Presentation of organized electricity term markets
Mechanism Presentation ( Description)
Sequence of events on Centralized market for electricity from renewable energy sources supported by green certificates - CME-RES- GC
Sending the initiating offer:
- The participant submits: the communication of his intention on CME-RES-GE, the initiating offer and the anonymized annexes containing specific provisions to the proposed framework contract to sell-buy the electricity, sent by email at pccb@opcom.ro: not later than 5 (five) working days before the start of the auction session, until 3 PM Monday - Thursday and until 12 PM on Friday (D-5);
- OPECV verifies the offer and the annexes containing specific provisions to the proposed framework selling-buying contract. The submitted offer will receive a registration number and the timestamp. In case of non-compliance with the CME-RES-GC Procedure will be published at „Inconsistent Offers” and will be mentioned the reason (D-5);
- OPECV publishes the Announcement of the auction session, the initiating offer and the annexes containing specific provisions to the proposed framework contract: not later than 5 (five) working days before the start of the auction session (D-4);
Sending the co-initiating offer:
- The participant submits the co-initiating offer by email at pccb@opcom.ro or by fax;
- The submitted co-initiating offers will receive a registration number and the timestamp. They will be published on OPCOM website in „Table – Announcements” if they comply and in case of non-compliance with the CME-RES-GC Procedure will be published at „Inconsistent Offers” and will be mentioned the reason;
- Deadline for submitting co-initiating offers: not later than 3 (three) working days before the start of the auction session, until 3 PM Monday - Thursday and until 12 PM on Friday (D-3)
Sending the response offer:
- The participant submits the response offer by email at pccb@opcom.ro or by fax;
- The response offer will receive a registration number and the timestamp. Following the verification by the Auction Commission if the response offer is validated this will be subject to the auction session otherwise it will be published, after the auction session, on OPCOM website in „Inconsistent Offers”, stating the reason of invalidation;
- Deadline for submitting response offers not later than 1 (one) working day before the start of the auction session (D-1)
Sending price adjustment for initiating/co-initiating published offers:
- The participant submits price adjustment for initiating/co-initiating published offers by email at pccb@opcom.ro or by fax;
- The modified offer will receive a registration number and the timestamp. Following the verification by the Auction Commission if the modified offer is validated this will be subject to the auction session with the new timestamp, otherwise it will be published, after the auction session, on OPCOM website in „Inconsistent Offers”, stating the reason of invalidation;
- Deadline for submitting the price adjustment for initiating/co-initiating published offers: not later than 1 (one) working day before the start of the auction session (D-1).
Opening of the auction session D: at the date and time set by OPECV and published in the auction announcement;
Publishing the results on OPCOM SA website: not later than 1 (one) working day after the end of the auction session (D+1);
Sending the trading confirmations: not later than 1 (one) working day after the end of the auction session (D+1);
Sending the bilateral contract of selling-buying electricity;
- Concluding the bilateral contract of selling-buying electricity for electricity from renewable energy sources supported by green certificates: not later than 5 (five) working days after the end of the auction session, except the auction day (D+5);
- OPECV verifies the compliance of the concluded bilateral contract with the result of the auction session and with the framework contract published with the initiating offer. In case of non-compliance OPECV 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;
Payment of the transaction tariff: according to the Procedure regarding the modalities and terms of payment of the regulated tariff applied by the electricity market operator.
Sending to OPECV at e-mail address pcbcv@opcom.ro, at the date the buyer issues the bills, the information regarding the GC that follows to be traded through the contract concluded on CME-RES-GC, also the number of GC traded and their numeric codes for the purpose of blocking the GC in GCR.
OPECV verifies in GCR that the notified GC are in the sellers account and blocks them in their accounts.
General features
- Participation on CME-RES-GC is voluntary.
- At the CME-RES-GC auction sessions can participate:
- as sellers: the energy from renewable energy sources supported by green certificates license holders that benefits or had benefit from the green certificate promotion system, including individuals or legal entities that, according with the legal provisions, can carry out activities in the energy sector without a license given by ANRE ,
- as buyers:
- energy suppliers, including legal entities suppliers that have the headquarters in an EU state which ANRE confirmed the participation right on the Romanian energy markets;
- energy producers that use the electricity produced for supplying customers that are directly connected to the power station and /or for their own final consumption, other than their own technological consumption, as buyers
- Initiating/Coinitiating participants ID is anonymous.
- Opening price:
- Minimum price (PminESRE-CV) – in case of auctions organized for published selling offers
- Maximum price (PmaxESRE-CV) – in case of auctions organized for published buying offers
- Electricity delivery period, the proposed offers on this market are for delivery periods of at least one month
- There can be formulated co-initiating offer or responding offer related to any published initiating offer. The offers can be withdrawn assuming the provisions of the CME-RES-GC Procedure related to penalties payment;
- For CME-RES-GC, it is mandatory the use of framework contract for selling and buying;
- After opening the offers sent as responses to the published offers, the participants’ list is made public;