Presentation of organized electricity term markets
Characteristics
- The trading is continuous and is run online from the workstations of the registered market participants.
- Offers are standardized in terms of power, daily load shape and delivery periods.
- Participation in CM-OTC is conditional on eligibility lists notified by each market participant. The eligibility lists have to refer to at least 8 eligible counterparties as potential counterparties
- The trades concluded on this market will be subscribed to the bilateral contracts approved prior to participation in trading session. These contracts are based on standard contract EFET.
- The market is opened for participation for companies licensed by the Romanian Energy Regulatory Authority that had been registered and are fulfilling the Participation Agreement on the Bilateral Contracts Markets terms and conditions
- After the closing of the auction session, OPCOM publishes data about: the closing price and the volumes for each closing price, information related to transactions in which the closing price ranged at least 10% compared to the reference price, if it was the first transaction in the current day, or the previous transaction price to the current day, information on transactions for which the volume is of more than 50 MW/product.
Characteristics of the offers
Offers include the following standard elements:
- the type of daily load to be covered:
Offers for base load (00:00 – 24:00 CET)
Offers for peak load (From Monday to Friday from 06:00 – 22:00 CET)
Offers for off-peak load (From Monday to Friday from 00:00 – 06:00 CET and 22:00 – 24:00 CET and from Saturday to Sunday from 00:00 – 24:00 CET);
- the delivery periods:
1 year
1 half-year
1 quarter
1 month
1 week
1 weekend
1 day
- The minimum offered power for trading: 1 MW. The power offered for trading must be multiple of 1 MW.
- The volumes of electricity traded.
- The price expressed in lei/MWh.
- Delivery starting date.
The CM-OTC participants entering their selling/buying offers into the trading system in accordance with daily trading program. Participants can enter/modify, suspend/activate and/or cancel the selling/buying offers and view all offers in the market during the whole stage. If offers are introduced in the trading system by eligible partners and satisfy compatibility condition – the higher buying price, at least equal to the selling price, respectively lower selling price, at least equal with the buying price are automatically traded in real time. If offers are introduced in the trading system by non-eligible partners and satisfy compatibility condition, the market operator withdraw orders in order to implement activities described in operational procedures regarding the trading mechanism.
Sequence of activities
- The opening of the auction session.
- Running of the auction session - Participants can enter/modify, suspend/activate and/or cancel the selling/buying offers and view all offers in the market during the whole stage, trades concluded in real time for eligible partners, for non-eligible partners trades concluded after the market operator withdraw orders in order to implement activities described in operational procedures regarding the trading mechanism.
- Pre-closing stage.
- Closing of the auction stage – OPCOM send CM-OTC participants trades confirmation forms according with the results of the trades.