sell side for the same product.

CURTAILMENT

Imbalance of purchase and sale leading to extreme prices on the Auction Segment.

DAY-AHEAD MARKET

Part of the spot market where a commodity is tradable one day before delivery.

DELIVERY

The physical fulfilment of transactions is called delivery.

DELIVERY AREA

Power transportation grid managed by a TSO.

DELIVERY DAY

Day on which the Contracts negotiated on EPEX SPOT area to be delivered.

DESIGNATED BROKER

Type of Trading Member which trades on behalf of another Trading Member.

E-CONTROL

As the Austrian independent regulation authority, E-Control is responsible for drawing up and enforcing market rules. Its job is to strengthen competition and to ensure that this does not compromise security of supply and sustainability.

ECC

European Commodity Clearing AG. Central counterparty for all transactions effected on EPEX SPOT.

EIDGENÖSSISCHE ELEKTRIZITÄTSKOMMISSION (ElCom)

ElCom is Switzerland’s independent regulatory authority in the electricity sector. ElCom monitors electricity prices as well as electricity supply security and regulates issues relating to international electricity transmission and trading.

ELIX

European Electricity Index. ELIX is calculated daily, based on the order books of the three EPEX SPOT markets – which account for 40% of the European power consumption – under the assumption of no congestions between the countries.

EMCC

European Market Coupling Company GmbH with registered offices in Hamburg. Auction Office for the Volume Coupling between Denmark and Germany.

EPEX TRADING SYSTEM (ETS)

Electronic system operated by EPEX SPOT that allows exchange members to trade on EPEX SPOT Market Segments. The EPEX Trading System is used for the day-ahead market.

EXCHANGE

Electronic platform on which the Contracts tradable on EPEX SPOT can be negotiated.

EXCHANGE COUNCIL

One of the Exchange Bodies of EPEX SPOT, as described in the Exchange Rules.

EXCHANGE MEMBER

Legal entity that has signed a Trading Agreement with EPEX SPOT SE.

EXCHANGE RULES

Part of the Rules and Regulations of EPEX SPOT that sets forth the terms on which EPEX SPOT SE carries out its duties and on which Exchange Members trade in the market.

EXCHANGE TRADER

Person authorised to trade in the name of an Exchange Member.

EXPIRY

Delivery period of a contract. Depending on the specifications, its duration can be individual hour or 15 minutes.

FUTURES CONTRACT

Standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality at a specified future date at a price agreed today.

GENERAL SERVICE CONDITIONS

Legal conditions under which EPEX SPOT SE provides its services to the Exchange Members.

HARDSHIP

Any extraordinary event or any extraordinary change of circumstances that is (i) independent of the will of the affected Party(ies); (ii) beyond the control of the affected Party(ies); (iii) unforeseeable at the time of conclusion of the concerned agreement, and (iv) which fundamentally and negatively affects for a substantial period of time, for the concerned Party(ies), the initial contractual equilibrium of the concerned agreement.

ICEBERG ORDER

Buy or sell order which is specified by means of its limit, total quantity and peak quantity. The Iceberg Order is placed in the order book in partial orders to the amount of the peak quantity. As soon as a partial order has been executed, a new partial order to the amount of the peak quantity is placed in the order book. This process is repeated until the total quantity of the Iceberg Order is executed.

IMBALANCE

Difference, within the Perimeter of the Balance Responsible, between the total quantities of power injected and the total power quantities withdrawn, including all quantities resulting from Transactions made on EPEX SPOT.

IMBALANCES SETTLEMENT

Balance responsible parties are held financially liable ex post of any imbalance registered within their balance perimeter.

IMPLICIT / EXPLICIT

An auction is called implicit, if market price calculation and cross-border capacities are calculated simultaneously. If cross-border capacities are determinated separately by the TSOs, it is called explicit.

INITIAL MARGINING

Cash or securities which the Clearing Member has to deposit with the clearing house and which the Non-Clearing Member has to deposit with its Clearing Member. The initial margin covers the intra-day risk from spot market transactions on power.

INJECTION

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

INTERCONNECTION CAPACITY

Cross-border electric energy transfer capacity on the interconnections.

INTRADAY MARGIN

Additional margin which has to be deposited in the course of an exchange trading day in highly volatile market situations.

INTRADAY MARKET

Part of the spot market where the commodity is tradable up to 30 minutes before physical fulfilment.

sidebar


to the top

ticker