Launch of intraday auctions
You may already have seen that we are launching a new intraday auctions concept in response both to proposals by ENTSO-E and feedback from a majority of Nord Pool customers.
The new concept aims to simplify trading in the short term and of create better transparency, by delivering:
- One price
- A simpler, quicker way to submit orders
We are looking at possibly launching the new intraday auctions concept alongside the planned upgrade of the Nord Pool continuous intraday trading system, in late January 2018.
We have gathered widespread input from Nord Pool customers about the design and functionality of the new auctions and we will continue to seek feedback from customers as the concept progresses.
In particular we will be interested to hear what customers want to see around specification of the auctions, their geographical coverage and possible expansion.
For the time being at least, the Nord Pool intraday auction concept will cover the Nordic and Baltic areas and Germany, with two daily auctions:
- 22:00 CET auction covers [00 – 24]
- 10:00 CET auction covers [12 – 24]
A range of products
We intend to offer hourly products, encompassing curve orders, regular and profile block orders. Coupling between bidding zones will be as we see today in our day-ahead market, with the auction system and trading interface built on the present Nord Pool Day Ahead Web trading system and Euphemia algorithm.
The new auctions concept will allow orders to be uploaded as Excel spread sheets or directly through the user interface and price limits will be the same as in the day-ahead market; - 500 €/MWh and + 3000 €/MWh.
Trade capture can be undertaken manually from the user interface as Excel spread sheet download or automatically through the CASS (clearing and settlement) API, while trades may be reported to ACER using the Nord Pool REMIT transaction service.
As with all crucial data, prices and volumes will be reported on the relevant Nord Pool web page and through Nord Pool Power Data Services.
How it works
The new intraday auctions will be in addition to the continuous intraday market. Transmission capacities between bidding zones will be frozen in the continuous trading system 15 minutes before auction gate closure. But trading inside bidding zones will remain possible without the cross-border capacities, meaning that it will still be possible to trade inside, for example, Finland, but not between Finland and other countries.
The new intraday auctions system is designed to operate automatically, with transmission capacities based on those remaining from the day-ahead and intraday continuous markets.
Customers already trading at Nord Pool can simply request trading access, otherwise you will need to apply for Nord Pool membership. Testing will shortly be available in the Nord Pool intraday auction testing environment.
And we will be happy to provide customers with training on the new auctions concept whether via webinar or one-to-one.
For further information contact your market manager.