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The Intra-Day Market / Presentation
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The Intra-Day Market (IDM) is a part of the wholesale electricity market where firm trades are concluded for each trading interval of the corresponding delivery day, starting with the day before delivery day after the Day-Ahead Market trading has finished and 1 hour before starting the delivery.
As of 19.11.2019 the Romanian Intra-Day Market is functioning in coupled mode with the markets from the other 20 countries participating in the European project SIDC- Single Intra-Day Coupling (previously known as XBID) with the goal of introducing pan-European cross-border trading on the Intra-Day horizon, respectively Bulgaria, Hungary, Croatia, Czech Republic, Poland, Slovenia, Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Lithuania, Norway, Sweden, Holland, Portugal and Spain.
The Intra-Day Market regulations are provided in Order no. 202 of 11.11.2019 for the modification of the Regulation for the programming of production units and dispatchable consumers approved by the Order of the president of the ANRE nr. 32/2013 and for repeal of the Regulation for the organization and functioning of the Intra-Day Market of electricity approved by the Order of the president of ANRE nr. 73/2013, in the Procedure concerning the functioning of the Intra-Day Market, approved by ANRE Advice no. 89 of 11.11.2019, in other specific procedures and the Agreement for participation in the Intra-Day Market of electricity, documents available here. Also, the Single Intra-Day Coupling (SIDC) applies the relevant provisions of the following documents which can be consulted on the OPCOM website here or on the website of the Electricity Market Operators Committee, here:

Next to the Day-Ahead Market, the Intra-Day Market supports reaching the balance between demand and supply because the participants have the opportunity to trade on this market closer to the time of physical delivery (for both markets, DAM and IDM functioning in the single pan-European couplings, the trading is carried out in CET hours, meaning that all time frames are expressed in CET hours).
As the amount of intermittent production from renewable resources increased, interest in trading on Intra-Day Markets intensified, as it became increasingly difficult for market participants to establish a balanced position after closing the Day-Ahead Market.
Balancing as close to the time of physical delivery is beneficial for both market participants and energy systems, reducing, among other things, the need for reserves and the associated costs. In addition, the Intra-Day Market is an essential tool that allows market participants to take into account unexpected changes in consumption, as well as accidental interruptions.
The Intra-Day Market is a continuous market, with trading taking place every day up to one hour before delivery. In order to respond to the dynamics of supply and demand, OPCOM offers participants defined products in the context of the single intraday markets coupling. A product defines the rules that govern the generation of contracts. The relationship between products and contracts is 1 to 'n', meaning each product will have several contracts and each contract will belong to one and the same product.
The continuous matching trading algorithm will support the following types of orders:

  1. Simple orders (also known as limit orders): Orders for buy or sale with a specified quantity and price, where the orders can be executed at that price or at a lower price and where the orders for sale can be executed at that price or at a higher price. Simple orders for the predefined market can be registered with NON, FOK or IOC execution restrictions. Simple orders for the user-defined market always have the AON execution constraint. All simple orders can be registered with GFS and GTD validity restrictions.
  2. Correlated offers: in the case of submitting related orders, either all the orders can be executed in full or no order will be executed al all. An orders group can be submitted with this submission restriction, if it includes orders that have only the FOK execution restriction and if all the orders have been registered for the same trading area of ​​an OPEED.
  3. Iceberg orders are simple orders that can be seen with only part of their total quantity on the market, while their full quantity is displayed on the market for correlation. The hidden part of the quantity will be visible for trading as soon as the slice that was visible has been executed.

The continuous correlation trading algorithm supports OPCOM products or a combination of them as follows:

  1. Hourly: the product supports trading on 24 electricity contracts, one for each hour of the day. The system automatically generates these contracts and makes them available for trading the day before the delivery day at 3:00 pm CET.
  2. User defined products: these are combinations of hourly contracts, defined by the market participant. The delivery period of the user-defined products must always be covered by several contracts defined during the product market periods (hours) and with consecutive delivery times, which must be executed together. A user-defined product order cannot be an iceberg order.

The continuous matching trading algorithm supports the following order execution restrictions:

  1. NON – An order submitted with the execution restriction NON is either executed immediately, or, if the order cannot be correlated immediately, it is registered in the shared order book. Partial execution of orders is allowed and NON orders may be correlated with existing orders and may create more trades.
  2. Fill or Kill (FOK) - the order is fully traded at a time immediately after the order is submitted to its full quantity or deleted without being registered in the shared order book. FOK orders can be correlated with multiple orders existing in the order book. FOK orders cannot have a validity restriction.
  3. Immediate or Cancel (IOC) – the order is either traded (in any amount) at a time immediately after the order is submitted or, if the order cannot be correlated, is deleted without being registered in the shared order book. Partial execution is allowed and IOC orders can be executed based on multiple orders and can create multiple trades. An order with the IOC execution restriction cannot have a validity restriction.
  4. All or None (AON) – An order submitted with the AON execution restriction is either executed exactly on the basis of another order with its full quantity or is registered in the shared order book. Partial executions are not allowed. AON execution restriction is allowed only for user-defined orders.

The continuous correlation trading algorithm will support the following restrictions on the validity of the orders:

  1. Good for session (GFS) – the time validity of the order is determined by the validity of the appropriate trading session of the contract. The order is automatically canceled when the definite validity of the trading session corresponding to the contract expires.
  2. Good till date (GTD) – the time validity of the offer is determined by the date and time. The offer is automatically canceled when the validity defined in time expires.

The intra-day system capacities are provided by the transmission system operators (TSOs) and are determined by the relevant TSOs after establishing the cross-border flows following the day-ahead auction. The exact timing of the allocation of capacity varies and depends both on the operational procedures and the agreements between TSOs on the different borders. Intra-day capacities are automatically updated, depending on the volume and direction of the intra-day trades.
The intra-day market is open 24/7, 365 days a year, offering hourly and block products that provide the flexibility needed to meet market needs. The trades are concluded at the price of the existing order in the trading system.
The introduction of orders and trading is done in EUR / MWh, while the receivind rights and payment obligations are made in RON, in accordance with the provisions of the applicable Romanian National Bank regulations. Each IDM participant who recorded trades for a delivery day can access two Daily Settlement Notes for the respective delivery day, namely a Daily Settlement Note that contains prices and values ​​in EUR and a Daily Settlement Note that contains the prices and the values ​​in RON. For a day of delivery, the prices and values ​​in RON from the Daily Settlement Note are determined at the exchange rate established by the RNB, prior to the opening time for trading the contracts for the respective day of delivery (3:00 pm).
The collateral guarantee, in EUR, is updated daily at 3:00 pm based on the net payment obligations of the IDM participant for all trades concluded for the previous delivery day (s) and for the current delivery day, determined at the currency exchange rate established by the RNB, used for the next delivery day (s). The collateral guarantee will be automatically diminished by the value of the active orders / trades made by buying at positive prices / selling at negative prices.
Participation in the Intra-day Market is voluntary and is allowed to all License holders and economic operators, foreign legal entity to whom ANRE was granted by decision the permission to carry out in Romania the supply activity or the activity of trader, registered as Participants in IDM (electricity producers, suppliers, traders and network operators, aggregate entities). One of the mandatory conditions that the applicant must fulfill for registration in the IDM is to prove that he has concluded with the TSO the Agreement to assume the responsibility of balancing or that he has transferred the balancing responsibility to another Balancing Responsible Party.
The applicant must conclude with the Operatorul pieței de energie electrică și de gaze naturale „OPCOM” S.A. the Agreement to participate in the Intra-Day Electricity Market and to comply with the obligations contained therein.
IDM participants obtain information regarding their own trades concluded within the Intraday Market by accessing the M7 Trading system. OPCOM transmits to the TSO prior to each delivery hour and facilitates the balancing responsible Parties (BRP) access to the Physical Notifications corresponding to the IDM trades, by providing the hourly trading data, before the delivery time, through the post-trading system. OPCOM offers to the participants, also through the post-trading system, the settlement notes for a delivery day, the day after the delivery day.

Attached is the calendar for 2020 and for 2021 respectively, with delivery days for which the exchange rate is set in advance.

Hourly marks on the Intra-day Market operating in coupled conditions:


3:00 PM Opening a new trading day: order submitting and trading for the available contracts associated with the next delivery day
   Updating the collateral guarantees based on the value of the net payment obligations of the IDM participant and the value related to the active orders and the concluded trades
4:00 PM Providing by TSOs of capacity on the TEL-ESO border for the next delivery day
10:00 PM Providing by TSOs of capacity on the TEL-MAVIR border for the next delivery day
08:00 AM Running the settlement; becomes available the Settlement Note containing prices and values ​​in Euro and RON respectively for the day of delivery completed


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