Centralized Market for awarding Long Term Electricity Contracts (CMLT)
About
About
Presentation of organized electricity term markets
Characteristics
- The market is open to economic operators who are to build and connect a capacity to produce electricity or to produce electricity and heat from cogeneration and that electricity will be traded under the contract concluded on the Centralized Market for awarding Long Term Electricity Contracts, as electricity sellers and license holders in the electricity sector and final customers as buyers of electricity;
- The identity and initial conditions of the offer and contract subject to the competitive dialog are brought to the attention of the entire business environment to maximize the results of the negotiations to establish the final terms of the contract and the opening price during the final offer award session;
- The mechanism involves the publication of the initial initiating offer, the pre-selection phase, the competitive dialog phase, and the bidding stage (online trading);
- The contract is proposed in full by the initiating Participant;
- The deadlines for the stages of the trading session are also proposed by the initiating participant to optimize the negotiation process carried out by the investor market participant both with the interested parties in awarding the contract and with the potential financiers;
- The delivery period must be at least one (1) calendar year.
Submission of the initiating offer:
- Submitting by a registered market participant the communication of the intention to buy/ sell.
- Initiating offer;
- The list of documents requested for the pre-selection stage of the participants with offers, on the basis of which the evaluation of the creditworthiness indicators will be performed;
- Pre-selection / eligibility criteria; respectively the list of creditworthiness indicators on the basis of which the qualification of the participants within the pre-selection stage for the competitive dialogue stage is achieved;
- the elements of the initiating offer, other than the price, on which the initiator of the trading session wishes to discuss in the competitive dialogue stage;
- its proposals on the duration of the next stages of the tender session through a competitive dialogue;
- the proposed contract format together with the offer.
The documents will be sent electronically by email to pccb@opcom.ro. OCMLT will validate the offer and the documents submitted in accordance with the provisions of the specific procedure. The submitted offers will receive a registration number. These will be published on the OPCOM website in the Announcements;
- OCMLT will publish in the Announcements the organization of the trading session, the initiating offer, the contract proposed by the initiator and of all the documents mentioned above, the program for the trading session stages (candidate pre-selection stage, dialogue stage competitive, the tender stage) proposed by the originator, which includes the deadlines for submitting the documents necessary to complete each stage according to the deadlines proposed by the originator: (day D), as follows:
| NO. | Stage/Action | Start Date | End Date | About |
|---|---|---|---|---|
| 1. | Publication of the Announcement to organize the trading session | D | D | |
| Pre-selection stage of the candidates | ||||
| 2. | Sending the required documents for the pre-selection stage of the participants with response offers. | D+3 | D+Ndoc (at the request of the initiator) | CMLT (PPA) participants wishing to participate as respondents to the trading session announced on the OPCOM SA website will send to OCMLT at pccb@opcom.ro and at the email address (es) indicated by the initiating participant the documents requested for the stage of pre-selection of participants with response offers. |
| 3. | Evaluation of creditworthiness indicators based on the pre-selection / eligibility criteria specified by the initiating participant. | D+3 | D+Nevaluation (at the request of the initiator) |
The persons empowered for this purpose by the initiating participant will evaluate the degree of fulfillment of the pre-selection / eligibility criteria by the participants interested in participating with response electricity offers. |
| 4. | Submitting the evaluation reports to OPCOM | D+6 | D+Nevaluation +3 |
• Following the evaluation of the documents, the authorized representatives of the initiator will draw up a report in which they will specify the result of the evaluation of the pre-selection / eligibility criteria specified at the time of sending the initiating offer. This report will be communicated to the OCMLT within 3 working days of receipt of the documents from the CMLT (PPA) participants wishing to participate as respondents and will contain the qualification resolution for the next stages of the trading session or invalidation of participation in the following stages. . • OCMLT verifies the report prepared by the representatives of the initiating participant and will target it, if it considers that there are no inaccuracies between the result of the evaluation of the pre-selection / eligibility criteria and the qualification resolution for the next stages of the trading session. If the communicated report contains inaccuracies in the documents submitted by the participant wishing to participate with response offers, OCMLT will communicate its observations to the issuer of the report and will request its retransmission. |
| The stage of competitive dialogue with the qualified candidates following the pre-selection stage | ||||
| 5. | Notifying the participants who have participated in the pre-selection stage about the result of the evaluation | D+Nevaluation +3 |
D+Nevaluation +4 |
|
| 6. | Submitting by the validated participants in the pre-selection stage their own proposals regarding the elements of the initiating offer, other than the price, on which the initiator of the trading session wishes to discuss in the competitive dialogue stage to identify firm conditions of the final offer that will not be traded. in the final bid evaluation stage. | D+Nevaluation +4 |
D+Nevaluation +4+NDComp (at the request of the initiator) |
The participants as respondents, qualified after the pre-selection stage, can send to OPCOM SA at pccb@opcom.ro and at the email address (es) indicated by the initiating participant their own proposals regarding the elements of the initial offer, other than the price, on which the initiator of the trading session wishes to discuss in the competitive dialogue stage to identify the firm conditions of the final offer |
| 7. | Submitting by the initiating participant the final contract format established to be applicable to the initial offer for the sale-purchase of electricity for long delivery periods | D+Nevaluation +4+NDComp |
D+Nevaluation +4+NDComp+NFinalContract (at the request of the initiator) |
The initiating participant establishes the final contract format applicable to the initiating offer for the sale-purchase of electricity for long delivery periods that will be sent to OCMLT in order to publish the final contract format |
| 8. | Publishing the final contract format | D+Nevaluation +4+NDComp+NFinalContract +max 3 (at the request of the initiator) |
OCMLT publishes the final format of the contract, including the final adjustment formula (at least 3 (three) working days before the auction stage). | |
| Auction stage | ||||
| 9. | The first phase of the bidding stage and, where applicable, the second bidding phase | DAuction=D+Nevaluation +4+NDComp+NFinalContract +max 3 +Nauction (at the request of the initiator) |
(1h/15 min break/1 h) | OCMLT organizes an auction session with continuous negotiation, in online system, which will have two phases, for the evaluation of the final offers: The first phase of the bidding phase: the introduction by OCMLT in the online trading system of the initial bid and by the respondents of their own bids; The second phase of the bidding stage: the automatic correlation of the demand with the offer based on which the electricity transactions resulting from the bidding process from the first phase of the bidding stage will be concluded. |
| 10. | Publishing the results | DAuction | After the end of the trading session OCMLT publishes the results of the auction sessions: name of the initiating participant, name of the winning participant, offer/ contract, number (parts) fractions of the quantity offered - if the initiating participant opted for partial trading, delivery period, the profile, the quantities traded, the starting price, the adjudication prices of the awarded tenders and the list of the participants who participated in the tender with response bids; | |
| 11. | Sending notifications / sending appeals | DAuction | DAuction +1 | Within a maximum of 24 hours from the closing of the trading session; |
| 12. | Sending he signed contract | DAuction +1 | DAuction +6 | Within a maximum of 5 (five) working days from the communication date of the transaction confirmation; |
| 13. | Verification of the signed contracts | DAuction +6 | DAuction +7 | Verification by the OPCCB of the contract concluded exactly with the result of the auction session and with the exact observance of the final contract submitted to be published by the OCMLT at the end of the competitive dialogue stage. |
| 14. | Notification of non-compliance, if applicable | DAuction +7 | DAuction +8 | In case of non-compliance, the contract is retransmitted by OCMLT to the parties in order to agree with the published contract. |
| 15. | Resubmission of signed contracts, if applicable | DAuction +9 | DAuction +9 | Within one (1) working day (excluding the day of sending the request); |
| 16. | Checking again the contracts / application of penalties, if applicable | DAuction +10 | DAuction +11 | |
Submitting the invoice related to the transaction fee: in the first 3 working days of the month following the month in which the transaction was made;
Payment of the invoice related to the trading tariff: According to the Procedure regarding the manner and terms of payment of the regulated tariff practiced by the electricity market operator.Opcom Announcements
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