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Nord Pool��������+%
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n *@2+�Financial market�• CH' ��$!�
n /)2+�Day Ahead market, Elspot�• /)12-[G→� "%CH �'�CH�31�*@2+�L\CH�DT�• 7�����OANER�;)2+�J�;�
n ;)2+�Intraday market, Elbas�• 6ZU��:W�1-0/���P-9>�MF
n 8Q42+�Balancing market�• TSO�<V��,-,R�Y?����8Q4�8S
n �(#&( XI�Imbalance settlement�• 6ZU�.�TSO�K<5�6Z=�6TU�B�XI
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n Single Hourly Ordershttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Hourly-bid/
n Block Orders• Regular Block Orders• Profile Block Orders• Curtailable Block Orders; Minimum Acceptance Ratio• Linking of Block Orders
http://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Block-bid/
n Exclusive Groupshttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/exclusive-group/
n Flexible Hourly Ordersn Flexible Ordershttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Flexi-order/
�������� 4
Single Hourly Orders 5
} Order to buy and/or sell electricity for the 1-24 hours on the following day:– 0,1 MWh resolution– An order consists of both price and volume
} One order may have up to 200 price steps:– All orders must contain at least the minimum price
(-500 €/MWh) and the maximum price (3000 €/MWh)
– In addition, an order may contain up to 198 price steps
– Volume between two price steps is linearly interpolated
} One order per price area
} Submitting illogical orders is prevented
} Orders are created anonymously without any knowledge about others traders’ orders
��Nord Pool������
Regular Block Order 6
} “Fill or kill” order that can complement an hourly order:– Increases liquidity and flattens out the sell and
buy curves– One trading portfolio can contain up to 50 block
orders
} Trader must define three attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)– Duration (min. 3 hours)
} Originally designed for thermal power producers but can be applied for other purposes as well
} Delivery price for an accepted block order is the area price per hour of the respective bidding area
23 241 11 12 13 14 15 16100,0
2 3 4
110,0
120,0
130,0
140,0
19 20 21 2217 187 8 9 105 6
Block A(spot avg. 122,0)
Block B(spot avg. 130,0)
Block C(spot avg. 130,0)
126,0
132,0
121,0
Spot-pricePrice
Time
Block order acceptance price(minimum price for sell block)
Not accepted Not accepted
Accepted
��Nord Pool������
Profile Block Order 7
��Nord Pool������
} A profile block order is a block order where volume can differ over the entire time span of the block:– Order must be uniform, zero volume is not allowed
} Block duration is minimum three hours:– Volume can change hourly
} The weighted average price over the duration of the order is used to determine acceptance
} Price of an accepted block order is always the same as area price of the respective bidding area
Time
Volume
Time
Volume
CHILDGRAND CHILDPARENT
Example
Curtailable Block Orders 8
} Curtailable block orders can be partially filled according to a user-defined Minimum Acceptance Ratio (MAR):– A block with minimum acceptance ratio of 1
(100%) is said to be fill-or-kill: it is either fully accepted of fully rejected.
– A block with a minimum acceptance ratio of 0.5 (50%) may be curtailed up to 50%.
– A block with a minimum acceptance ratio of 0 (0%) is fully curtailable.
} The same minimum acceptance ratio will be used for all hours of the block order (also on profile block orders)
Example:Block order with ‘MAR’
DURATION: 00:00 – 10:00 VOLUME: -50 MWPRICE: 200 EURMAR(%): 80 %
In the example, the trader allows the block order to be curtailed down to 40 MW (80%) and still be accepted. This will apply for all
hours.
��Nord Pool������
Block Order� ��Linking� 9
Child
} Block orders can be linked together:– Normal block orders– Profile block orders– Curtailable block orders
} Linked blocks are evaluated as a group:– The whole group can be accepted although the
first block would create a loss, as long as the group as a whole is profitable
– Linked blocks are always executed in the original order: it is not possible to ‘jump over’ a block
} Possible to link altogether 13 block orders:– One parent can have three children– Each child can have three grand-children
} Since June 2016 onwards, it is possible to link buy and sell block orders
Parent
Time
Price
Spot price
loss
gain
Overall principle: maximize social
welfare
Example
���Nord Pool�����
Exclusive Group 10} An Exclusive Group is a cluster of buy and/or sell blocks which are entered with varying
volumes, prices, and periods, and out of which maximum one block can be activated (It is possible that none of the blocks is activated):– Acceptance rules are the same as for regular blocks– If several blocks in an exclusive group are within the user-defined price limit, the block giving the
highest social welfare will be accepted– One portfolio may contain a maximum three exclusive groups and each exclusive group can contain
a maximum 15 block orders– An exclusive group can have both profile blocks and blocks with a defined MAR– Linking of block orders within an exclusive group is not possible
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Block A
Block B
Block C
Block D
Illustrative example of an exclusive group consisting of two four-hour block orders and two six-hour block orders
��Nord Pool������
A�D�������������� ��1�����
Flexible Hourly Order 11
} A one hour sell or buy order without a time restriction:– Flexible hourly order is activated for the hour
that gives the highest social welfare
} Trader must define two attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)
} Each market participant can have a maximum number of five flexible hourly orders per bidding area
} Order of acceptance:1. Price2. Time
Example
01 3 5 7 9 11 13 15 17 19 21 23
Time
25
50
75
100
Price
Flexible hourly order:50 EUR, 50 MW
Elspot price
Flexible hourly order activates on the hourthat gives highest social welfare.
��Nord Pool������
���1� ���������
Flexible Order 12
} A sell or buy order with a length of one or more hours without a mandatory time restriction:– Flexible order is activated for the period it creates highest social welfare
} Trader must define following attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)– Duration (1 ≤ X ≤ 23 hours)– Time interval (must be at least Duration + 1)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30 -30 -30 -30
-30 -30 -30 -30-30 -30 -30 -30
-30 -30 -30 -30-30 -30 -30 -30
-30 -30 -30 -30-30 -30 -30 -30
-30 -30 -30 -30-30 -30 -30 -30
Flexible order activates on the period that gives highest social welfare.
��Nord Pool������
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EU������������ 13
TURKEY
BULGARIA
ROMANIA
MOLDOVA
UKRAINE
BELARUS
LITHUANIA
LATVIA
ESTONIA
RUSSIA
GREECE
ALBANIA
MACEDONIA
KOSOVOMONTE-NEGRO
SERBIABOSNIA & HERZEGOVINA
CROATIASLOVENIA
HUNGARY
ITALY
AUSTRIASWITZERLAND
PORTUGAL SPAIN
ANDORRA
FRANCE
SLOVAKIACZECH REPUBLICLUXEMBOURG
BELGIUM
IRELAND
UK
NETHER-LANDS
POLAND
GERMANY
DENMARK
FINLANDSWEDEN
NORWAY
Part of PCR initiative today4 MMC
Independent
PCR�Price Coupling Regions23�������������EU��! 90��"�
4M Market Coupling
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n Nord Pool• (%?0$���51�=*• 6;�L@2<�4:�(%?0$��������
n PCR Matcher Broker• Nord Pool� �PCR�?0���(%���51�=*
• Euphemia��&)���7-�")���K�+��>(%���������
n Euphemia• JE�#I�6;�,G�L@�2<
.FH!����' (%�6;2< 14
6?�������EUPHEMIA 15
} EUPHEMIA: EU + Pan-European Hybrid Electricity Market Integration Algorithm
} It maximizes the welfare of the solution:– Most competitive price will arise– Overall welfare increases– Efficient capacity allocation
} Utilized by six power exchanges (PX) each operating several bidding areas:– All bidding areas are matched at the same
time– Each bidding area can obtain a different
price. Price must respect maximum and minimum market price boundaries
������� ��������#� �!���
!2�Nord Pool�����)>
EUPHEMIAEU + Pan-European HybridElectricity Market Integration Algorithm
��"��������9�?!�/�HF&�:=�,(�K"�8��E7C<I�JB&�@�0
EU�6�.42 ��;+A.42�M5�����G*�,�����#$ :=6?����N L��:= �����:=�A����3%��� D:=�'D:= ��1-
n ����
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n 2 -" G�')�?TSO�.*• DNK, LVA, LTU, NOR, SWE, GBR�1��• FIN, EST�30��•DEU�20���#!TSO���,�B�0���
Nord Pool 2 -"36 16
�/(�2 -"�������&>�E5+�A$7*< https://www.nordpoolgroup.com/message-center-container/newsroom/exchange-message-list/2017/q4/nord-pool-to-launch-new-cross-border-intraday-auctions-concept/>
n����������• +!-(SD*�RM4$Q�N=
n��� ��������• ��7B�?P��L�O���• ;F�6!-(����2���� ���",� )?&%'�>.#A�� ��35T�
• /*�I?H@9�XBID�0;���E)1�� GC:�
&%'K<��6!-(�8J 17
XBID: Cross Border Intraday 18
TURKEY
BULGARIA
ROMANIA
MOLDOVA
UKRAINE
BELARUS
LITHUANIA
LATVIA
ESTONIA
RUSSIA
GREECE
ALBANIA
MACEDONIA
KOSOVOMONTE-NEGRO
SERBIABOSNIA & HERZEGOVINA
CROATIA
SLOVENIA
HUNGARY
ITALY
AUSTRIA
SWITZERLAND
PORTUGAL SPAIN
ANDORRA
FRANCE
SLOVAKIACZECH REPUBLICLUXEMBOURG
BELGIUM
IRELAND
UK
NETHER-LANDS
POLAND
GERMANY
DENMARK
FINLAND
SWEDEN
NORWAY} EU target model for a
Common European Cross-Border Intraday Market
} 4 Power exchanges and 17 TSOs
} Go live target date:Q3 2017
} Equal treatment
} Shared Order Book
TSOs and PXs participating f or developing and implementing the XBID Solution
PXs participating; TSO observ er
PXs participating, adherence to joint project ongoing
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XBID� ��� 19
TSOs
Other Powerexchanges
Nord Pool Members
Shipping agents
Central Counter Parties
Shared Order Book
Capacity Manage-
ment
Shipping
§ Intraday Web§ API§ TSO Nomination
§ 1st line support§ Clearing§ Remit reporting§ UMM§ Local products§ Market data
Local Platforms
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/!(5�Annual Report� 21
’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09
Transparency � � � � � � � �
Innovation � � � � �
‘10 ’11 ’12 ’13 ‘14 ’15 ‘16
Transparency � � � � � � �
Innovation � � � � �
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��Annual Report�,9��
Nord Pool����� 22
Statnett – Norway – 28.2% Elering – Estonia – 2%
Svenska Kraftnät – Sweden –28.2% Litgrid – Lithuania – 2%
Energinet – Denmark – 18.8% AST – Latvia – 2%
Fingrid – Finland – 18.8%���Nord Pool������
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Nord PoolF��1� 24
1992 �"����)@8'E1993 Statnett Marked�Nord Pool+A�I31996 ����������
�����������Nord Pool��1998 � %!%��Nord Pool>61999 �$������?*2000 �%����Nord Pool>6
Leipzig Power Exchange�+&,(90.<�Nord Pool�35.4%/;�
2001 �%$%BK�%$%15��� %�G�#���C���=DJ-2�H��…:74
Nord Pool�+�2� 25
2006 ���������)�2010 ������Nord Pool�(#
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100.0%
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100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
1993
1994
1995
1996
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1998
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2000
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2002
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1,2
0,8
Net volume 0,4 TWhNormal trading fee
0,04 €/MWh
Gross trading volume(0,8 + 0,8 = 1,6 TWh)
Gross volume fee0,0035 €/MWh
Net volume fees per year: 0,4 TWh * 0,04 €/MWh = 16 000 €Gross volume fees per year: 1,6 TWh * 0,0035 €/MWh = 5 600 €Clearing fees per year: 2,0 TWh * 0,006 €/MWh = 12 000 €Total annual trading fees 33 600 € 13
SalesTWh
ProductionTWh
Total trading 2,0 TWh
0,8 + 0,8
0,4
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