ET Exercises

  1. What is the scheme of the Spot Market for hourly power delivery in GER
    • the Spot market can be splitted into Day-ahead Market and Intraday Market
    • Auctions are collected for Day-ahead until closure (noon)
    • ⇾ after closure an equilibrium price is found (12:30)
    • 15:00 ⇾ Intraday Market starts 
    • ⇾ not a fixed gate auction: continuously trading between two points in time
    • ⇾ trading is possible until 30min before delivery
    •    ↳last trading option between 30min and delivery is only in the local transmission network
  2. Comparison day-ahead & intraday
    • Day-ahead=fixed gate auctions:
    • participants submit buy/sell orders for several areas hours
    • submissions are closed at a pre-specified time (noon)
    • Market gets cleared

    • Intraday=continuous-time auctions: 
    • Participants continuously submitting orders
    • orders are stored
    • Each time a transactioon is feasible, it gets executed
  3. Price Determination by EPEX Spot
    • orders are sent to the Order Book (OB) by exchange members until:
    • ⇾ cancelation
    • ⇾ modification
    • ⇾ execution
    • ⇾ expiration
    • OB and transactions are anonymous
    • after closure, orders are binding and irrevocable
    • daily auctions after Book closure
    • price corresponds to the exchange members aggregated supply and demand curves
    • price determined by the algorithm at the time of auction is the price at which all the trades will be executed
    • algorithm aims at optimising the total welfare (seller surplus, buyer surplus, congestion rent and tariff rates)
    • algorithm determines the execution prices, the matched volumes and the net positions of each coupled market if applicable
    • it returns the selection of blocks that will be executed
  4. Why could the Phelix Peak Price be lower than Base Price?
    Due to renewable infeed during daytime (pv)
  5. What are Limit and Market Orders?
    • sending a LO indicated desire to buy/sell at a given price up to  certain quantity
    • ⇾ execution is not guaranteed

    • sending in a MO indicates desire to buy/sell a certain quantity at the best price available
    • ⇾ Execution is immediately after sufficient volume is available
  6. What is the LOB?
    The Limit Order Book is a collection of all currently available buy/sell LOs by time of arrival ⇾ sorted by price first, date second
Card Set
ET Exercises
Energy Trading