Presentation of centralized forward markets for electricity

Mechanism Presentation (CMBC-EA-flex Description)
Centralized Market for Electricity Bilateral Contracts – Extended Auctions Mechanism CMBC-EA-flex

Sending the initiating offer:

• The participant submits: the communication of his intention of buying/selling using the Extended Auction Mechanism, the initiating offer and the annexes containing specific provisions to the proposed framework contract to sell-buy the electricity, sent by email at pccb@opcom.ro: not later than 5 (five) working days before the start of the auction session, until 3 PM Monday - Thursday and until 12 PM on Friday (D-5);
• CMBCO verifies the offer and the annexes containing specific provisions to the proposed framework selling-buying contract. The submitted offer will receive a registration number and the timestamp. The offer will be published on OPCOM website in „Table – Announcements” if it complies and in case of non-compliance with the CMBC-EA-flex Procedure will be published at „Inconsistent Offers” and will be mentioned the reason (D-5);
• CMBCO publishes the announcement of the auction session, the initiating offer and the annexes containing specific provisions to the proposed framework contract: not later than 5 (five) working days before the start of the auction session (D-4);

 Sending the co-initiating offer:

• The participant submits the co-initiating offer by email at pccb@opcom.ro or by fax;
• The submitted co-initiating offers will receive a registration number and the timestamp. They will be published on OPCOM website in „Table – Announcements” if they comply and in case of non-compliance with the CMBC-EA-flex Procedure will be published at „Inconsistent Offers” and will be mentioned the reason;
• The deadline for submitting co-initiating offers: not later than 3 (three) working days before the start of the auction session, until 3 PM Monday - Thursday and until 12 PM on Friday (D-3);

Sending the response offer:

• The participant submits the response offer by email at pccb@opcom.ro or by fax;
• The response offer will receive a registration number and the timestamp. Following the verification by the Auction Commission if the response offer is validated this will be subject to the auction session otherwise it will be published, after the auction session, on OPCOM website in „Inconsistent Offers”, stating the reason of invalidation;
• The deadline for submitting response offers: not later than 1 (one) working day before the start of the auction session (D-1);

Sending price adjustment for initiating/co-initiating published offers:

• The participant submits price adjustment for initiating/co-initiating published offers by email at pccb@opcom.ro or by fax;
• The modified offer will receive a registration number and the timestamp. Following the verification by the Auction Commission if the modified offer is validated this will be subject to the auction session with the new timestamp, otherwise it will be published, after the auction session, on OPCOM website in „Inconsistent Offers”, stating the reason of invalidation;
• The deadline for submitting the price adjustment for initiating/co-initiating published offers: not later than 1 (one) working day before the start of the auction session (D-1);

Opening of the auction session D: at the date and time set by CMBCO and published in the auction announcement;
Publishing the results on OPCOM SA website: not later than 1 (one) working day after the end of the auction session (D+1);
Sending the trading confirmations: not later than 1 (one) working day after the end of the auction session (D+1);

 Sending the bilateral contract of selling-buying electricity:

• Concluding the bilateral contract of selling-buying electricity: not later than 3 (three) working days after the end of the auction session, except the auction day (D+3);
• CMBCO verifies the compliance of the concluded bilateral contract with the result of the auction session and with the framework contract published with the initiating offer. In case of non-compliance CMBCO will suspend and penalize the concerned participants and will publish their identity and the reason of suspension on OPCOM website.

First delivery day: no earlier than the 5th calendar day after 4 working days (D+5);
Sending the invoice of the transaction tariff: within 3 working days at the beginning of the month that follows the month that transactions were concluded;
Payment of the transaction tariff: according to the Procedure regarding the modalities and terms of payment of the regulated tariff applied by the electricity market operator;
General features

• The identity and the offering intention of the market participants are made public towards the whole business community;
• Offers are standardized in terms delivery profile;
• Opening price:
• Minimum price (PminLE) – in case of auctions organized for published selling offers;
• Maximum price (PmaxLE) – in case of auctions organized for published buying offers;
• Electricity delivery period - on this market, the proposed offers for delivery/consumption of electricity concern delivery periods of at least one month;
• There can be formulated co-initiating offer or responding offer related to any published initiating offer. The offers can be withdrawn assuming the provisions of the CMBC-EA-flex Procedure related to penalties payment;
• For the CMBC-EA-flex market, it is mandatory the use of framework contract for selling and buying;
• The market is open for Private Person 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, which comply with the participation agreement on the centralized market for bilateral electricity contracts - the way in which contracts are traded by extended auctions and the use of products that ensure the flexibility of trading;
• After opening the offers sent as responses to the published offers, the participants’ list is made public.
• Until the entering into delivery of the concluded contract, the volume of energy contracted on this market can be re-traded during a further auction session.

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