The Intraday Electricity Market (IDM) is a component of the wholesale electricity market on which firm electricity transactions are concluded for each interval of the delivery day starting from the day before the delivery day after the conclusion of transactions on DAM.
On 30th January 2020 with decision 04/2020, ACER adopted the Algorithm Methodology, which incorporates the intraday auctions (IDAs) to comply with the requirement for pricing cross-zonal capacity in single intraday coupling (SIDC) set forth in Article 55 of the CACM Regulation and to comply with the provisions of the Methodology for pricing intraday cross-zonal capacity. Consequently, the ID algorithm requirements include the requirements for the continuous trading matching algorithm and the IDA algorithm.
The Intraday Market includes two trading mechanisms under SIDC, respectively:
- the continuous trading mechanism in which bidding/trading is performed up to one hour before the start of delivery/consumption;
- the intra-day auction mechanism where trading is performed in three (3) closed auction sessions, two on the day before the day of delivery and one on the day of delivery.
For the avoidance of doubt, while the single day-ahead coupling (SDAC) means the day-ahead session of market coupling, the SIDC means both the continuous trading session and the IDA session as set out in the aforementioned Methodology for pricing intraday cross-zonal capacity.
To be able to support the same set of products and functionalities, while ensuring an efficient use of resources in terms of implementation costs and delivery time of new functionalities, as well as to benefit from the evolution of the development of the SDAC algorithm, the same algorithm used in the SDAC framework will also be used for IDA ("Euphemia").
Thus, the Intra-Day Auction (IDA) refers to implicit trading of cross-border capacity through an implicit auction in which firm electricity transactions are carried out at European level .
A full session will contain three such auctions, where trading is conducted at a time resolution of 15 minutes and which are held for the same delivery day:
- IDA1 (auction trading session 1) with closing of bidding gates on day D-1 at 15:00 CET for intervals 1-96 of delivery day D [0h-24h];
- IDA2 (auction trading session 2) with closing of bidding gates on day D-1 at 22:00 CET for intervals 1-96 of delivery day D [0h-24h];
- IDA3 (Auction Trading Session 3) with closing of bidding gates on Day D at 10:00 CET for the 49-96 intervals of Delivery Day D [12h-24h];
Features of the offers within the IDA:
- Buy/Sell energy offers are made at an aggregate level on the portfolio of each IDA participant;
- The offer is defined by at least one quantity-price pair. The quantity is expressed in MW as hourly average power with one decimal place, and the price is expressed in lei with two decimal places;
- Offers are submitted by in CET time, respectively the first trading intervals being those between 0:00 and 1:00 CET, respectively 1, 2, 3 and 4;
- Offers are made for the national bidding area, taking into account the operation being held in a coupled regime;
- The offers can be of the following categories:
- offers corresponding to a single trading interval, identified as quarterly-hour offers;
- offers corresponding to several consecutive, interdependent trading intervals, identified as block offers.
The local trading system validates/invalidates the offers submitted by participants in accordance with the criteria established by the "Operational procedure of the Intraday Electricity Market - IDA auctions".
The available collateral is updated every banking day considering the payment obligations of the IDA participant not collected in the central account of the IDA, being validated against the buy offers at positive prices and/or the sales offers at negative prices. After each IDA session held for a certain delivery day, the available guarantee is updated, the total value of the trades performed by submittied buy offers at positive prices and/or sell offers at negative prices being substracted. During the active IDA session the available collateral is updated by reducing the value of the positive offers and/or negative offers submitted for the current bidding IDA session.
Trades on IDA are carried out by matching sell and buy offers through the implicit auction mechanism. Similar to DAM model, where the stages of submitting offers, validating and aggregating offers, running the coupling mechanism and allocating the coupling results to the participants' portfolios are respected, OPCOM S.A. is the counterparty for all concluded electricity sale/purchase trades.
OPCOM makes available to the market participants the trade confirmations for each IDA1, IDA2 and IDA3 auctions, based on which it creates the physical notifications files of the concluded trades, notifications which are aggregated after each IDA auction session (the notification for IDA2 will contain the aggregated net position taking into account the trades performed for IDA1, respectively the physical notification generated following IDA3 will contain the aggregated net position taking into account the trades performed for IDA1 and IDA2) for each delivery day in CET hours for 96 15-minute intervals (100/92 intervals, for clock change days). Files are made available to the Balancing Responsible Parties (BRPs) who have assumed the responsibility of balancing for the Participants in the Intraday Energy Market and are also sent to the TSO for local hub nomination purposes.
The trading hours on IDA in normal operatiosn are as follows (CET hours):
IDA1 (int.1-96) |
IDA2 (int.1-96) |
IDA3 (int.49-96) |
Schedule |
14:00 |
21:00 |
09:00 |
GOT of offer submission gate |
14:58 |
21:58 |
09:58 |
Publication of Available Transmission Capacity (ATC) |
15:00 |
22:00 |
10:00 |
GCT of offer submission gate |
15:30 |
22:30 |
10:30 |
Publication of Trade Confirmations |
15:32 |
22:32 |
10:32 |
Creation of Physical Notification files |
In case of deviations from the normal operations, the specific operational procedures will be followed.
Information on the intraday auction mechanism:
- Presentation of intraday auctions (IDA)
- Information package provided for the IDA pre-launch event (announcement published on OPCOM website on 11.03.2024)