PCSU - About
Presentation of organized electricity term markets
PCSU General Characteristics
- The auctions on Centralized Market for Universal Service (Romanian abbreviation PCSU) are conducted monthly for trading products with annually, half-year, quarterly and monthly delivery periods.
- Trading products for the auction session, respectively, the delivery period and days/hourly intervals specific to each product, are determined according to PCSU Regulation and are available in the Calendar of the Auction Sessions.
- Trading is run online from the workstations of the registered market participants.
- The bidding and trading are conducted anonymously, without knowing the identity of the bidders who submitted the buy/sell offers.
- The quantity and price of all buy/sell offers and trades are visible to all participants in the PCSU.
- To participate in auction sessions with buy/sell offers, license holders must:
- sign the PCSU Participation Agreement as a buyer-participant (only the license holders designated by ANRE as FUI – last resort supplier) or the seller-participant (license holders for electricity production, supply, trading) and be registered at PCSU before the date of opening of the auction session;
- possess, based on the Unique Bailment Contract signed with OPCOM SA, an access key for connection to the trading system of PCSU and to have received the user code and password for access from the PCSU administrators;
- accept the terms and conditions of the sale and purchase framework contract for electricity traded on PCSU, advised by ANRE.
Sequence of events on the Centralized Market for Universal Service
- Publishing the auction sessions calendar, usually on the first working day of each year, for the current year;
- The publication of the opening price of the auction for each trading product with 3 business days before the opening of the auction session;
- Unfolding the auction session:
- in two distinct stages, on the date set by the Calendar of Auction Sessions and the published timetable;
- during the first stage of the auction session, the participants submit from their own terminals their buy / sale offers through the PCSU IT platform for each relevant trading product; the buy offers price must be the opening price of the auction for each trading product of interest; during this stage the correlation of the submitted offers is not made;
- at the end of the time allocated to the first stage, the offers meeting the compatibility condition - the higher buying price is at least equal to the selling price, the lower selling price is at most equal to the buying price, are correlated by automatic process run by the PCSU IT platform and trades are completed; the price at which transactions are concluded is the price of the selling offers;
- in the second stage of the auction session, buy / sell offers may be entered, modified and / or canceled; during this stage, sell offers are continuously and automatically correlated with buy offers according to the matching rules; the price at which transactions are concluded is the price of the aggressor offers.;
- Publishing the results after closing of the auction session; at least the traded products, the trading price for each transaction, the traded quantity of each transaction, the name of the transaction partners for each transaction shall be published;
- Transmitting Transaction Confirmations within 24 hours of closing the auction session;
- The mandatory conclusion of the sell-buy Framework Contract for the electricity traded on the centralized market for universal service, Advised by ANRE President's Advice, within 10 business days after receipt of the Transaction Confirmation;
- Submitting to OPCOM SA of the copy of the contract signed by the parties within 2 business days after signing;
- Transmission of the invoice for the trading price: in the first 3 business days of the month following the month of the transaction;
- Payment of the invoice for the trading price: according to the Procedure regarding the modalities and terms of payment of the regulated tariff components applied by the electricity market operator
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