After the Day-Ahead Market, SEMOpx run an Intraday Auction Market that allows participants to adjust their physical positions closer to real time.
How it works
The SEMOpx Intraday Auction Market consists of three daily auctions. For the first Intraday Auction (IDA-1) and second Intraday Auction (IDA-2) the SEM is coupled with the GB bidding area via Moyle and EWIC interconnectors. The third Intraday Auction (IDA-3) is a local SEM auction and is not coupled with the GB bidding area.
The following table outlines the auction start times and auction duration. Unlike the Day-Ahead Market, the Trading Period duration for each Intraday Auction is 30 minutes.
|Auction||Auction Start Time||Trading Periods||Auction Duration|
|IDA-1||17:30||23:00 – 23:00||24 hours|
|IDA-2||08:00||11:00 – 23:00||12 hours|
|IDA-3||14:00||17:00 – 23:00||6 hours|
Order Book timelines
The following table outlines the Order Book opening and closure times for the three Intraday Auctions.
|Auction||Order Book Opening||Order Book Closure|
|IDA-1||23:00 (D-19)||17:30 (D-1)|
|IDA-2||23:00 (D-19)||08:00 (D)|
|IDA-3||23:00 (D-19)||14:00 (D)|
The Intraday Auction Market is a dual currency auction. Exchange Members with Units registered in Northern Ireland are required to submit their bid data in GBP, and Exchange Members with Units registered in Ireland are required to submit their bid data in Euro.
The following Products are available to trade in the Intraday Auctions Market.
A Simple Order is a buy or sell Order related to one individual Trading Period.
A Complex Order is a sell Order that can be submitted for one or more Trading Periods, within a specified Trading Day. A Complex Order can be placed with the following conditions:
- Minimum Income Condition (with or without a Scheduled Stop Condition)
- Load Gradient (MWh)