CWE ATC Market Coupling and CWE-Nordic ITVC Info session for Belgian market participants Friday 8th of October 2010
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
2
Agenda 1. Introduction James Matthys-Donnadieu
2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
3
Agenda 1. Introduction 2. Overall design of the solution and operational impacts Martine Verelst and Joris Houben
~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
4
Where do we come from at CWE side?
08/10/2010
•
Original scope of CWE MC based on Memorandum of Understanding in June 2007
•
Signatories agreed on the design and implementation of the flow based market coupling in the CWE region
•
Project Parties propose to start market coupling with an ATC based solution as a first step in the market coupling
•
CWE Market Coupling will replace the currently applied Trilateral Coupling (TLC) and will also be a price coupling
•
Dependencies between Nordic and CWE were recognized early on and dealt with accordingly
5
Where do we come from at the Nordic side?
08/10/2010
•
On the 9th November 2009 the volume coupling of the Nordic and the German spot market was launched
•
The market coupling is governed through EMCC – European Market Coupling Company GmbH
•
The results of market coupling are in line with expectations and produced positive results in the past months
•
On 10th May 2010, market coupling was introduced on Baltic Cable
•
With the introduction of market coupling on Baltic Cable, EMCC’s market coupling is now covering all interconnectors between the Nordic market and Germany
6
Price <> Volume Coupling Volume coupling • Sequential calculations • Common central calculation of the import/export flows • Local calculation of prices. PXs only receive the volume to import/export
Price coupling • Common central calculation of the import/export flows and of prices • Local PX receive both the volume to import/export and the price at which they have to clear • Preferred “European Target Model” (Florence Forum, June 2009)
08/10/2010
7
CWE – Nordic ITVC
08/10/2010
•
TSOs and PXs of the combined CWE/Nordic region are committed to implement a price coupling model. However an interim solution is needed to deliver robust market results
•
Interim Tight Volume Coupling (ITVC), based on EMCC’s Nordic-German coupling, will provide implicit allocation of available capacities between the CWE and the Nordic region
•
The project was initiated in January, monitored by joint regulators, and will be launched in two steps: –
Step 1 covering both interconnectors between Germany and Denmark and Baltic Cable between Germany and Sweden Expected launch date: 9 November 2010
–
Step 2 including NorNed cable Expected launch date: 14 December 2010
8
CWE â&#x20AC;&#x201C; Nordic regional electricity markets: Global picture Current day-ahead market
Interim day-ahead market
Current solutions
Intermediate solution
1. Market splitting Nordic and Estonia (one PX)
1. Interim tight volume coupling on all connections between the CWE and Nordic regions
2. Price coupling in the Netherlands, Belgium and France (TLC â&#x20AC;&#x201C; 3 PXs) 3. Tight volume coupling between Denmark Sweden and Germany through EMCC
2. Market splitting in the Nordic (NPS) 3. Price coupling in CWE
4. Explicit auctions on other borders
TLC
08/10/2010
CWE
9
CWE MC: Role Model Capacity calculation
Pre-Coupling
ATCs Coupling
Net Positions Prices
Capacity allocation Post-Coupling
Flows
Cross Border Shipment
Cross Border Nominations Back-Office
Settlement of Cross Border Shipment Congestion Revenue Distribution
08/10/2010
10
Coordinated ATC Calculation Today: • •
Bilateral coordination process where Net Transmission Capacities (NTCs) are shared between neighbouring TSOs Partly ‘multi-border coordination’ (e.g. Export DE-NL/FR/CH)
For CWE MC: • •
A new methodology for a regional coordinated process, based on a common grid model NTCs are shared and evaluated by all TSOs of the CWE region
From NTC to ATC: •
Coordinated ATC = Coordinated NTC
–
Netted Long Term nomination
Business Process Step
Deadline for submission of Long Term nominations by Market Participants at the TSOs
08/10/2010
Deadline Belgium : France : Germany : The Netherlands :
08:00 08:15 08:15 09:00
11
Coordinated ATC Calculation
D-2 19:00
1. 1. NTC NTC determined determined like like today today 2. 2. NTC NTC shared shared between between all all TSOs TSOs 3. 3. Use Use of of aa common common grid grid model model 4. 4. NTC NTC verification verification
D-1 09:30 5. 5. NTC NTC coordinated coordinated adjustment adjustment 6. 6. Calculation Calculation of of ATC ATC D-1 10:30
08/10/2010
7. 7. Publication Publication of of ATC ATC
12
Coordinated ATC Calculation •
To improve the security of supply in the region
•
Common grid model: – –
•
TSOs share regional data (transmission grid topology, the consumption pattern, the injection of production on the grid for the whole region) TSO coordinate on potential problems on a daily basis
Better linked to actual grid conditions: – –
NTCs are expected, where grid conditions are comparable, to be similar to today on most days (i.e. non-stressed days) NTCs can be lower in stressed cases, maintaining required security of supply
•
Step towards the Flow Based target: daily use of a common base case is a key element of the fine-tuning of the Flow Based method
•
Experimentation of this coordinated process in real operational timings during several months
•
Commitment by the TSOs to deliver the ATCs at that fixed target time, which is actually 1h30 before the gate closure times of the power exchanges
08/10/2010
13
CWE MC: Role Model Capacity calculation
Pre-Coupling
ATCs Coupling
Net Positions Prices
Capacity allocation Post-Coupling
Flows
Cross Border Shipment
Cross Border Nominations Back-Office
Settlement of Cross Border Shipment Congestion Revenue Distribution
08/10/2010
14
High Level Architecture Pre-coupling
TSOs Systems 2. ATC calculation
1. Grid forecast TSO Common System
3. ATC publication
3. ATC values PX MC System
Market Parties
08/10/2010
PXs Systems
3. ATC values
EMCC
15
High Level Architecture: Coupling TSOs Systems
TSO Common System
PX MC System
7. Calculation
9. OBKs * Market Parties
PXs Systems 5. Orders aggregation
08/10/2010
6. OBKs
4. Orders
EMCC 8. MCOs
* OBKs incl. MCOs from EMCC
16
High Level Architecture: Coupling TSOs Systems
TSO Common System
14. Check and confirmation of final net positions
10. Calculation PX MC System
12. Results allocation Market Parties
08/10/2010
13. Publishing preliminary individual results*
11. Check of preliminary results and confirmation of rounded final prices
PXs Systems
* Preliminary results become final after step 14
EMCC 15. TCOs
17
High Level Architecture: Post-Coupling 21. Cross border nomination
17. Cross Border Exchanges Congestion Revenue Distribution System
18. Final Results
20. Trade report CCP System
08/10/2010
19. Cross border trade confirmation
TSOs Systems 17. Cross Border Exchanges TSO Common System
16. Cross Border Exchanges calculation
PX MC System
18. Final Results
17. Cross Border Exchanges
PXs Systems
18
400 MW
400 MW
500 MW
Cross Border Shipment
08/10/2010
This example illustrates the scenario where there is a flow from NL to BE & from BE to FR. For simplicity Germany is excluded from this example. However the same principle applies to the borders with Germany.
19
Cross Border Shipment NL - Tennet Net position: -400MW
400 MW
APX XBSHIP
APX CCP
Market participants
BE - Elia Net position: -100MW
APX XBSHIP
Belpex
Market participants
100MW
ECC XBSHIP
FR - RTE Net position: +500MW
ECC XBSHIP
08/10/2010
ECC CCP
Market participants
This example illustrates the scenario where there is a flow from BE to NL & from FR to BE. For simplicity Germany is excluded from this example. However the same principle applies to the borders with Germany.
20
CWE-ITVC: Operational Processes and Timings - Overview 10:30
12:00
12:30
13:05
14:00
15:30
LT Nomination
D-2
ATC calculation MPs regular information MPs introduce bids
Normal business run Exceptional procedures Goal:Publish CWE MC results before 14:00
Fallback preparation
08/10/2010
Fallback
21
Fallback = Shadow Auctions
In case of CWE decoupling
On all CWE borders
CWE Market Coupling
Backup #1
Backup #2
Shadow Auctions
Allocation by Equal Share
• Bids submitted through the Shadow Auctions Interface are default bids • They are valid for every day of the year, for a specific border, direction and an hourly period • Participants can update their default bids at any time before the freezing of the Data Base when Shadow Auctions are run • Possibility to register only for Shadow Auctions, with a ‘lighter’ status: Participant to Shadow Auctions Only 08/10/2010
22
Normal process timeline after go-live
08/10/2010
23
Normal process timeline after go-live
• ATC published at 10:30 on CASC website • PX gate closure time at 12:00 • Publication of market results between 12:53 and 13:05 • Cross border nomination deadline – FR, NL at 14:00 – GE, BE at 14:30
08/10/2010
24
Process Delayed (slight delay) Due to technical problems in EMCC or CWE calculation, the process remains the same but actions are delayed in time
ATCs
EMCC Market Coupling Orders
OBKs 12:05
ATC values 10:30 OBKs open Bids from MPs
13:00
ITVC Process 12:00
Trade confirmation
CWE MRs BE, DE, FR, NL Calculation publi. nom. 13:05
13:30
14:30
Communication of Market Cross Border results to Nominations delay to MPs MPs
Technical problem
08/10/2010
25
Process (slightly) delayed: Impact on Market Parties
Timing
Message
13:05
Market results publication delay 1
08/10/2010
Additional actions for MPs
Market results Publication deadline
Cross border nominations deadline
13:30
14:30
26
New since mid September 2012
Process Delayed (major delay) Due to technical problems in EMCC or CWE calculation, the process remains the same but actions are delayed in time
ATCs
OBKs 12:05
EMCC Market Coupling Orders
Trade confirmation
13:50 ATC values 10:30 SA MRs BE, DE, FR, ITVC Process NL nom. OBKs open CWE Calculation publi. 14:00 12:00 15:00 13:05 Bids from Market Cross Border Communication of MPs results to Nominations delay to MPs MPs Communication of Technical problem 13:30 delay to MPs SA = Shadow Auction 08/10/2010
13:00
27
Process Delayed (major delay): Impact on Market Parties
Timing
Message
13:05
Market results publication delay 1
13:30
Market results publication delay 2
08/10/2010
Additional actions for MPs
Bids update in the Shadow Auction system
Market results Publication deadline
Cross border nominations deadline
13:30
14:30
14:00
15:00
28
CWE Special Routine Due to thresholds detected in CWEâ&#x20AC;&#x2122;s prices after EMCC calculation, the order books are reopened to market parties and a second EMCC calculation is performed
EMCC Market Trade ATCs OBKs OBKs Coupling confirmation Orders 10:30 12:05 until13:15 ATC values ITVC OBKs ITVC CWE MRs BE, DE, FR, Process open Process Calculation publi. NL nom. OBKs open 12:00 13:15 13:40 15:00 Bids from Market Cross Border Communication of MPs results to Nominations reopening of OBKs MPs 13:05 Communication of delay for publication Thresholds reached 2nd
Communication of 13:30delay for publication 08/10/2010
29
Special Routine: Impact on Market Parties Timing
Message
Additional actions for MPs
Around 12:30
Price thresholds reached: reopening of the OBKs
OBK open for 10 minutes after message
13:05
Market results publication delay 1
13:30
Market results publication delay 2
Bids update in the Shadow Auction system
Market results Publication deadline
Cross border nominations deadline
13:30
14:30
14:00
15:00
Not always 08/10/2010
30
ITVC Decoupling Due to a technical problem in the ITVC process, ITVC is decoupled. Coupling between CWE and Nordic is performed through explicit allocation (by Shadow Auction)
EMCC ATCs 10:30 ATC values OBKs open
OBKs 12:05
13:00 CWE MRs BE, DE, FR, OBKs ITVC Process open Calculation publi. NL nom.
12:00 Bids from MPs
ITVC Decoupling declared 08/10/2010
13:40 14:00 15:00 Market Cross Border Communication of decoupling results to Nominations and reopening of the OBKs MPs 13:05
13:30 Communication of delay for publication 31
ITVC Decoupling: Impact on Market Parties
Timing
Message
Additional actions for MPs
13:05
ITVC decoupling, reopening of the OBKs
OBK open until 13:15
13:30
Market results publication delay
Bids update in the Shadow Auction system
08/10/2010
Market results Publication deadline
Cross border nominations deadline 14:30
14:00
15:00
32
ITVC Decoupling + CWE Second Auction After an ITVC decoupling, price thresholds are reached during CWE calculation. Order books are reopened to market parties, a second CWE calculation is performed.
EMCC ATCs
OBKs
10:30 ATC values OBKs open
12:05 SA 13:00 CWE ITVC OBKs 2nd CWE MRs BE, DE, FR, Process open Calculation OBKs open Calculation publi. NL nom. 13:15 14:00 15:00 12:00 Bids from Cross Border MPs Nominations 13:05 Communication of Market Communication decoupling and results to of 2nd Auction ITVC Decoupling reopening of the OBKs MPs declared 13:30 Communication of Price thresholds delay for publication reached
08/10/2010
33
ITVC Decoupling+CWE Second Auction: Impact on Market Parties Timing
Message
Additional actions for MPs
13:05
ITVC decoupling, reopening of the OBKs
OBK open until 13:15
13:30
Market results publication delay
Bids update in the Shadow Auction system
ASAP when Thresholds reached in OBK open for thresholds CWE, reopening of 10 minutes observed the OBKs
08/10/2010
Market results Publication deadline
Cross border nominations deadline 14:30
14:00
15:00
14:00
15:00
34
New since mid September 2012
CWE Decoupling Due to a technical problem in CWE, no market results can be provided by 14:00 and CWE countries coupling is performed through explicit allocation (Shadow auction)
ATCs
OBKs 12:05
EMCC Market Coupling Orders
Trade confirmation
12:25
13:50 SA ITVC PXs MRs BE, DE, FR, OBKs calc. Process CWE Calculation open publi. NL nom. 12:00 14:20 14:30 15:30 14:00 13:05 Bids from Communication of MPs delay to MPs Market results Technical problem to MPs Communication of 13:30 delay to MPs CWE decoupling Cross Border Communication of Nominations 14:05 CWE decoupling SA = Shadow Auction ATC values 10:30 OBKs open
08/10/2010
35
CWE Decoupling: Impact on Market Parties
Timing
Message
13:05
Market results publication delay 1
13:30
Market results publication delay 2
14:05
CWE decoupling, reopening of the OBKs
08/10/2010
Additional actions for MPs
Market results Publication deadline
Cross border nominations deadline
13:30
14:30
Bids update in the Shadow Auction system
14:00
15:00
OBK open at local PX for 10 minutes
14:30
15:30
36
New since mid September 2012
CWE Decoupling + 2nd auction Belpex Due to a technical problem in CWE, no market results can be provided by 14:00 and CWE countries coupling is performed through explicit allocation (Shadow auction)
ATCs
OBKs 12:05
EMCC Market Coupling Orders 12:25
Trade confirmation
BE 13:50 SA ITVC MRs CWE gen OBKs PXs 2nd PXs XB Process CWE Calculation open calc auction calc publi. nom. nom 12:00 14:00 14:45 13:05 Bids from Communication of MPs delay to MPs Market results to MPs Technical problem Communication of 13:30 15:30 delay to MPs CWE decoupling Cross Border Communication of 14:05 CWE decoupling Nominations Price threshold reached 15:45
ATC values 10:30 OBKs open
SA = Shadow Auction 08/10/2010
BE generation 37 Nominations
New since mid September 2011
CWE Decoupling + 2nd auction Belpex: Impact on Market Parties Timing
Message
13:05
Market results publication delay 1
13:30
Market results publication delay 2
14:05
ASAP when threshold observed
08/10/2010
Additional actions for MPs
Market results Publication deadline
Cross border nominations deadline
13:30
14:30
Bids update in the Shadow Auction system
14:00
15:00
CWE decoupling, reopening of the OBKs
OBK open at local PX for 10 minutes
14:30
15:30
Threshold reached in Belpex, reopening of the OBKs
OBK open for 10 minutes
14:45
15:30*
* BE generation nomination deadline at Elia: 15:45
38
Impact on Market Parties: Examples of messages Market results publication delay 1 â&#x20AC;&#x201C; message CASC
08/10/2010
39
Impact on Market Parties: Examples of messages Market results publication delay 1 â&#x20AC;&#x201C; message Elia
08/10/2010
40
New since mid September 2012
Impact on Market Parties: Examples of messages Market results publication delay 2 – message CASC
‘The CWE MC process has been delayed due to technical reasons or market issues. Therefore the publication of CWE market results has been delayed. In order to prepare Fallback, the shadow explicit auctions based on the ATC values for CWE Market Coupling may start in parallel as of 13:50 [link towards ATC values of MC displayed on CASC website]. As security measure, we would advise you to verify the need for updating your shadow bids at CASC EXAU platform in case this situation should end up in CWE full decoupling.’
08/10/2010
41
Impact on Market Parties: Examples of messages Market results publication delay 2 â&#x20AC;&#x201C; message Elia
08/10/2010
42
Impact on Market Parties: Examples of messages Reopening of the order books – threshold reached during EMCC calculation - message Belpex
‘Due to crossing the threshold during the EMCC calculation, the CWE order books will reopen again. Seller/Buyer required on XX (BE, DE, FR, or NL) markets on hour(s) Hxx, Hyy,... The order books will reopen again at 12.XX and close at 12.XX.’
08/10/2010
43
Impact on Market Parties: Examples of messages Market results publication delay – reopening of CWE order books - message Belpex
‘The CWE MC process has been delayed due to EMCC decoupling. Therefore the publication of CWE market results has been delayed. As a consequence of the EMCC decoupling, the CWE order books will reopen again at 13:XX and close at 13:XX.’
08/10/2010
44
New since mid September 2012
Impact on Market Parties: Examples of messages Market results publication delay – reopening of CWE order books - message CASC
‘The CWE MC process has been delayed due to EMCC decoupling. Therefore the publication of CWE market results has been delayed. Please be aware that the shadow explicit auctions based on the ATC values for CWE Market Coupling [link towards ATC values of MC displayed on CASC website] might be triggered at 13:50 if no CWE market results are published. Therefore, we would advise you to verify the need for updating your shadow bids at CASC EXAU platform.’
08/10/2010
45
Impact on Market Parties: Examples of messages Market results publication delay â&#x20AC;&#x201C; reopening of CWE order books - message Elia
08/10/2010
46
Impact on Market Parties: Examples of messages Reopening of the order books – threshold reached during CWE MC calculation - message Belpex
‘Please be aware that during the CWE MC calculation a peak price has been reached. Seller/Buyer required on XX (BE, DE, FR, or NL) markets on hour(s) Hxx, Hyy,... The order books will reopen again at 12.XX and close at 12.XX.’
08/10/2010
47
Impact on Market Parties: Examples of messages CWE full decoupling - message CASC
‘CWE Full Decoupling Due to technical problems, the CWE Market Coupling cannot be run for delivery date: [DD/MM/YYYY]. APX, Belpex and EPEX are decoupled. Please refer to the website of CASC CWE to get the auction specifications and results of the CWE Shadow Auctions.’
08/10/2010
48
Update since mid September 2011
Impact on Market Parties: Examples of messages CWE full decoupling - message Elia
08/10/2010
49
Update since mid September 2011
Nomination deadlines at ELIA Nomination deadlines @ Elia for normal business run: • HUB1: 14:00 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00 Nomination deadlines @ Elia in case no MR before 13h05: • HUB1: 14:15 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00 Nomination deadlines @ Elia in case no MR before 13h30: • HUB1: 14:45 • cross-border + load + injection + HUB2: 15:00 • generation: 15:30 Nomination deadlines @ Elia in case no MR before 14h00 full decoupling during daily session: • HUB1: 15:15 • cross-border + load + injection + HUB2: 15:30 • generation: 15:30* * In case of second auction Belpex, Elia generation nomination deadline becomes 15:45
08/10/2010
50
Rollback Overview of the downgraded modes:
In case of CWE decoupling
In case of Rollback Mode
08/10/2010
Backup #1
Backup #2
CWE Market Coupling
Shadow Auctions
Allocation by Equal Share
FR-BE and BE-NL borders
TLC with CWE MC timing
Shadow Auctions
Allocation by Equal Share
FR-DE and DE-NL borders
Shadow Auctions
Allocation by Equal Share
On all CWE borders
51
Rollback If after CWE decoupling if it is not possible to return to a normal situation within a reasonable timeframe, we can revert to TLC and explicit allocation on the German borders. 1. Who decides? Joint decision by the Project Partners 2. Activation period? 2 months after launch 3. Time needed to Rollback? 5 to 7 days to setup, during this period the daily explicit auctions will be held with the Shadow Auction System 4. Three main differences compared to current processes : • GCT remains at 12:00 • No negative prices • Shadow Auctions for GE borders 08/10/2010
52
New since mid September 2012
Shadow auctions •
In special cases we can have decoupling of CWE-MC
•
Reasons for decoupling: – CWE is not able to calculate the results before 14:00 due to technical failure
•
This means that there will be no market coupling
•
The shadow auction system is a parallel daily process, ready to be run everyday in case CWE-MC, due to technical reasons, cannot deliver results by 14:00. – CASC-CWE will perform the shadow auction – It runs a parallel explicit auction system (shadow auction), based on bids sent by Market parties – Shadow auctions are triggered at 13:50 if no market results are available – Market Parties may send default bids – Compliant with each TSOs rule, market parties will send their cross-border nominations
08/10/2010
53
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
54
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts Martine Verelst
4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
55
ARP-contract: Nomination deadlines
OLD Nomination deadlines @ Elia for normal business run: • Wind generation: 10:30 • HUB1: 13:00 • cross-border + load + injection + HUB2 + generation: 14:00
NEW Nomination deadlines @ Elia for normal business run: • Wind generation : 11:30 • HUB1: 14:00 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00
08/10/2010
56
ARP-Contract: Shipping Agent New definition: ‘Shipping Agent’: a company responsible for the treatment of Nominations in the framework of Market coupling May obtain a seperate balance perimeter if the participant has already other activities at Elia Example: ‘ECC’ and ‘ECC CWE’
08/10/2010
57
CWE auction Rules Version 2.2 Improvements brought to the Auction Rules: – – – – –
Evolution of the auction rules modification procedure and modalities for Market Parties consultation Review of the suspension conditions and procedure Compensation at market spread on the France-Belgium border Clarification of the firmness article Balanced conditions for payment incident
Compulsory changes due to the launch of Market Coupling: – – – – – – – –
Suppression of the Daily Auctions Modification of the Use It or Sell It valuation for the German borders New downgraded Mode for daily capacity allocation: Shadow Auctions Focus on Rollback Mode Timing details Bids submission modalities - an improvement for Market Parties Possibility to register only for Shadow Auctions, with a specific status Payment modalities and financial aspects
This new version of the Auction Rules will enter into force with the launch of CWE MC 08/10/2010
58
Registration and Entitlement • Participants already registered at CASC, with a business account, willing to participate to CWE LT Auctions, CWE MC, Shadow Auction, Rollback:
08/10/2010
Complete and send Appendix 5 of CWE Auction Rules to indicate on which borders you want to participate in Shadow Auctions and for Rollback mode. The «Declaration Of Acceptance» remains valid (Appendix 1 of CWE Auction Rules)
59
Registration and Entitlement • Participants already registered at CASC, only willing to participate in fallback situations of Market Coupling:
Option 1: Keep your business account Complete Appendix 5 to indicate on which borders you want to participate in the Shadow Auctions and for the Rollback mode. The ‘Declaration Of Acceptance‘ remains valid
Option 2: Close the business account and terminate the ‘Participant’s Financial Agreement’. Sign a new ‘Declaration of Acceptance’ to register as Participant to the Shadow Auctions Only.
08/10/2010
60
Registration and Entitlement • Participants which are not registered at CASC, depending on the status chosen: - Participant: sign the ‘Declaration of Acceptance’, the ‘Participant’s Financial Agreement’ and open a business account - Participant to Shadow Auctions Only: Sign the ‘Declaration of Acceptance’
08/10/2010
61
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts Rob Loos
4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
62
Belpex Market Rules & Procedures Market Rules • Ministrial Decree • 4 March 2010: updated for CWE MC – Possibility to have profiled block orders – Possibility to publish preliminary results of the MC – Possibility to have negative prices – Generalization of the “Request for Quotes” procedure
Market Procedures • More detailed, within framework set out by MR • Aligned with MR (30 April 2010) • Updates with concrete info for CWE: October 2010 - Contents: next slide
08/10/2010
63
Belpex Market Procedures Recent changes • Alignment with MR – Procedures version 30 April 2010 • Inclusion of daily settlement – Start 26 October 2010 – Communicated 4 October 2010
Future changes • Inclusion of CWE MC practicalities – Start 9 November 2010 – Communication at the latest two weeks before launch – Changes » Gate Closure Time » Rollback » ...
08/10/2010
64
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex Rob Loos
5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
65
Negative prices: intro Day-ahead market – Hourly bids with price limits: supply & demand curve – Currently 0.01 €/MWh - 3000 €/MWh – Intersection curves = Market Clearing Price
Market Clearing Price
08/10/2010
Demand Offer
66
Negative prices: intro Day-ahead balance obligation for ARPs • May lead to sales/purchases ‘at any price’ • 0.01 €/MWh for seller; 3000 €/MWh for buyer
Low demand possibly not all offers at any price accepted • Curtailment because of technical constraint Floor of 0.01 €/MWh leads to ‘wrong’ results
Demand Offer 08/10/2010
67
Negative prices: intro Introduction of negative prices • Absence of curtailment: no offers at any price rejected • Leads to correct price • Better price signal to the market
Demand Offer 08/10/2010
68
Negative prices: intro Offer at negative price • Supplier willing to pay to inject electricity
Why? • Generation cost structure, e.g. oversupply of baseload units • Green energy support marginal production costs negative
Potential impact of negative prices • Curtailment at 0.01 €/MWh occured in 31 hours in 2009 on Belpex DAM • = 0.35 % of hours in 2009
08/10/2010
69
Negative prices: intro Neighbouring countries: • Germany: – Negative prices exist already – [-3000 €/MWh – 3000€/MWh] • France and The Netherlands – Will adopt negative prices as of CWE launch – [-3000 €/MWh – 3000€/MWh] • CWE Market participant survey – Preference for harmonization at -3000 €/MWh
Negative prices available on CWE MC launch date Belpex’ adoption of negative prices ensures harmonized price boundaries in CWE Region
08/10/2010
70
Negative prices at Belpex Contractual impact • Market Rules & Procedures ready for negative prices • New price boundaries will be announced by means of a binding Communication
Practical impact • Memo containing today’s explanation will be made available • CSD available to answer questions regarding invoices/selfbills with negative prices
08/10/2010
71
Negative prices at Belpex Invoicing process 1
Qualify each transaction realized on Belgian Hub
08/10/2010
Aggregate transactions per qualification
3
Determine process for billing
Identify case based on MCP
Aggregate transactions per qualification including variable fee
Based on sign of TB and type of participant “Invoice” process or “Selfbill” process
4 qualifications: offtake/delivery at positive/negative price
Taxable Basis (TB) calculated based on aggregated values: + or -
Documents justifying the payment to/to be received from Participant
Process
Output
2
72
Negative prices at Belpex Invoicing process Step 1: Qualify each transaction realized on Belgian Hub
Demand side
Offer side
MCP >/= 0
Offtake at positive price
Delivery at positive price
MCP < 0
Offtake at negative price
Delivery at negative price
VAT reasons: no netting of sales (or purchases) at positive and negative prices 08/10/2010
73
Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Offtake Participant A – Positive price Transaction 1:
100 MW @ 1 €/MWh
+100 €
Associated fees:
100 MW * 0.14 €/MWh
+14 €
Transaction 2:
50 MW @ 0.10 €/MWh
+5 €
Associated fees:
50 MW * 0.14 €/MWh
+7 €
Delivery Taxable Basis:
Participant A – Negative price Transaction 1:
10 MW @ -1 €/MWh
Associated fees:
10 MW * 0.14 €/MWh
-1.4 €
Transaction 2:
50 MW @ -10 €/MWh
-500 €
Associated fees:
50 MW * 0.14 €/MWh
-7 €
Taxable Basis:
08/10/2010
-10 €
+126 €
Invoice
EXAMPLE
-518.4 €
Invoice
74
Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Delivery Participant A Transaction 1:
100 MW @ 1 €/MWh
+100 €
Associated fees:
100 MW * 0.14 €/MWh
-14 €
Transaction 2:
50 MW @ 0.10 €/MWh
+5 €
Associated fees:
50 MW * 0.14 €/MWh
-7 €
Delivery Taxable Basis:
Participant B Transaction 1:
1 MW @ 1 €/MWh
Associated fees:
1 MW * 0.14 €/MWh
Transaction 2:
50 MW @ 0.10 €/MWh
+5 €
Associated fees:
50 MW * 0.14 €/MWh
-7 €
Taxable Basis:
08/10/2010
+1 €
84 €
Selfbill
-0.14 €
EXAMPLE
-1.14 €
Invoice
75
Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Offtake Participant A Transaction 1:
100 MW @ -1 €/MWh
-100 €
Associated fees:
100 MW * 0.14 €/MWh
+14 €
Transaction 2:
50 MW @ -0.10 €/MWh
-5 €
Associated fees:
50 MW * 0.14 €/MWh
+7 €
Offtake Taxable Basis:
Participant B Transaction 1:
1 MW @ -1 €/MWh
Associated fees:
1 MW * 0.14 €/MWh
Transaction 2:
50 MW @ -0.10 €/MWh
Associated fees:
50 MW * 0.14 €/MWh
Taxable Basis:
08/10/2010
-1 €
-84 €
Selfbill
+0.14 € -5 € +7 €
EXAMPLE
+1.14 €
Invoice
76
Negative prices at Belpex Invoicing process Step 3: Determine process for billing
No
Invoice
08/10/2010
Taxable Basis >/= 0?
Yes
Selfbill
77
Negative prices at Belpex Invoicing process Step 3: Determine process for billing
No
Invoice
08/10/2010
Taxable Basis < 0?
Yes
Selfbill
78
Negative prices at Belpex Invoicing process Step 3: Determine process for billing
MCP >/= 0
Demand side
Offer side
Offtake at positive price
Delivery at positive price
MCP < 0
08/10/2010
Offtake at negative price TB>/= 0 Invoice
TB < 0 Invoice
TB>/= 0 Selfbill
Invoice
TB < 0 Self bill
Delivery at negative price Invoice
79
Negative prices at Belpex Invoicing process In practice: • Offtake at negative prices: ‘invoice’ converted to selfbill • Delivery at negative prices: ‘selfbill’ converted to invoice
Conversion by means of offsetting on the ‘original’ invoice/selfbill • Creating new chargeline making the sum of the original invoice/selfbill zero • Adding the opposite chargeline to the new selfbill/invoice
Two documents created! • Original selfbill + converted invoice or • Original invoice + converted selfbill
08/10/2010
80
Negative prices at Belpex Invoicing process Example case 1: 1 participant buying at positive prices and selling at negative prices Offtake Participant A – Positive price Transaction 1:
100 MW @ 1 €/MWh
+100 €
Associated fees:
100 MW * 0.14 €/MWh
+14 €
Transaction 2:
50 MW @ 0.10 €/MWh
+5 €
Associated fees:
50 MW * 0.14 €/MWh
+7 €
Delivery Taxable Basis:
Participant A – Negative price Transaction 1:
10 MW @ -1 €/MWh
Associated fees:
10 MW * 0.14 €/MWh
-1.4 €
Transaction 2:
50 MW @ -10 €/MWh
-500 €
Associated fees:
50 MW * 0.14 €/MWh
-7 €
Taxable Basis:
-10 €
+126 €
Invoice
-518.4 €
08/10/2010 “Selfbill”, converted to Invoice
81
Negative prices at Belpex Invoicing process Example case 1: 1 participant buying at positive prices and selling at negative prices Invoice: • • • •
Energy Purchases: 105 € Transaction Fee Energy Purchases: 21 € Negative Energy Sales: 510 € Transaction Fee Negative Energy Sales: 8.4 €
‘Selfbill’: • • • •
Energy Sales: 0 € Transaction Fee Energy Sales: 0 € Results from offsetting the original selfbill by an opposite transaction Detailed info on Back-office Website
08/10/2010
82
Negative prices at Belpex Invoicing process Example case 2: 1 participant buying at positive and negative prices Offtake Participant A – Positive price Transaction 1:
100 MW @ 1 €/MWh
+100 €
Associated fees:
100 MW * 0.14 €/MWh
+14 €
Transaction 2:
50 MW @ 0.10 €/MWh
+5 €
Associated fees:
50 MW * 0.14 €/MWh
+7 €
Offtake Taxable Basis:
Participant A – Negative price Transaction 1:
10 MW @ -1 €/MWh
Associated fees:
10 MW * 0.14 €/MWh
+1.4 €
Transaction 2:
50 MW @ -10 €/MWh
-500 €
Associated fees:
50 MW * 0.14 €/MWh
+7 €
Taxable Basis:
-10 €
+126 €
Invoice
-501.6 €
‘Invoice’, converted to Selfbill 08/10/2010
83
Negative prices at Belpex Invoicing process Example case 2: 1 participant buying at positive and negative prices Invoice: • Energy Purchases: 105 € • Transaction Fee Energy Purchases: 21 € → Results from offsetting the original invoice containing [105 € - 510 €] by an opposite transaction for 510 € → Detailed info on Back-office Website
“Selfbill”: • Negative Energy Purchases: 510 € • Transaction Fee Negative Energy Purchase: -8.4€
08/10/2010
84
Negative prices: Summary Invoices and selfbills: aggregated info • • • •
Energy Purchases Transaction Fee Energy Purchases Energy Sales Transaction Fee Energy Sales
• • • •
Negative Energy Purchases Transaction Fee Negative Energy Purchases Negative Energy Sales Transaction Fee Negative Energy Sales
•
Results of offsetting chargeline
All detailed info on transactions available via Back-office website
08/10/2010
85
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex Eliaâ&#x20AC;&#x2122;s Balancing :Thomas Yseboodt
5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
86
Need for Negative Imbalance Prices (1/2) Ensure that imbalance price is always worse than Belpex prices for both long and short positions Present mechanism – Example with Belpex = -50€ Elia long ARP Long
ARP => Elia 46€ or more
ARP Short
Elia => ARP 54€
Elia short Better than Belpex
ARP => Elia 46€ Elia => ARP 54€ or less
With energy available at negative prices in neighbouring countries Europe: risk that ARPs import long imbalances in Belgium
08/10/2010
87
Need for Negative Imbalance Prices (2/2)
In case of large positive zone imbalance, imbalance tariffs need to provide adequate incentives â&#x20AC;˘ (see 21/3)
08/10/2010
88
Change For hours with positive prices •
No change needed
For hours with negative prices •
Change of formulas
Via a parameter change Within the current philosophy of imbalance tariffs
08/10/2010
89
New Imbalance Tariffs
ARP long
Elia long NRV < 0
Elia short NRV >0
Elia -> ARP Min[*WADP;WADP+*(LDP-WADP)] (1)
Elia -> ARP
ARP -> Elia ARP short
θ
1,08 * market price
0,92 * market price
ARP -> Elia Max[*WAUP;WAUP+*(HUP-WAUP)] (2)
(1) the price (0,92 * market price if this one is positive and 1,08 * market price if this one is negative) is an upper bound for the price for imbalance (2) the price (1,08 * market price if this one is positive and -1,08 * market price if this one is negative) is a lower bound for the price for imbalance = 0,92 if WADP > 0 and = 1,08 if WADP < 0 = min (1;GDV/450) = 1,08 = min (1;GUV/450) η = 0,92 if market price is positive, η = 1,08 if market price is negative θ = 1,08 if market price is positive, θ = 0,92 if market price is negative
08/10/2010
90
New Imbalance Tariffs Numeric example
Belpex DA = 50€
Belpex DA = -50€
Elia long
Elia short
ARP Long
Elia => ARP* 46€ or less
Elia => ARP 46€
ARP Short
ARP => Elia 54€
ARP => Elia 54€ or more
Elia long
Elia short
ARP Long
ARP => Elia 54€ or more
ARP => Elia 54€
ARP Short
Elia => ARP 46€
ARP => Elia 54€ or more
*In general. If regulation prices go negative, ARP=> Elia.
08/10/2010
91
Impacts of the New Imbalance Tariffs
• New imbalance tariffs in application on 1 November 2010 • Will have potential effects from the start of negative Belpex prices • Will have concrete effects only during hours with negative Belpex prices
08/10/2010
92
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing Thomas Oldenhove
6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
93
Transparency Data
Regulatory Report
Published on
Description
Daily NTC
Yes, ERGEG GL 2010
CASC website
NTC values for each hour, on each border and for each direction
Daily ATC
Yes, CWE TR ref 4.2.6
CASC website
ATC values for each hour, on each border and for each direction.
Allocated Capacity (Coupling)
Yes, CWE TR ref 4.2.9
CASC website
Bilateral Exchanges between TSOs for each hour (commercial flows in implicit allocation schemes)
Shadow auctions (decoupling
Yes, CWE TR ref 4.2.13
CASC website
Shadow auctions: results of auctions; programming authorizations per market participants;
Total Congestion Income
Yes, CWE TR ref 4.2.13
CASC website
Gross hourly congestion income of the CWE ATC MC (including UIOSI)
C. Revenues Shared by TSOs
Yes, CWE TR ref 4.2.13
CASC website
Hourly Congestion income of the CWE ATC MC by TSOs
08/10/2010
94
Transparency
08/10/2010
95
Transparency
08/10/2010
96
CWE ATC MC – Member testing Dates
Scenarios
Remark
25/10/10
Normal day (Nordic and CWE coupling)
Test Contact: BELPEX
26/10/10
Special day simulated by PEXs (CWE second auction)
Test Contact: BELPEX
27/10/10
Decoupling of Nordic and CWE areas. Coupling of CWE area
Test Contact: BELPEX
28/10/10
Normal day (Nordic and CWE coupling)
Test Contact: BELPEX
29/10/10
CWE decoupling – Shadow auctions
Test Contact: CASC
08/10/2010
97
CWE ATC MC â&#x20AC;&#x201C; Member testing Normal Day Description
System
Production time
Simulation time
ATC publication (CWE interconnectors)
Delta*
CASC-CWE website
10:30
13:30
03:00
ATC publication (DK1, DK2, Baltic cable)
EMCC website
10:30
13:30
03:00
OBK opening
PX Trading System
NA
14:00
03:00
Gate Closure Time
PX Trading System
12:00
15:00
03:00
CWE Market Results publication
PX Trading System
around 12:55
around 15:55
03:00
Publication of cross-border exchanges, capacity values
CASC-CWE website
around 13:05
around 16:05
03:00
Publication of CBF (DK1, DK2, Baltic cable) and price deviation (DE-DK)
EMCC website
around 13:05
around 16:05
03:00
* difference between simulation time and production time 08/10/2010
98
CWE ATC MC â&#x20AC;&#x201C; Member testing CWE Decoupling (1/2) Delta (difference between
Production time
Simulation time
CASC-CWE web site
10:30
13:30
03:00
ATC publication (DK1, DK2, Baltic cable)
EMCC web site
10:30
13:30
03:00
OBK opening
PX Trading System
NA
14:00
03:00
Gate Closure Time
PX Trading System
12:00
15:00
03:00
External Communication - information on Market Results publication delayed, reminder to update Shadow bids
13:05
15:05
02:00
External Communication - information on Market Results publication delayed, reminder to update Shadow bids
13:30
15:30
02:00
Start parallel run of Shadow Explicit Auctions
CASC-CWE EXAU platform
13:50
15:50
02:00
14:00
16:00
02:00
Description
System
ATC publication (CWE interconnectors)
CWE Decoupling
08/10/2010
simulation time and production time)
99
CWE ATC MC â&#x20AC;&#x201C; Member testing CWE Decoupling (2/2) Delta (difference System
External Communication information on CWE decoupling and OBK reopening
14:05
16:05
02:00
Shadow Explicit Auction results publication
CASC-CWE EXAU platform
14:05
16:05
02:00
Gate Closure Time
PX Trading System
14:15
16:15
02:00
CWE Market Results publication
PX Trading System
around 14:30
around 16:30
02:00
Publication of cross-border exchanges, capacity values
CASC-CWE web site
around 14:40
around 16:40
02:00
Publication of CBF (DK1, DK2, Baltic cable) and price deviation (DE-DK)
EMCC web site
around 14:40
around 16:40
02:00
08/10/2010
Production time
Simulation time
between simulation time and production time)
Description
100
Persons to contact Member Testing: Belpex Customer Service Desk Phone: +32 2 546 7040 E-Mail: CSD@dam.belpex.be CASC-CWE Operations Team Phone +352 27 62 38 38 E-Mail: Operations@casc-cwe.eu
CWE Market Coupling Project: Key Account Manager Belpex: Rob Loos Key Account Manager Elia : Erik De Schrijver
08/10/2010
101
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling RaphaĂŤl Bourgeois
7. Conclusion
08/10/2010
102
Flow Based MC - Context
MoU: 6 June 2007
Signed by CWE partners: TSO, PEX, REG,â&#x20AC;Ś
Commitment to: 1) Enhance Security of Supply 2) Launch a Flow-Based Market Coupling
08/10/2010
103
Philosophy ATC - FB Capacity by Border
NTC
Margin by electrical branch
TRM : Transmission Reliability Margin
08/10/2010
Fmax
FRM : Flow Reliability Margin
Available Transfer Capacity
Margin available to the market
LT Nom
Fref (incl. LT)
104
FB Principles
• Every import/export bid must be translated in a physical flow on the electrical branches • Exchange bids will be accepted by the algorithm until a CB reaches the Fmax value (N-1 principle) • Available remedial actions are taken into account! (// ATC) • Only real physical congestions will limit the market domain…
08/10/2010
105
CB: Critical Branches Need for selections of Critical Branches
Each TSO selects the critical branches in its system, based on harmonised principles CB if significantly impacted by the source to sink (cross-border) trade TSO B
TSO A
N-1 N 08/10/2010
TSO C
106
D2CF Need for a common grid model at CWE level
D-2 Congestion Forecast => 24 merged files/day
Each TSO makes 24 base cases/day containing the best estimate for 2 days ahead – – – –
Topology Load distribution Generation distribution Wind generation
Agreement on the reference day – –
08/10/2010
Usually D-1 Gives exchange programs assumption
107
GSK: Hub to Node ~
Need to translate an incremental cross-border exchange into incremental nodal injections
TSO B
TSO A
~
~
25 MW ~
5 MW
10 MW ~
~
15 MW
~
~
GSK: Generation Shift Keys
~ ~
20 MW
25 MW
Each TSO determines the key which maps an import / export position to an generation pattern
~
TSO C
+100 MW
08/10/2010
~
-100 MW
108
PTDF: Node to CB Need to translate a nodal injection into flows on the Critical Branches
PTDF: Power Transfer Distribution Factors Calculated by Load Flows: 100 MW
a.o. ...
Additional Flow 20 MW
10 MW 16 MW
Fref
08/10/2010
109
Resulting Flow-Based Domain Exchange (A>C) 400
300
=> FB offers more trading opportunities with the same level of security of supply
200
100
Exchange (A>B) 0 -400
-300
-200
In FB, capacity split is not a choice of the TSO, but is market driven (at the time of allocation)
-100
0
100
200
300
400
-100
-200
-300
-400
08/10/2010
constraints polyhedron
security domain
NTC/ATC
Flow-based 110
Market Coupling Algorithm Order books + 24 D2CF + CB list + GSK + PTDF
t Op
Individual bid
im isa n tio
Impact on Nodes
by sm Co os 08/10/2010
Impact on Flows Impact on each Critical Branch
111
Flow-Based main advantages • FB offers more trading opportunities with the same level of security of supply • Closer to the reality of the grid: – inter-dependency of cross-border exchanges are reflected
• Direct allocation to the physical margins available on the grid – The congestions in the grid are clearly identified, allowing enhanced use and development of grid infrastructures
• Increased coordination and information exchange: – transparency on capacity calculation
• For some TSO, FB simplifies the capacity computation process since no more capacity split between borders is necessary
08/10/2010
112
Project Status TSO-Experimentation restarted since end of 2009 => monthly ex-post process with detail analysis and improvement loops Positive results => improvements in terms of market domain space (remedial actions), detailed process description, FB calculation prototype,…
Next steps: • Confirmation of relevance of the model for market by using realistic order books (// run, after ATC launch) • Statistical analysis to further tune the model and the process 08/10/2010
113
Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion
08/10/2010
114
Abbreviations + definitions Abbreviation
Term
Definition
ACK
Acknowledgement
Technical acknowledgement materialized by a message sent by the "receiving" system to the "sending" system.
ATC
Available Transfer Capacity
BUP
Backup procedure
BRP
Balance Responsible Party
Entity engaged in a contract with the national TSO(s) for the balancing of the network;
BEC
Bilateral exchange Calculation
Cross-border physical flow calculated by the CWE TSO Common System (Post Coupling module) and used as input for the Programming authorizations;
CCP Systems
Systems hosted and maintained by the Clearing houses (APX & ECC CWE). These systems are used to process the nominations;
CASC
Capacity Allocation Service Company
Capacity Allocation Service Company for the Central West European Electricity market. CASC-CWE is a service company which, on behalf of the Transmission System Operators involved, will act as a single point to implement and operate services related to the auctioning of power transmission capacity on the common borders between the five countries;
CRDS
Congestion Revenue Distribution System
CPCS
Cross PX Clearing Systems
08/10/2010
115
Abbreviations+definitions Abbreviation
Term
CWE TSO CS
CWE TSO Common System (Pre + Post Coupling module)
EMCC PP
EMCC Performing Party
EMCC Performing Party will be responsible for the operations of the EMCC System. This party will inform the CWE parties in case an issue has been identified at EMCC side which could potentially delay the publication of results at CWE side;
ECP
Energy Communication Platform
Communication platform designed and built by the TSOs to communicate with the MC System;
ETS
European Trading Platform
European Trading platform is the trading platform used by EPEX SPOT to operate the French and the German markets within the CWE MC;
Eurolight
The trading platform used by APX-Endex to operate the Dutch and the Belgian markets within the CWE MC;
CWE CASC participant
Member of CASC taking part of the Shadow Explicit Auction. This includes BRPâ&#x20AC;&#x2122;s being participant or not on the Exchange(s);
FSO
Functional System Operator
Operator responsible of the operations of the MC System. This role will be shared between EPEX SPOT and APX-Endex.
GCT
Gate Closure Time
Time identified for the closure of the order book. This is the last moment for a participant to enter a bid in the trading platform (Eurolight or ETS);
08/10/2010
Definition
116
Abbreviations+definitions Abbreviation
Term
MCO
Market Coupling Order
MC System
Market Coupling System
NTC
Net Transfer Capacity
OBK
Definition
Nominating Agent
Entity engaged in a contract with the national TSO(s) for the balancing of the network having another type of contract than a BRP;
Nomination deadline
Last time possible to enter the daily nomination. The deadline could be different per Hub and per type of nomination (Hub or Crossborder);
Order Book PX Trading Systems
Systems hosted and operated by EPEX and APX for the Hubs involved in the CWE Market Coupling (namely ETS and Eurolight for EPEX and APX respectively). APX will be responsible for the Belgian and Dutch markets where EPEX will be responsible for the French and German markets;
PX SO
PX System Operator
Person responsible of the operations of the PX Trading Systems. Thisoperator will be the SPOC in case of technical problem in the MC process;
SA DB
Shadow Auction DB
Database being part of the Shadow Auction System. This database is accessible until the decoupling declaration for the CWE CASC participant registered at CASC;
TCO
Trade Confirmation
08/10/2010
117