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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 offer quantites are determined by Market Operator as 0 Lot, maximum offer quantities determines by organization limits and KOPİ. In according to The Structure of Day-Ahead Market offers and the Procedures and Principles Regarding the Evaluation of offer the quantity of the flexible bids submitted to the day ahead market cannot exceed 100 MWh (1000 lots) and the quantity of the block bids cannot exceed 600 MWh (6,000 lots).
  • 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
  • The block offers may contain different quantity for each hour. The amount of blocks quantity can change to increase or decrease to 3 times in each consecutive hour
  • 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 consist of quantities that can changeable for a order time during a offer period and for these quantities, single price information for hour.
  • The order time interval covers a minimum of 8 hours and a maximum of 24 hours. The offer period may not exceed 4 hours for flexible orders.
  • Flexible orders can be submitted in purchase and sale.
  • Participants are enable to submit maximum 6 different flexible order in a delivery day.
  • The same offer period may not contain both purchase and sale quantity.

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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