Characteristics
- The trading is run online, from the workstations of the registered market participants.
- The market is open for participation for companies operating in the natural gas domain, holders of License issued by the Romanian Energy Regulatory Authority, or final clients that had been registered and are fulfilling the terms and conditions specified by Participation Agreement to the medium and long term standardized products markets for natural gas.
- The identity, the contract and the trading intention of the market participants who are initiating the trading session are known by the whole trading community by the announcement published for the offers proposed as per the terms set by the Procedure regarding the trading on the Centralized Market for Natural Gas – trading mechanism through public auction.
- Offers are standardized in terms of daily load shape and delivery periods.
- The contract is proposed by the initiator of the trading session. Its terms can not be changed after the end of the trading session. Participation at the trading session with responding offers implies accepting in full the conditions of the contract proposed by the initiator of the trading session.
- After the closing of the auction session, OPCOM publishes the product code, traded volume and the number of trades concluded, minimum trading price, maximum trading price, medium price, number of market participants who submitted at least one buy or sell offer to the market.
- Until the entering into delivery of the concluded contract, the volume of natural gas contracted on this market can be retraded during a further auction session.
Characteristics of the offers
Selling or buying offers for contracts proposed by the initiator, with partial or whole offer assignment.
The published initiating offer proposes an opening price:
- minimum price for selling offer;
- maximum price for buying offer.
Participants entering responding offers into the trading system can propose prices:
- equal or higher than the selling initiating offer;
- equal or lower than the buying initiating offer.
Offers are standardized in terms of:
- Daily delivery profile – base load delivery in gas days* (offers for daily natural gas quantity for the delivery period).
* The hourly intervals by which the gas day is defined are in accordance with the definition in the Network Code for the National Gas Transmission System, in force
- The delivery periods:
1 week, corresponding to the calendar week;
1 month, corresponding to the calendar month;
1 quarter, corresponding to the calendar quarter;
1 semester, corresponding to the calendar semester;
1 season (cold season/ warm season), corresponding to the gas semester;
1 year, corresponding to the calendar year;
1 year, corresponding to the gas year
- Delivery starting date:
Monday of each week, for the weekly delivery periods;
First day of each calendar month, for the monthly delivery periods;
1st of January, 1st of April, 1st of July, 1st of October for the quarterly delivery periods;
1st of January, 1st of July for the semester delivery periods;
1st of April, 1st of October for the season delivery periods (cold season/ warm season);
1st of January, for the yearly delivery periods, calendar year;
1st of October, for the yearly delivery periods, gas year.
Sequence of activities
- Receiving the initiating offer and the contract proposed for which the scheduling of an auction session is solicited.
- Publishing by OPCOM of the Auction Session Announcement.
- Entering into the trading system of the initiating offer (by OPCOM) and the responding offers, according to the auction schedule. (Auction sessions running).
- Publishing the results on OPCOM SA website after closing the trading session.
- Transmission of the trading confirmation in maximum 24 hours after trading session closure;
- At the request of the initiator, the trading session can be rescheduled if the traded quantity is lower than the total quantity of the initiating offer
- The bilateral contracts concluded according to the results of the trades are submitted to OPCOM.
- Verifying by OPCOM SA the compliance of the sell-buy contract for natural gas concluded with the contract published with the initiating offer. In case of non-compliance, OPCOM SA will suspend and penalize the subject participants and will publish on OPCOM S.A. website their identity and the reason of suspension.
- Transmission of the invoice for the trading tariff: within 3 working days at the beginning of the month following the month the trades were concluded.
- Payment of the invoice for the trading tariff: 5 working days.