Presentation of organized electricity term markets

Mechanism Presentation (CMBC-CN Description)

Characteristics

• The trading is continuous and runs online from the workstations of the registered market participants, according to the published trading calendar.
• Trading sessions are held all working days, between 12:00-14:00.
• Trading session participants’ identity remains anonymous during trading session and the trading system screen is accessible in real time on OPCOM website.
• Offers are standardized in terms of power, daily load shape and delivery periods.
• It is mandatory to use the standard form of contract, according to provisions of ANRE Order no. 12/16.03.2023, subsequently amended and supplemented.
• The market is opened for participation for companies licensed by the Romanian Energy Regulatory Authority, Private Persons or Legal Entity, according to the law, that can carry out activities in the energy sector without holding a license granted by ANRE, namely legal entities that resides in an EU member state whose rights to participate on power exchange markets in Romania were confirmed by ANRE, that had been registered and are fulfilling the terms and conditions specified by Participation Agreement on the Bilateral Contracts Markets.
• After the closing of the trading session, OPCOM publishes the auction results, respectively: traded product characteristics, number of traded contracts, trade closing price, seller’s and buyer’s name.
• Before starting the delivery of the concluded contract, electricity volumes contracted as a result of the trades concluded on this market may be traded in a further trading session.

Offers’ characteristics

Offers are standardized in terms of:

• the power offered for each settlement interval during delivery period – 0,1 MW offers;
• Daily delivery load shape – base load delivery offers (00:00 – 24:00 CET ); peak load delivery offers (Monday to Friday 6:00 – 22:00 CET); peak load delivery offers (Monday to Sunday 6:00 – 22:00 CET); peak load delivery offers for evening hours (Monday to Friday 17:00 – 22:00 CET); peak load delivery offers for evening hours ( Monday to Sunday 17:00 – 22:00 CET) and offers off-peak load delivery offers (Monday to Friday 00:00 – 06:00, 22:00 – 24:00 CET and Saturday to Sunday 00:00 – 24:00 CET).
• Delivery periods – offers for 1 day, 1 week, 1 month, 1 quarter, 1 year.

The list of the delivery profiles can be modified according to the provisions of the Procedure regarding the amendment of the electricity delivery profiles list based on the transactions concluded on Centralized Market for Electricity Bilateral Contracts – Extended Auctions Mechanism and the transactions concluded on Centralized Market for Electricity Bilateral Contracts – Continuous Negotiation Mechanism.

The Sequence of Activities

1. Introducing the offers in the system according to the trading calendar by selecting: the defined standard instrument for which is intended to place the offer; offer type: sell/buy, number of contracts, proposed price [Lei/MWh];
2. Continuously and automatically matching the selling offers with buying offers as by introducing and/or modifying a new offer, the price compatibility condition is fulfilled, namely: buying offer price has to be greater or at least equal with selling offer price or selling offer price has to be lower or at most equal with buying offer price;
3. Closing the matching process, the moment when there are no more offers to fulfill the matching condition or at the expiry of the trading session opened for the specific instrument;
4. Publishing the results on OPCOM website after closing the trading session;
5. Transmission of trading Confirmations in maximum 24 hours after trading session closure;
6. Concluding the contract for selling-buying electricity according to the trading results and submission to OPCOM within 2 working days for day and week contract and 3 working days for month, quarter, half-year and year contract, excluding the day of the auction;
7. Assessment by MO of the concluded contract for selling-buying of electricity for compliance with the standard contract. In case of noncompliance, MO will suspend and penalize the subject participants and will publish on OPCOM website their identity and the reason of suspension;
8. Starting the physical delivery shouldn’t be earlier than the first calendar day after three (3) working days for days and weeks instruments and four (4) working days for months, quarters, half-years and years instruments after trading session (excluding the day of the trading session);
9. Transmission of the invoice for the trading tariff: within 3 working days at the beginning of the month following the month the trade concluded;
10. Payment of the invoice for the trading tariff: according to the Procedure regarding the tariffs applied by OPCOM for the services provided to participants on the organized term electricity markets administered by OPCOM S.A.

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• New entries: RODINA ENERGY DISTRIBUTION (DAM, IDM), MIDORI SOLUTIONS (DAM, IDM), ECERE-ENERGY TRADING (DAM, IDM), SPRIA TECHNOLOGY PARK (GCM), EVRYO POWER (DAM, IDM), A.M.P. HIDRO ENERGY (GCM), ROMENERGO HIDRO (GCM), D. TRADING d.o.o. (CMBC-EA-flex, CM-OTC), IMOB EXPERT CONSULTING (CME-RES-GC), SUN CHALLENGE (IDM), PREMIER WIND 80 (CME-RES-GC) and VOLTIKA (DAM, IDM) joined OPCOM in September.
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