Algorithm

The price coupling algorithm used by the Coupling Operator for simultaneously matching orders and allocating cross-zonal capacities to produce market results in accordance with the rules and procedures governing Multi-Regional Coupling, and known as EUPHEMIA.

API

Application Programming Interface.

Auction Price

The clearing price for a specific Trading Period in an Auction, at which all relevant Contracts in respect of that Trading Period arising out of the Auction will be settled.

Block Buy Order

A Block Order to purchase electricity.

Block Order

In relation to the intraday continuous market, this means an Order in respect of a specified Unit that relates to more than one Trading Period with the characteristics described in section D.1.3 of the Operating Procedures.

Block Sell Order

A Block Order to sell electricity.

Complex Order

In relation to a Day-ahead Auction, this means a Simple Order or set of Simple Orders in respect of a specified Unit that relates to one or more Trading Periods on a specified Trading Day, and which is subject to one or more Conditions, as described in section B.1.4 of the Operating Procedures.

Condition

A condition which an Order can be made subject to, as described in the Operating Procedures.

Cross-zonal Capacity

This has the same meaning as in CACM.

Currency Zone

In respect of a Unit, this means the Currency Zone for that Unit under the Trading and Settlement Code and may be Ireland or Northern Ireland.

ETS

The EPEX Spot trading system.

Fill or Kill Condition

This means the Order is immediately accepted for its full volume, the Order shall be cancelled and removed from the Order Book.

Fully Decoupled

In relation to:

(a) The MRC, has the meaning given in paragraph E.1.1.1(b) of the Operating Procedures; and

(b) The SEM and GB Regions, has the meaning given in paragraph E.2.1.1 of the Operating Procedures,

and “full decoupling” has a corresponding meaning.

Good for Session Condition

This means the Order will be cancelled and removed from the Order Book on closure of the Order Book for the Trading Period to which the Order relates.

Good Till Date Condition

The Order will be cancelled and removed from the Order Book after a specified date and time

Iceberg Condition

A Condition with the characteristics described in paragraph D.1.4.6 of the Operating Procedures.

IDA-1

The first Intraday Auction conducted for a Trading Day and covers all the Trading Periods in the Trading Day.

IDA-2

The second Intraday Auction conducted for a Trading Day and covers those Trading Periods 11:00 to 23:00.

IDA-3

The third Intraday Auction conducted for a Trading Day and covers those Trading Periods 17:00 to 23:00.

Immediate or Cancel Condition

Accepted immediately, fully or partially, the Order shall be automatically cancelled and removed from the Order Book.

Intraday Continuous Market

Accepted immediately, fully or partially, the Order shall be automatically cancelled and removed from the Order Book.

Load Gradient Condition

A Condition that defines the maximum increase or decrease of the accepted volume of an Order between adjacent Trading Periods and has the characteristics described in paragraphs B.1.4.6 and B.1.4.7 of the Operating Procedures.

Local Auction

An Auction conducted using the applicable Local Auction procedures described in section E.1.7 or paragraph E.2.2.2(b) of the Operating Procedures.

Maximum Day-ahead Price

The maximum price that can be published, in respect of a Day-ahead Auction.

Maximum Intraday Auction Price

The maximum price that can be published, in respect of an Intraday Auction. 

Maximum Intraday Continuous Price

The maximum price that can be traded in the Intraday Continuous Market.

Maximum Price Threshold

In respect of a Day-ahead Auction, this means the maximum price threshold specified in Schedule A.1 of Appendix A.

MIC

Minimum Income Condition.

Minimum Day-ahead Price

The minimum price that can be published, in respect of a Day-ahead Auction.

Minimum Income Condition

A Condition specifying that an Order is only to be considered for Matching purposes if the Exchange Member obtains at least a minimum income and has the characteristics described in paragraphs B.1.4.2 and B.1.4.3 of the Operating Procedures.

Minimum Intraday Auction Price

The minimum price that can be published, in respect of an Intraday Auction.

Minimum Intraday Continuous Price

The minimum price that can be traded in the Intraday Continuous Market.

Minimum Price Threshold

In respect of a Day-ahead Auction, this means the minimum price threshold specified in Schedule A.1 of Appendix A.

MRC

Multi-Regional Coupling.

Multi-Regional Coupling

The Market Coupling initiative under the framework of PCR which covers the SEM as a bidding zone (within the meaning of CACM).

Operating Procedures

The SEMOpx Operating Procedures: DAM, IDA, IDC made under the SEMOpx Rules, as modified or updated from time to time.

Partially Decoupled

In relation to the MRC, this has the meaning given in paragraph E.1.1.1(a) of the Operating Procedures, and “partial decoupling” has a corresponding meaning.

Participating Exchange

A power exchange or market that participates in the MCR, and includes the Exchange.

Price Quantity Pair (PQ Pair)

A price quantity pair included in an Order.

Region

A bidding zone (within the meaning of CACM) which is subject to Market Coupling within the MRC, and includes the SEM and GB bidding zones.

Scheduled Stop Condition

A Condition associated with a Complex Order which is subject to a Minimum Income Condition, and has the characteristics described in paragraphs B.1.4.4 and B.1.4.5 of the Operating Procedures.

Simple Buy Order

A Simple Order to purchase electricity.

Simple Order

An Order submitted by an Exchange Member that relates to a single Trading Period and a specified Unit, and in relation to:

(a) A Day-ahead Auction, has the characteristics described in section B.1.3 of the Operating Procedures;

(b) An Intraday Auction, has the characteristics described in section C.1.3 of the Operating Procedures; and

(c) The Intraday Continuous Market, has the characteristics described in section D.1.2 of the Operating Procedures.


Simple Sell Order

A Simple Order to sell electricity.

Trading Day Exchange Rate

This has the meaning given in the Trading and Settlement Code.

Trading Limit

The monetary value up to which an Exchange Member can trade over a specified period, that is set in accordance with the Clearing Conditions and section A.3 of the Operating Procedures.