Market for Flexible Medium and Long Term Products for Natural Gas
About
About
Characteristics
- The trading is run online, from the workstations of the registered market participants
- The market is open for participation for companies operating in the natural gas domain, holders of trading or supply License issued by the Romanian Energy Regulatory Authority, or final clients that had been registered and are fulfilling the Participation Agreement terms and conditions
- The identity, the contract and the trading intention of the market participants who are initiating the auction session are known by the whole trading community by the announcement published for the offers proposed as per the terms set by the Procedure regarding the trading on the Market for Flexible Medium and Long Term Products for Natural Gas
- The offers are for natural gas delivery periods of at least 1 month
- The contract subject to the auction are at the discretion of the initiator and can be a standard EFET contract, a pre-agreed contract or a contract entirely designed and proposed by the initiator of the auction session. Its terms may not be changed after the end of the auction session. Participation in the auction session with responding offers implies full acceptance of the terms of the contract proposed by the initiator of the auction session
- After the closing of the auction session, OPCOM S.A. publishes the code of the traded product, the offer direction (sale or purchase of natural gas), delivery period, contracted quantity, maximum limit of variation of the contracted quantity, strike price (also expressed in Lei / MWh in the case of trades in foreign currency), the price adjustment formula
- Until the entering into delivery of the concluded contract, the volume of natural gas contracted on this market can be retraded during a further auction session
Characteristics of the offers
Selling or buying offers for contracts with conditions entirely proposed by the initiator, with partial or whole offer assignment.
The published initiating offer proposes an opening price:
- minimum price for selling offer
- maximum price for buying offer
Participants entering responding offers into the trading system can propose prices:
- equal or higher than the selling initiating offer
- equal or lower than the buying initiating offer
Sequence of activities
- Receiving the initiating offer and the contract proposed for which the scheduling of an auction session is solicited
- Publishing by OPCOM of the Auction Session Announcement
- Entering into the trading system of the initiating offer (by OPCOM) and the responding offers, according to the auction schedule. (Auction sessions running)
- Publishing the results on OPCOM S.A. website after closing the auction session
- Transmission of the trading confirmation in maximum 24 hours after auction session closure
- At the request of the initiator, the auction session can be rescheduled if the traded quantity is lower than the total quantity of the initiating offer
- The bilateral contracts concluded according to the results of the trades are submitted to OPCOM
- Verifying by OPCOM S.A. the compliance of the sell-buy contract for natural gas concluded with the contract published with the initiating offer. In case of non-compliance, OPCOM S.A. will suspend and penalize the subject participants and will publish on OPCOM S.A. website their identity and the reason of suspension
- Transmission of the invoice for the trading tariff: within 3 working days at the beginning of the month following the month the trades were concluded
- Payment of the invoice for the trading tariff: 5 working days
Announcements
