SEMOpx Auction Timings, Communications and Market Messages For Day-Ahead & Intraday Auctions 1
Introduction This presentation gives a high level overview of the timings, communications and market messages for the following: MRC Auction Coupled Intraday Auctions Local Intra day Auction Also covered for each auction are the following: Delay cases Second auction Partial and Full Decoupling of MRC 2
Systems and Algorithms MRC DA SEM-GB IDA 1 SEM-GB IDA 2 SEM IDA 3 System/ Auction (coupled) (coupled) (coupled) (local) Trading System ETS ETS ETS ETS Coupling System PMB MRC PMB SEM-GB PMB SEM-GB NA Pre-Coupling System Ariane Ariane Ariane NA Post-Coupling/ Post-Auction system Lise Lise Lise Lise System performing the Preliminary Confirmation of the Results ETS ETS ETS ETS System performing the Final Confirmation of the Results EirGrid/ SONI system EirGrid/ SONI system EirGrid/ SONI system NA Protocol for exchange of files in automatic mode AS2 AS2 AS2 AS2 Protocol for exchange of files in backup mode Email Email Email Email System used for sending market messages to SEMOpx market participants System used by market participants in case of general Trading System failure Trading on Behalf in case of ETS issues at the Market Particpants side (sending of orders in.xls format) Main Algorithm Backup Algorithm (if the main one fails) OMM OMM OMM OMM SOBT NA NA NA Excel file by email NA NA NA Euphemia in PMB Euphemia in PMB Euphemia in PMB (in case of coupling) Euphemia in ETS Euphemia in ETS Euphemia in ETS Euphemia in ETS (in case of decoupling due (in case of decoupling due to (in case of decoupling) to CZC reasons) CZC reasons) EMMA in ETS NA NA NA 3
Daily File Exchanges between SEMOpx and EPEX File Type Auction phase Sender Expected Time 09:00 CZC file for MRC xml Pre-coupling EirGrid/ SONI (latest 10:45) 15:30 CZC file for IDA 1 xml Pre-coupling EirGrid/ SONI (latest 17:15) 06:30 CZC file for IDA 2 xml Pre-coupling EirGrid/ SONI (latest 07:45) Market Coupling Results file/ Local Market Coupling/ Depending on the xml EPEX SPOT Results Post-Auction auction Final Confirmation for the coupled markets xml Coupling EirGrid/ SONI Depending on the auction Website update status for Preliminary and Final Results xml Post-Coupling EPEX SPOT After each auction Order Data file (Bid File) xml Post-Coupling/ Post- Auction EPEX SPOT After each auction Bid/ask aggregated curves xml Post-Coupling/ Post- Auction EPEX SPOT After each auction REMIT files 1 global file sent to SEMOpx and SEMOpx will report towards ACER.xml Post-Coupling/ Post- Once per day, in the EPEX SPOT Auction morning Transparency files for website Post-Coupling/ Postxml publication Auction EPEX SPOT Once per day 4
Trading System Parameters ETS Parameter MRC DA (coupled) SEM-GB IDA 1 (coupled) SEM-GB IDA 2 (coupled) SEM IDA 3 (local) Order types Stepwise Complex Stepwise Stepwise Stepwise Orderbook opening for a given 19 days before 19 days before 19 days before 19 days before delivery date delivery, at 23:00 delivery, at 23:00 delivery, at 23:00 delivery, at 23:00 Results and historical orders availability 14 days in the past 14 days in the past 14 days in the past 14 days in the past Minimum price for entering orders -500 EUR or -1500 GBP / MWh - 150 EUR or -450 GBP / MWh Maximum price for entering orders +3000 EUR or +9000 GBP / MWh +1500 EUR or +4500 GBP / MWh 5
MRC Day Ahead Coupling In order to perform the MRC auctions, the regional SEM-GB DA procedures will be used. These procedures need to be in line with the general principles stated in the MRC procedures. The normal process timeline for the MRC Day-Ahead Coupling is shown below: SEM-GB Target Time Day-Ahead Auction Market Description By 10:45 CZC reception at the EPEX side 11:00 Order Book Gate Closure and sending to the PMB 11:10 Start of the Calculation 11:34 Preliminary Confirmation of the Market Coupling Results 11:42 Preliminary Publication of the Market Results + Sending of Results for validation to EirGrid/ SONI 11:54 Final Confirmation of the Market Coupling Results 11:55 Final Publication of the Market Results Reports generation and integration 12:15 Trade files generation and dispatch to ECC Post-auction files generation and dispatch on SEMOpx Ponton XP 6
MRC Day Ahead Coupling - Delay in Market Coupling An issue occurs during the Market Coupling Session triggering a delay in the Market Coupling Session. The MRC Coordinator will send a series of delay messages that will be forwarded by the PX at 11:42 and 12:20. 7
Market Messages for Delays in Coupled SEMOpx DAM Auction with MRC Sending Time 11:42 Market Message Title [ExC_02]: Delay in Market Coupling Results publication Communication Please be aware that the publication of the Market Coupling Results is delayed until further notice. The Market Coupling Results will be published as soon as they are available. If needed, another delay message will be sent out. Please be aware that the publication of the Market Coupling Results is delayed until further notice. 12:00 UMM_01a: Delay in final Market Coupling Results publication The Market Coupling process is delayed due to technical reasons or market issues. Therefore, the publication of the final Market Coupling Results is delayed. 12:20 [ExC_03b]: Further Delay of the Market Coupling Session Please be aware that the Market Coupling Session is delayed. Therefore, the Market Coupling Session encounters a risk of Full Decoupling. If the Final Market Coupling Results are still not available at HH:MM, another message will be sent out in order to announce the Full Decoupling 8
Market Messages for Publication Delays in Decoupled (Local) SEMOpx DAM Auction Sending Time 12:00 Market Message Title UMM_01b: Delay in Local Market Results publication Communication Please be aware that the Local Market Results publication is still delayed due to technical reasons or market issues 12:20 UMM_01c: Delay in Local Market Results publication Please be aware that the Local Market Results publication is still delayed due to technical reasons or market issues. 12:50 UMM_01d: Delay in Local Market Results publication Please be aware that the Local Market Results publication is still delayed due to technical reasons or market issues. 9
MRC Day Ahead Coupling - Second Auction Before and after the gate closure, EPEX SPOT will perform a test price calculation into ETS (local calculation) in order to check the estimated prices. In case price(s) -150 EUR/GBP or 1.500 EUR/GBP, a Second Auction will be run. The Second Auction is officially triggered if after receiving the Market Coupling Results from the PMB the thresholds remain reached. Reopening of order books for 10 minutes at a time agreed in the Incident Committee. EPEX SPOT will send a negative Preliminary Confirmation to the PMB with the correct reason of rejection (price thresholds reached). An Incident Committee call will be triggered then by the Coordinator. The SEM-GB and PCR Market Coupling Procedures will be followed to perform the Second Auction. EPEX SPOT will reopen the order books for the SEMOpx markets even if price thresholds are detected only in other bidding areas. 10
Market Messages for Second DAM Auction at SEMOpx Sending Time 11:35 Market Message Title [ExC_01]: Thresholds reached - Reopening of the order books Communication Due to the exceeding of the predefined price thresholds, a Second Auction is triggered. Consequently, the PX order books will be reopened at HH:MM for exactly 10 minutes. Therefore, the publication of the Market Coupling Results is delayed. High/low prices are detected the following bidding areas and hours: Disclaimer: The timings are expressed as CET timings. Disclaimer for entering or modifying orders: In case a Second Auction is triggered, an Exchange Member is authorized to adjust its orders according to the following rules: a) For all hour(s) for which thresholds have been reached: - In case of high prices: add sale volumes, remove purchase volumes, lower the prices of the sell and/or purchase Orders; - In case of low prices: add purchase volumes, remove sale volumes, increase the prices of the sell and/or purchase Orders. b) For all hour(s) for which thresholds have not been reached: - Order modification is authorized if the Exchange Member can justify its intention to improve the situation of the Market Area and hour(s) for which thresholds have been reached. Please refer to the PX Operational Rules for other specific cases. 12:00 UMM_01a: Delay in final Market Coupling Results publication The Market Coupling process is delayed due to technical reasons or market issues. Therefore, the publication of the final Market Coupling Results is delayed. 12:20 [ExC_03b]: Further Delay of the Market Coupling Session Please be aware that the Market Coupling Session is delayed. Therefore, the Market Coupling Session encounters a risk of Full Decoupling. If the Final Market Coupling Results are still not available at 13:50, another message will be sent out in order to announce the Full Decoupling 11
MRC Day Ahead Coupling - Partial and Full Decoupling of MRC MRC procedures, the two reasons for triggering a Partial Decoupling of MRC are: Capacities (CZCs) for NI-GB2 and/or ROI-GB2 still missing at 10:45 Missing SEMOpx order book at 11:40 Depending on the reason for declaring the MRC Full Decoupling (FD), there are two main cases, each of them with its specific deadline: Full Decoupling 11:50 deadline; Full Decoupling known in advance 09:30 deadline. 12
MRC Day Ahead Coupling - Regional Coupling after MRC Full Decoupling If SEMOpx is decoupled following an MRC Full Decoupling at 13:50, EPEX SPOT will run a Local Auction for the SEMOpx markets by following the below steps: At 12:50, The MRC Coordinator will declare the Full Decoupling As soon as the MRC Full Decoupling is declared, EPEX SPOT will inform SEMOpx Market Participants about the reopening of the order books for 20 minutes by sending the ExC_03b: Full Decoupling message. At 12:58, EPEX SPOT shall open the SEMOpx order book for 20 minutes in ETS (if this is technically possible, meaning if ETS is up and running). At 13:18 (or 20 minutes after the reopening of the order books), EPEX SPOT shall close the SEMOpx order book in ETS. The local algorithm calculation will start in ETS. If price thresholds are reached ( -150 EUR/GBP or 1500 EUR/GBP), a Second Auction will be triggered, the message UMM_05 will be sent to all parties (according to the Contact List) and to the SEMOpx Market Participants. The SEMOpx Order Books will be reopened for 10 minutes in order to allow the Market Participants to adjust their orders. The Local Market Results will be published as soon as possible (around 13:25 if no Second Auction is triggered) and not later than 13:45. 13
SEM-GB Intraday Auctions Coupling In order to perform the Intraday Auctions (IDAs), the SEM-GB IDA procedures will be used following the normal process timeline mentioned below. CZC reception at the PX side Step Description SEM-GB IDA 1 Expected Time 15:30 latest at 18:15 SEM-GB IDA 2 Expected Time 06:30 latest at 07:45 Order Book Gate Closure 17:30 08:00 Start of the Calculation 17:35 08:05 Preliminary Publication of the Market Coupling Results + Sending of Results for validation to EirGrid/SONI 18:00 08:30 Final Confirmation of the Market Coupling Results 18:07 08:37 Final Publication of the Market Coupling Results 18:10 08:40 Trade files generation and dispatch to ECC 18:25 08:55 ECC Notification deadline D+1 at 09:00 D+1 at 09:00 14
SEMOpx Intraday Local Auction IDA3 EPEX SPOT will run an Intraday Local Auction for the SEM areas (ROI and NI), according to the normal process timeline below. Step Description Local IDA 3 Expected Time Order Book Gate Closure 14:00 Start of the Calculation 14:05 Regular Local Market Results Publication 14:15 Trade files generation and dispatch to ECC 14:30 ECC Confirmation of trades 14:45 ECC Notification deadline D+1 at 09:00 15
Market Messages Intraday Auctions at SEMOpx Sending Time Market Message Title Communication 18:00 IDA1 08:30 IDA2 18:00 to 18:50 IDA1 08:30 to 08:40 IDA2 18:30 IDA1 09:00 IDA2 SEM-GB_IDA_ExC_02: Delay in Market Coupling Results publication for the Intraday Auction. SEM-GB_IDA_ExC_03 Further delay of the Intraday Auction. SEM-GB_IDA_ ExC_04a: Full Decoupling due to CZC reasons and running of local auctions. 18:50 SEM-GB_IDA_ExC_04b Full Decoupling and Cancellation of the Intraday Auction. Please be aware that the publication of the Market Coupling Results is delayed until further notice. The Market Coupling Results will be published as soon as they are available. If needed, another delay message will be sent out. Please be aware that this Intraday Market Coupling Session is delayed. Therefore, this Intraday Auction encounters a risk of Full Decoupling and Cancellation. If the Final Market Coupling Results are still not available at HH:MM, another message will be sent out in order to announce the Full Decoupling and the cancellation of this Intraday Auction. Due to Cross-Zonal Capacities issues related to EWIC and Moyle, the SEM-GB areas are declared as decoupled for this Intraday Auction. The order books will be closed at the regular time and local auctions will be run for the SEMOpx markets (NI and ROI) and for EPEX GB markets. Due to technical reasons or market issues, the SEM-GB areas are declared as decoupled. This SEM-GB Intraday Auction is cancelled and no local auction will be run for the SEM-GB areas. 15:15 16:00 SEMOpx_01: Delay in Local Market Results publication for (IDA3) SEMOpx_02: Cancellation of Local Intraday Auction (IDA3) The Local Market Results publication for IDA3 is delayed due to technical reasons or market issues. Therefore, the publication of the Local Market Results is delayed. If the results are not available by 16:00 CET, the IDA3 will be cancelled and another market message will be sent out. Due to technical reasons or market issues, the Local Intraday Auction (IDA3) is declared as cancelled. 16