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SPOT ELECTRICITY MARKET

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Matching

An order with the best available price has a priority.

As for 2 orders with the same price, order with the earlier system record time, has the priority.

Orders with the highest bidding price and the lowest asking price will be listed on the order book as top offers.
 

Hourly Orders

  • When an order matches with an already existing offer, matching price will be equivalent to existing offer’s price.
     

Matching Rules for Hourly Orders

Hourly orders in ‘buy’ direction:

  • If the bid price is greater or equal to best available ask price, quantities will be compared:
    • If bid quantity is equal to the best ask quantity, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing ask price.
  • Order status will be updated as MATCHED, matched sell order will be taken out of the list of other active orders and the list of best available orders will be updated.
    • If bid quantity is greater than the best ask quantity, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing ask price.
    • Buy order will be executed in the amount of ask quantity. Sell and buy order status will be updated as MATCHED and PARTIALLY MATCHED respectively and matched sell order will be taken out of the list of other active orders.
    • As for the remaining bid quantity, system will look up a new possible matching; unless it can match, order will be recorded as the best available bid on the order book. Top orders list will be updated and arranged in order.
       
  • If bid quantity is less than the best ask quantity, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing ask price.
    • Buy order will be executed in the amount of bid quantity. Buy and sell order status will be updated as MATCHED and PARTIALLY MATCHED respectively and partially matched sell order quantity will be updated and kept on the order book.
       
  • If bid price is less than the best ask price, order will be put on the order book among best buy orders based on its price.
     

Matching Rules for Hourly Sell Orders

Hourly orders in ‘sell’ direction:

  • If the ask price is less than or equal to the best available bid price, quantities will be compared:
    • If ask quantity is equal to the best bid quantity, orders will match.

      • Transaction will be executed in line with the matching price which is equal to the existing bid price.
      • Order status will be updated as MATCHED, matched buy order will be taken out of the list of other active orders and the list of best available orders will be updated.
         
  • If ask quantity is greater than the best bid quantity, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing bid price.
    • Sell order will be executed in the amount of bid quantity. Buy and sell order status will be updated as MATCHED and PARTIALLY MATCHED respectively and matched buy order will be taken out of the list of other active orders.
    • As for the remaining ask quantity, system will look up a new possible matching; unless it can match, order will be recorded as the best available sell order on the order book. Top orders list will be updated and arranged in order.
       
  • If bid quantity is less than the best ask quantity, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing bid price.
    • Sell order will be executed in the amount of ask quantity. Sell and buy order status will be updated as MATCHED and PARTIALLY MATCHED respectively and partially matched buy order quantity will be updated and kept on the order book.
       
  • If ask price is greater than the best bid price, order will be put on the order book among best sell orders based on its price.
     

Block Orders

Order start times, durations and quantities should be equal for block orders to be matched. In addition prices should be proper for matching.
 

Matching Rules for Block Orders in Buy Direction

Once a new block order-in buy direction-is placed, it is compared with suitable orders on the order book.

  • If the start time, duration and the quantity of a block order in the buy direction are equal to those of a sell order:
    • In case the proper ask price is less than or equal to bid price, orders will match.
    • Transaction will be executed in line with the matching price which is equal to the existing ask price.
    • Matched order will be taken out of the order book and block order list will be updated.
    • Unless these conditions are met, no matching will be executed and this block order will be added to the block order list.
       

Matching Rules for Block Orders in Sell Direction

Once a new block order-in sell direction-is placed, it is compared with suitable orders on the order book.

If the start time, duration and the quantity of a block order in the sell direction are equal to those of a buy order:

  • In case the proper bid price is greater than or equal to ask price, orders will match.
  • Transaction will be executed in line with the matching price which is equal to the existing bid price.
  • Matched order will be taken out of the order book and block order list will be updated.
  • Unless these conditions are met, no matching will be executed and this block order will be added to the block order list.

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