Intraday Market

Intraday markets are an important tool for market agents to adjust, through the submission of offers of sale and acquisition of energy, their program resulting from the day-ahead market according to the needs they expect in real time.

Intraday markets are currently structured in six auction sessions in the MIBEL area and a continuous European cross-border market:

The aim of the intraday auction market is to address, through the submission of offers of sale and acquisition of electric energy by market agents, the adjustments to the Definitive Viable Day-ahead Schedule whose programming basis is the result of the day-ahead market.

The intraday auction market is currently structured in six sessions with different programming horizons for each session and manages the price areas of Portugal and Spain, and the free capacity of the interconnections: Spain-Portugal, Spain-Morocco and Spain-Andorra.

The schedule resulting from each session of the intraday auction market is the Basic Intraday Program of Incremental Cassation (PIBCI). The system operator, based on this program, publishes the resulting program the Final Schedule (PHF).

The intraday auction market is currently structured into six sessions with the following hourly distribution per session:

  SESSION
SESSION
SESSION
SESSION
SESSION
SESSION
Auction Opening time 17:00 21:00 01:00 04:00 08:00 12:00
Auction Closing time 18:50 21:50 01:50 04:50 08:50 12:50
Matching Process 18:50 21:50 01:50 04:50 08:50 12:50
Results publication (PIBCA) 18:57 21:57 01:57 04:57 08:57 12:57
TSOs Publication (PHF) 19:20 22:20 02:20 05:20 09:20 13:20
Schedule Horizon (Timing periods included in the horizon) 27 horas
(22-24 y 1-24)
24 horas
(1-24)
20 horas
(5-24)
17 horas
(8-24)
13 horas
(12-24)
9 horas
(16-24)

The schedules are the ones established in the Electricity Market Activity Rules. Those that appear in the attached table are the possible schedules limit.

The continuous intraday market, like the intraday auction market, offers market agents the possibility of managing their energy imbalances with two fundamental differences with respect to the auction:

  • In addition to gaining access to market liquidity at the local level, agents can benefit from the liquidity available in markets in other areas of Europe, provided that cross-border transport capacity is available between the zones.
  • The adjustment can be made up to one hour before the moment of delivery.

The continuous intraday market is managed by the designated market operators (in the first phase, the operational NEMOs are OMIE, EPEX SPOT and EMCO) responding to the mandate of Regulation (EU) 2015/1222 to create an intraday continuous European cross-border market. The purpose of this market is to facilitate energy trade between different bidding zones of Europe in a continuous manner and increase the overall efficiency of transactions in intraday markets throughout Europe.

The program resulting from each round of the continuous intraday market is the Basic Intraday Program of Continuous Incremental Cassation (PIBCIC). The system operator, based on this program, publishes the resulting program the Continuous Final Schedule (PHFC).

Multiple offers of purchase or sale may be submitted for each unit of production or acquisition.

Bidding in the Intraday Auctions Market

They will be able to submit bids of sale or acquisition of electrical energy in the intraday markets of auctions all the agents of the market.

Purchase or sale bids of electric power that sellers in the intraday auction market submit to the market operator can be simple or include complex conditions because of their content.

Simple bids are economic bids of sale or acquisition of energy, of 1 to 5 stretches, that the sellers submit for each time period and unit of sale or acquisition of which they are holders. These simple bids express a price and an amount of energy, with the price increasing in each tranche.

Purchase or sale bids that include complex conditions are those that, fulfilling the requirements demanded for the simple bids, incorporate all, some or some of the following complex conditions:

  • Load gradient.
  • Minimum income; Maximum payments.
  • Full acceptance in the matching of the first section of the sale bid.
  • Full acceptance in each hour in the matching of the first section of the sale bid.
  • Condition of minimum number of consecutive hours of full acceptance of the first tranche of the sale bid.
  • Maximum energy.

The conditions of load gradient and minimum income are the same as those described in the day-ahead market. The condition of maximum payments is equivalent to the minimum income applied to energy purchases, which will not be matched if the cost is higher than a fixed value, plus one variable per married kWh.

The condition of full acceptance in the matching of the first tranche of the bid of sale or acquisition allows the sales bid to set a profile for all the hours of the intraday market, which can only be matched in the case of being in the market. first section of all hours. This allows to adjust the programs of the production or acquisition units to a new profile, or if it is not possible in one part, to leave the previous program without modifying some of the hours individually. This option is used when the programming of a few hours is only possible if it is also possible in others, such as to advance the start or stop process, avoid boiler bottling, etc.

The condition of complete acceptance in each hour in the matching of the first section of the bid of sale or acquisition, implies that only the first installment will be programmed, in case of being matched in its entirety, with all the sections being removed. of that hour, and the bid made for the rest of the hours not being withdrawn. This option is useful for programming groups that produce (technical minimum) or consume (pump consumption), a minimum value or nothing. It can also be equally useful for consumers to express a similar situation.

The condition of the minimum number of consecutive hours with full acceptance of the first tranche of the bid could be applied when the production or acquisition unit must produce or stop consuming consecutively at least a number of hours. The same condition would apply to a consumer who, for example, cannot start a factory for a number of hours lower than the one specified in the bid.

The maximum energy condition allows supply or acquisition units that have a limitation on the availability of energy, bid at all hours but limiting the matched value to an overall energy maximum. This condition is necessary due to the volatility of the prices of the intraday market between hours, which does not allow knowing the hours in which the production or acquisition units can match, and yet there is a limit to the energy that can be sold, such as the case of pumping generation units.

The bid offers for each intraday market session must respect the unit limitations corresponding to the offer unit made available to the market operator by the system operators at the beginning of the session.

Matching processes and results in the indraday auction market

The market operator will make the matching of the purchase and sale bids of electric energy, by means of the simple or complex matching method, according to simple bids or those that incorporate complex conditions.

The simple matching method is that which independently obtains the marginal price, as well as the volume of electric energy that is accepted for each purchase and sale offer, for each programming period.

The complex matching method obtains the matching result from the simple matching method, to which the load gradient condition is added, obtaining the simple conditioned matching. Through an iterative process, several conditioned simple casings are executed until all the married sales and acquisition units meet the declared complex conditions, this solution being the first provisional final solution.

Through an iterative process, we obtain the first definitive final solution that respects the maximum capacity of international interconnection with the electrical systems external to the Iberian Market.

In case of internal congestion in the Iberian Market (congestion in the interconnection between the Spanish and Portuguese electricity systems), the previously described process is repeated, making a market splitting that obtains a price in each zone of the Iberian Market, without congestion internal between both electrical systems.

Both in the simple matching method and in the complex, it will be ensured that any bid that does not comply with the limitations imposed by the operators of the security system is not matched, or that unable to meet said limitations the matched bids allow to approach their fulfillment.

The price in each programming period will be equal to the price of the cut-off point of the sales and purchase curves.

Continuous Intraday Market

Commission Regulation 2015/1222 of July 24, 2015 establishing a guideline on capacity allocation and congestion management has established an objective model for intraday markets based on the continuous negotiation of energy in the market. that the capacity of the interconnection between zones is assigned implicitly.

A group of European market operators, including OMIE, launched a project to implement the new continuous intraday market. The purpose of this project (known as XBID) is to allow intraday trade of electricity between different areas of Europe in a continuous manner and increase the overall efficiency of transactions in intraday markets across Europe. The solution developed in the context of this project will allow the creation of an integrated intraday European market.

With this continuous intraday market, the possibility that market players can manage their energy imbalances is significantly improved as they can benefit not only from the liquidity of the market at national level, but also the liquidity available in the markets of other bidding zones.

The solution of a continuous European intraday single market is based on a common computer system that is the backbone of the European solution, to which the local intraday markets operated by market operators are linked, as well as the availability of full commercial capacity of cross-border interconnections provided by system operators.

The energy purchase and sale bids introduced by the market participants in a country may be matched by the orders submitted in a similar manner by the market participants in any other country that is connected to the central computer system, provided that there is capacity to cross-border transport available between the zones.

The solution of the European intraday continuous market is compatible with the maintenance of regional intraday auctions (as is the case of the intra-day auctions of MIBEL scope managed by OMIE), where this is decided by the national regulatory authorities. In the future, it will also be compatible with the implicit intra-day auctions of a pan-European scope that will be implemented in application of ACER Decision No. 01/2019 establishing a single methodology for pricing intraday cross-zonal capacity.