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      Day-ahead trading
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      Single hourly order

      The largest share of the day-ahead trading is matched based on single hourly orders. The member specifies the purchase and/or sales volume for each hour and may choose between a price dependent and a price independent order.

      Nord Pool uses piecewise curves where two consecutive points on curve cannot have the same price. We use linear interpolation to interpret the curve points to model the linear relationship that exists between price and volume. For every price-volume pair a linear curve segment is created.

      Single hourly orders need to be defined with at least two price steps, minimum price (EUR -500) and maximum price (EUR 3000). Price independent orders are orders where buy or sell volume will be placed at the minimum and maximum price steps for all the intended hours. The member will receive a schedule of delivery equal to the specified volume for this hour, regardless of the price level.

      Single hourly orders can also be defined with several price steps; these orders are called price dependent orders. Members who submit price dependent orders, accept that Nord Pool will make a linear interpolation of volumes between adjacent pair of submitted price steps to find the correct traded volume for that member. 

      Example of a price independent order (24 hours)

      In this example the participant wants to buy 70 MW in all individual hours 01-24 at any price between -500 and 3000 euro.

      Price
      Hour
        -500 3 000
      01 70 70
      02 70 70
      03 70 70
      :    
      24 70 70

      Example of a price dependent order

      In this example the participant wants to  trade different volume in each hour depending on price. 

      In hour 01, he wants to buy 50 MW at any price between -500 and 50 and to sell -10 MW at prices between 55,1 and 60 and -30 MW between 60,1 and 3000.  Should the price become 55,05 Euro, his traded volume will be -5 MW due to linear interpolation. 

      Price
      Hour
        -500 50 50.1 55 55.1 60 60.1 3 000
      01 50 50 0 0 -10 -10 -30 -30
      02 100 70 0 0 -50 -50 -30 -30
      03 150 50 0 0 -10 -10 -30 -30
      : : : : : : : : :
      24 170 100 0 0 -5 -5 -30 -30

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        Nord Pool AS

        Tel. +47 6710 9100

        P.O. Box 121

        1325 Lysaker, Norway

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