Mechanism Presentation (CMBC-CN Description)

Centralized Market for Electricity Bilateral Contracts – Continuous Negotiation Mechanism (CMBC-CN)


Offers’ characteristics

Offers are standardized in terms of:

Between 05.06.2019 – 31.12.2019 the following daily delivery profiles were available for trading:

The list of the delivery profiles applicable in the period 05.06.2019 -31.12.2019 has been 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 according to the trading results and the related statistical data published on the OPCOM website on 27.12.2019 at: Announcements – News/ Product Groups/ Derivatives and Forward Markets

At all-time during trading session, CMBC-CN may introduce, modify, suspend/activate and/or cancel own offers to sell/buy for the specified instruments.

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 CMBCO of the concluded contract for selling-buying of electricity for compliance with the standard contract. In case of noncompliance, CMBCO 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 modalities and terms of payment of the regulated tariff applied by the electricity market operator.
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