DAY AHEAD AUCTION WITH DELIVERY ON THE SERBIAN CONTROL AREA
Size
The minimum volume increment is 0.1 MW.
Tick
The minimum price increment is EUR 0.1 per MWh.
Underlying
Electricity traded for delivery the following day in 24 hour intervals.
Special case:
A full 25 hour Excel template is needed when the clocks are set to winter time. Hour 3 and 3X can contain different values. When the time is switched to summer time the system automatically deletes the exceeding quantities for hour 3 (i.e. 2.00 am to 3.00 am).
Place of Delivery
Deliveries are made within the Serbian transmission system managed by EMS.
Auction hours:
24 hrs per day starting forty five days before Delivery Day, 7 days a week, year-round, including statutory holidays.
Order Book closes Daily at 11:00 am.
Publication time
The auction results are published as soon as they are available from 11:10.
Type of orders
Individual hours
Orders contain up to 256 price/quantity combinations for each hour of the following day. Prices must be between 0.0 €/MWh and 4000 €/MWh. The 254 prices are not necessarily the same for each hour. A volume – whether positive, negative or nil – must be entered at the price limits. A price-inelastic order is sent by putting the same quantity at the price limits.
Blocks
Block orders are used to link several hours on an all-or-none basis, which means that either the bid is matched on all hours or it is entirely rejected. Block orders have a lower priority compared with single hourly orders. The quantity may be different for every hour of the block. A block order is executed for its full quantity only. A block order is executed or not by comparing its price with the volume-weighted average of the hourly market clearing prices related to the hours contained in the block.
Standard block orders:
· Block Baseload covering hours 1 to 24
· Block Peakload covering hours 9 to 20
· Block Night covering hours 1 to 6
· Block Morning covering hours 7 to 10
· Block High Noon covering hours 11 to 14
· Block Afternoon covering hours 15 to 18
· Block Evening covering hours 19 to 24
· Block Rush Hour covering hours 17 to 20
· Block Off-Peak 1 covering hours 1 to 8
· Block Off-Peak 2 covering hours 21 to 24
· Block Business covering hours 9 to 16
· Block Middle-Night covering hours 1 to 4
· Block Early Morning covering hours 5 to 8
· Block Late Morning covering hours 9 to 12
· Block Early Afternoon covering hours 13 to 16
· Block Off-Peak covering hours 1 to 8 and 21 to 24
User Defined Blocks
Trading members have also the possibility to submit user-defined blocks linking several hours of their choice.
Particular conditions
A maximum of 10 block orders per portfolio and per delivery day can be entered by the participants. Maximum volume for a block Order is 30 MW.
