Presentation of organized electricity term markets
Presentation of centralized forward markets for electricity
Only large final consumers who purchase electricity exclusively for their own consumption, as well as aggregators acting for them, may be registered as electricity buyers and it is forbidden to resell the electricity purchased by large final consumers on this market except for resale the electricity only to affiliates and/or other end consumers involved in the aggregation, for their own consumption.
Producers may participate in the position of sellers, including those to whom may apply the provisions of art. 14 paragraph (6) of the Government Emergency Ordinance no. 27/2022 on the measures applicable to final consumers in the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as storage service operators selling stored electricity, who may participate directly or through aggregation, as electricity sellers.
- The LCM participant submits to the MO, the initial buy or sell offer, the proposed electricity contract /the standard contract/ the EFET type contract, the selection criteria for the qualification of the responding participants in the selection stage, as well as the schedule of the trading session (agreed with the MO before the submission of the offer), by e-mail at pmc@opcom.ro or by fax, until 15:00 M-T, 12:00 F;
- The MO publishes the Announcement regarding the initiation of the trading session, the initiating offer and the contract proposed by the initiator or indicates the use of the standard contract, the selection criteria based for the qualification of the responding participants in the selection stage and the schedule of the trading session;
- Participants at the LCM who want to participate with response offers send to the initiating participant and to the MO by email or fax, in accordance with the deadline specified in the schedule of the trading session, all supporting documents to validate the fulfillment of the selection criteria requested by the initiator;
- The initiating participant selects the participants in order to participate with response offers to the initiating offer, according to the selection criteria and communicates the list to the MO;
- OP publishes the list of selected participants and informs them individually about the selection to participate with response offers;
At the opening of the online trading session, the initiating offer (entered by the MO in the trading platform on the day of publication of the initiating offer) and becomes tradable in the trading platform, being compliant with the data specified in the initiating offer: the price as it is specified by the initiating bidder and the quantity it will be 1, in case of trading with a single participant or the number of fractions in case of partial trading, with one or more participants.
During the online trading session, the initiator can only change the price.
Any of the qualified respondents can enter their own offers in the trading platform indicating the number of fractions and the desired price. Response offers may be modified or withdrawn throughout this stage, depending on market fluctuation.
During the session the initiating offer is automatically correlated with the opposite offers by introducing and/ or modifying the offer until the matching conditions are met, respectively the selling price is less than or equal to the buying price, resulting the transactions for the number of fractions of the correlated offers.
At the end of the trading session the MO will send transaction confirmations to the winner participants.
The concluded transactions are registered by the parties by signing and sending a copy to the MO, within a maximum of three (3) working days from the date of communication the results of the trading session, the electricity contract with full compliance with the buy-sale contract proposed by the initiating participant and published together with the offer/ the standard buy-sell contract and the results of the trading session. In case the initiator has chosen the EFET contract type, the annex of confirmation of the transaction assumed by parties has to be submitted.
The MO verifies the conformity of the contract submitted by the participant. In case of refusal to sign the contract or in case of refusal to correct a non-compliant contract within two (2) working days, the MO will request the participant/ participants at fault to pay a penalty amount and will proceed with the suspension in accordance with the provisions of the LCM Procedure.