PCGN-OTC - Description
Characteristics
- The trading is continuous and 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 Licence 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.
- Offers are standardized in terms daily load shape and delivery periods.
- Participation in PCGN-OTC is conditional on eligibility lists notified by each market participant.
- The trades concluded on this market will be subscribed to the framework contracts agreed prior to participation in trading session.
- After the closing of the auction session, OPCOM publishes for each traded product: the traded volumes and the number of trades concluded, minimum trading price, maximum trading price, medium trading price, updated medium price, the variation of updated medium price as against the updated medium price of the previous day, closing price of the trading day, the variation of closing price of the trading day as against the closing price of the previous day, the number of market participants who have participated in the auction with at least one buying or selling offer.
Characteristics of the offers
- The gas volume.
- The price expressed in lei/MWh.
- Delivery starting date.
Offers include the following standard elements:
- the type of daily load to be covered:
Base load delivery for the gas day* (07:00 - 07:00)
* 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 calendar year;
1 gas year;
1 season (cold season/ warm season);
1 semester;
1 quarter;
1 month;
1 week;
1 weekend;
The PCGN-OTC participants enter their selling/buying offers into the trading system in accordance with daily trading program and trading calendar.
Sequence of activities
- Opening of the trading session.
- Running of the trading session - the selling/buying offers are entered/modified/ suspended/activated and/or canceled, offers are viewed in different colours depending on eligibility list, trades are concluded in real time for eligible partners, trades are concluded after performing the sleeve procedure by the market operator for non-eligible partners (with 0 margin or with different margin) .
- Pre-closing stage.
- Closing of the trading session - OPCOM sends PCGN-OTC participants trades confirmation forms according with the results of the trades.
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