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SPOT ELECTRICITY MARKET

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Offers

General Principles

Participants can submit hourly and daily for a particular period of hour/hours and/or flexible offers to Day-Ahead Market.

  • Offers are composed of quantity and price information that can change for different hours
    • Submitted offer prices have centesimal sensitivity.
    • Offers can be made in terms of Turkish Lira, US Dollar, and Euro currencies
    • Offer prices submitted other than Turkish Lira are assessed by converting these prices into Turkish Lira by using daily CBRT bid rate
    • Offer quantity are submitted in terms of Lot as an integer number. 1 Lot is equivalent to 0,1 MWh
  • Offers can submitted as buying and selling offers. Depending on the sign in front of the offer quantity, the offer is market either as buying or selling offer. (For instance 100 Lot indicates a buying offer whereas -100 Lot indicates a selling offer)
  • Minimum and maximum price limits are determined by Market Operator as 0 TL and 2000 TL respectively. Depending on changing market circumstances, Market Operator updates minimum and maximum price limits and announce them via Market Management System to market participants.
  • Minimum and maximum offer quantities are determined by Market Operator as 0 Lot and 100.000 Lot respectively.
  • Offers submitted for same delivery date are recorded to the system as a new version in case they are updates.
    • Latest version of an offer is considered during matching,
    • Older version of offers can be viewed via Version Filter

Hourly Offers;

  • Hourly offers are composed of maximum 64 levels which is decomposed as maximum 32 levels of buying and maximum 32 levels of selling direction
  • Prices belonging to hourly offer levels must be determined in an increasing order
  • There can be no hourly offer exist both in buying and selling direction for same price level.
  • During formation of supply-demand curve, linear interpolation method is employed to interpolate values between two consecutive price/quantity levels.

Block Offers;

  • Block offers contain information regarding to price, quantity and time period encompassed
  • Block offers can encompass minimum of 3 hours and maximum of 24 hours
  • Block offer hours are determined as consecutive and whole hours
  • Block offers are processed as wholly-indivisible
  • Each block offer can either be accepted or rejected for the time period that it encompasses
  • Market participants can use existing block offer structures or they can determine their own block offer structure
  • Maximum number of block offers that can be submitted daily is 50
  • Linked block orders can be formed by determining at most 6 block offers in same direction (buying or selling) and given in same bidding zone. More than one linked block order can be submitted. The document regarding to linked block order structure can be downloaded from here.

Flexible Bids;

  • Flexible offers are composed of quantity and price information for any hour
  • Flexible bids can only be submitted for selling direction
  • Flexible bids are not related to a particular hour
  • Maximum number of flexible bids that can be submitted is 10

Bilateral Agreements;

  • Bilateral agreements are composed of information for 24 hours
  • Positive values are indicated in case of buying and negative values are indicated in case of selling
  • Values submitted by agreement parties are viewed as reciprocal of each other. One value is at buying direction whereas corresponding reciprocal value is at selling direction
  • Bilateral agreement are deemed valid as both parties submitted same absolute values.
  • Bilateral agreements can be submitted at most 60 days earlier. 

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