Presentation of centralized forward markets for electricity
Mechanism Presentation (CMBC-FP Description)
Characteristics
- Concluding the fuel processing mechanism contracts on this market can be done when the electricity market is in a crisis situation.
- The identity and the offering intention of the market participants are made public towards the whole business community.
- The initiating offers can be proposed only by the supplying license owners and the response offers can be posted only by the electrical energy generation license owners.
- Electricity delivery period on this market cannot be longer than the duration of the crisis situation on the electricity market.
- Opening price is the maximum equivalent price of the electricity as a result of the fuel processing that the initiator is willing to pay for.
- There can be formulated one responding offer related to any published initiating offer. The offers can be withdrawn assuming the provisions of the CMBC-FP Procedure related to penalties payment.
- For the CMBC-FP market it is mandatory the use of the framework contract for fuel processing.
- The market is opened to the participation of supplying and electrical energy generation companies, licensed by the Romanian Energy Regulatory Authority, that have been registered and comply with the terms and conditions of the CMBC-FP Participation Agreement, advised through Romanian National Regulatory Authority Advice no. 67/19.12.2014.
- After closing the trading session, the participants’ list is made public.
Sequence of events on Centralized Market for Electricity Bilateral Contracts – Fuel Processing Mechanism (CMBC-FP)
Submission by the initiating participant the initiating offer and the annexes containing specific provisions to the proposed framework contract for fuel processing, sent by email: (D-4);
4(four) working days before the start of the auction session, until 3 PM Monday - Thursday and until 12 PM on Friday;
Checking the proposed offer and annexes containing specific provisions to the framework contract for fuel processing. In case of non-compliance with the CMBC-FP Procedure, it will be published as Inconsistent Offer and will be mentioned the reason (D-4);
Publishing the announcement of the auction session, the initiating offer and the annexes containing specific provisions to the proposed framework contract: (D-3);
3 (three) working days before the start of the auction session;
Deadline for submitting response offers: not later than 1 (one) working day before the start of the auction session (D-1);
Publishing the results on OPCOM SA website: (D+1);
1 (one) working day after the end of the auction session;
Sending the trading confirmations: (D+1);
1 (one) working day after the end of the auction session;
Concluding the bilateral contract for fuel processing: (D+3);
3 (three) working days after the end of the auction session except the auction day;
Checking the compliance of the concluded bilateral fuel processing contract with the result of the auction session and with the framework contract published with the initiating offer. In case of non-compliance CMBCO will suspend and penalize the concerned participants and will publish their identity and the reason of suspension on OPCOM website;
First delivery day: no earlier than the 6th calendar day after 5 working days (D+6);
Sending the invoice of the transaction tariff: within 3 working days at the beginning of the month that follows the month that transactions were concluded;