|Intraday electricity market|
|European Union Electricity Market Glossary|
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organised by transmission system operators and nominated electricity market operators
based on market coupling
maximise the ability of market participants to contribute to avoid system imbalances
maximise the opportunities for market participants to participate in cross-border trade across all bidding zones
provide prices that reflect market fundamentals
provide reference prices longer-term hedging products
ensure operational security
allow for maximum use of transmission capacity
maximise the opportunities for market participants to participate in cross-border trade as close as possible to real time across all bidding zones
trades are anonymous
make no distinction between trades made within a bidding zone and across bidding zones
Intraday market prices
ACER/CEER Annual Report on the Results of Monitoring the Internal Electricity Market in 2015, September 2016 (p. 46 et seq.) analyses the intraday electricity market prices against the backdrop of interrelated day-ahead and balancing prices.
According to the said Report intraday prices tend to correlate with day-ahead prices, because intraday markets usually open the trading session on the day before delivery as a continuation of day-ahead markets.
Intraday prices should also correlate well with imbalance prices, because the latter represent the prices that balancing responsible parties pay (or receive) for their residual imbalances.
In this respect, the design of balancing markets is essential to enable efficient intraday price formation.
This implies that all electricity, consumed or produced, should be covered by balancing responsibility, and that generation units from intermittent generation should not receive special treatment for imbalances.
Otherwise, renewable electricity generators (or its representatives) will have no incentive to trade in the intraday market.
Currently, with regard to balancing responsibility, renewable electricity generators are not treated in the same way as conventional generators in at least 15 EU Member States.
Furthermore, imbalance prices should be fully cost-reflective at any time, including times of scarcity.
The said Report of September 2016 also observes that in 2015, the utilisation of cross-border capacity in the intraday timeframe was approximately 8% higher than in 2014 and more than double the value recorded in 2010.
The harmonised maximum clearing price limit for single intra day coupling is proposed to be set at + 9999 Euro/MWh, the harmonised minimum clearing price limit for single intra day coupling is proposed to be set at - 9999 Euro/MWh (All NEMO’s proposal for harmonised maximum and minimum clearing prices for Single Intra Day Coupling in accordance with Article 54(2) of Commission Regulation (EU) 2015/1222 of July 2015 establishing a guideline on capacity allocation and congestion management, 14 February 2017).
According to the ACER's Consultation document, of 24 August 2017, Maximum and minimum clearing prices for single day-ahead and intraday coupling (PC_2017_E_02), however, ACER deems it necessary:
1) to implement a more dynamic automatic adjustment rule for maximum clearing prices for Single Day Ahead Coupling (PmaxDA), such that it allows for a faster alignment of the PmaxDA towards the Value of Lost Load (VoLL);
Single Intraday Coupling Products
The EU-wide intraday platform is envisaged to go-live in early 2018 (The 6th Annual Report on Monitoring the Electricity and Natural Gas Markets, Main insights, p. 19).
|Last Updated on Monday, 30 October 2017 21:43|