Day Ahead Market
Trading on a short-term market is conducted through a central auction with gate closure time as a deadline for submission of orders with delivery on the next day, with the calculation of the marginal market price.
The price is determined on the basis of aggregating all purchase and sale orders received by the power exchange members in a way that, based on their orders, the aggregated supply and demand curve is formed, for each hour of trading. The intersection of these curves gives the market price and the members of the power exchange whose orders have been accepted trade electricity with the same unique price for a specific hour of trading.
CROPEX's Day Ahead market is coupled across the Croatian-Slovenian and Croatian-Hungarian borders to the European Single Day Ahead Coupling (SDAC).
One of the key elements on which SDAC is based is the EUPHEMIA algorithm (Pan-European Hybrid Electricity Market Integration Algorithm).
EUPHEMIA is used to calculate electricity allocations, net positions and electricity prices across Europe, with the aim of maximizing overall welfare and increasing the transparency of electricity price and flow calculations.
The public description of the EUPHEMIA algorithm can be found at the following link (valid from 12.10.2020).
Intraday Continuous Market
Intraday continuous market is a market for continuous trading in products during trading hours where transactions are matched automatically when concurring orders are registered in the Intraday trading platform.
Transactions may be made up to 30 minutes prior to delivery and the gate opening is at 15:00 D-1. In Intraday Market members can trade with Hourly, Quarter Hour and Hourly Block Orders defined by members.
The following order types are available:
- Fill
- All-or-Nothing (AoN)
- Fill-or-Kill (FoK)
- Immediate-or-Cancel (IoC)
- Iceberg Order (IBO)
- Block Order
Intraday Auctions Market
The IDAs are organized as implicit auctions where collected orders shall be matched, and cross-zonal capacity shall be allocated simultaneously for different bidding zone borders.
IDAs take into account all valid orders submitted for the respective auctions and determine prices for the relevant bidding zones based on matched orders.
Cross-zonal capacities cannot be allocated simultaneously for IDAs and for continuous trading. Therefore cross-zonal capacity allocation within the continuous SIDC shall be suspended for a limited period during which the cross-zonal capacities shall not be allocated through the continuous SIDC.
CROPEX's Intraday Auction Market is connected across the Croatian-Slovenian and Croatian-Hungarian borders to European Single Intraday Market Coupling. CROPEX members can trade 15-minute products and 15-minute block products on the Intraday Auction Market.
- IDA1: Gate Closure Time for market parties at D-1 15h. Allocated period D [0h-24h]
- IDA2: Gate Closure Time for market parties at D-1 22h. Allocated period D [0h-24h]
- IDA3: Gate Closure Time for market parties at D 10h. Allocated period D [0h-24h]