General
What is an explicit auction?
In an explicit auction, only transmission capacity is being auctioned. Any customer who wins capacity in an explicit auction will receive Transmission Rights to use the interconnector for the duration of the Product Period.
The customer will still need to purchase or produce the electrical energy that they want to transport from one market to another over the interconnector.
BritNed only offers explicit auctions and these are held for Long Term, Day Ahead and Intraday timeframes.
Does BritNed hold implicit auctions?
BritNed does not offer any capacity into implicit auctions.
In an implicit auction, transmission capacity and electrical energy are auctioned together. Implicit auctions are facilitated by power exchanges and are typically only used for Day Ahead and Intraday timeframes.
The Day Ahead market coupling mechanism that operates in the Internal Energy Market is an example of an implicit auction.
What is the high-level process for an auction?
All of our auctions follow a similar process:
• Auction specification published
• Auction runs
• Provision results published
• Final results published
• Notification of Transmission Rights
For Long Term and Day Ahead auctions, this process will run in eCAT. For Intraday auctions, this process will run in Kingdom.
What types of auctions does BritNed hold?
Annual, Quarterly, Monthly, Weekend and Day Ahead are held on the eCAT system.
Intraday auctions are held on the Kingdom system.
In the event of a planned outage, if I purchase monthly capacity with a planned outage in the month, does the auction include capacity for the days where there is a planned outage or does it exclude them?
Any auction that is held and covers a period that includes a planned outage, the planned outage dates will be removed from the capacity. E.g. For a monthly auction, it is a 31 day month with a 3 day planned outage, the auction product will have 28 days of capacity.
What time zone are auctions based on?
Central European Time (CET) and Central European Summer Time (CEST) are used as the time zones for all Long Term, Day Ahead and Intraday auctions.
• At 02:00 CET on last Sunday in March, time will be adjusted forward 1 hour to 03:00 CEST.
• At 03:00 CEST on last Sunday in October, time be adjusted backward 1 hour to 02:00 CET.
What is Delivery (D) day?
All processes and timings are depending on the Delivery day. For instance, if Delivery day is Wednesday, D-2 is Monday and D+2 is Friday.
Where can I find the latest auction schedule?
The latest auction schedules for Long Term, Day Ahead and Intraday auctions can be found on theAuction Schedules page.
Buy Now Auctions
What is the clearing mechanism for the Buy Now offers?
For the Buy Now offers, the Dutch auction mechanism is applied, which entails that the capacity is offered at a fixed price which is reduced over time. The offered capacity can be directly purchased on a first-come-first-serve base.
When are Buy Now offers made available?
The Buy Now offers are made available based on a fixed schedule which is available below. Additionally, BritNed will consider offering Buy Now offers in situations where an early return to service after an (un)planned outage is taking place.
- Buy-Now-Schedule.pdf
For which timescale are Buy Now offers made available?
Buy Now offers are for Intraday capacity.
How can the Transmission Rights from the Buy-Now offers be nominated?
For the nomination of Transmission Rights from Buy Now, the regular nomination process and timings apply. Therefore, these can be nominated via the normal Intraday nomination windows, without any additional actions or requirements.
How is the price of the Buy Now offers determined?
The price setting of the Buy Now offers is based on the historic Intraday prices. These are based on the (capped) maximum and minimum clearing prices from the previous auctions.
Where does the capacity of the Buy Now offers come from?
For the scheduled Buy Now offers, there is approximately 10% of the capacity reserved from the regular Intraday auctions. In case of an early return to service after an (un)planned outage, the capacity originates from the additional availability of the BritNed asset.
How many Buy Now offers are made available each day?
The number of Buy Now offers depends on the ATC that is available per delivery day.
How many Buy Now offers can be purchased?
There is no limit on the amount of Buy Now offers which can be purchased, provided offers are available.
What happens to the Transmission Rights from the Buy-Now which are not nominated?
The allocated capacity from Buy-Now offers are Intraday Transmission Rights, therefore these are subject to the same use It or Lose It principle as the Transmission Rights from the regular Intraday auction.
Can additional Buy Now offers be requested from BritNed?
BritNed will not release ad-hoc Buy Now offers on request.
When can the acquired Transmission Rights from the Buy Now be nominated?
The nomination process for Transmission Rights from the Buy-Now is the exact same as for any Intraday Transmission Rights. These can be nominated in the regular Intraday nomination windows, and also pre-nominated prior to this.
How much credit is required for the Buy Now purchase?
The credit limit needs to cover the total cost of the Buy Now purchase. The credit check for the Buy Now is done when purchasing the Buy Now offer.
Where can I find the Buy Now on the invoice?
The purchased Buy Now are separate invoice items.
What happens to the Buy Now offers in case of curtailment?
In case BritNed applies curtailment during an unplanned outage, any Buy Now offers which have capacity in the outage window, and which have not been purchased at that moment will be withdrawn.
What happens to the Transmission Rights acquired from a Buy Now offer in case of curtailment?
The Transmission Rights from the Buy Now are the same as the Transmission Rights from the regular Intraday auction, and therefore follow the same process of curtailment.
What notification is provided when Buy Now offers are published?
When Buy Now offers are published, Empire provides a message on the message board, including a link to the corresponding Buy Now offers.
Where are the Buy Now offers available on Empire?
An overview of all Buy Now offers is available via the Buy Now Offers (left menu item on Empire). Here all available Buy Now offers are shown and can be purchased.
Long Term Auctions
What is a Long Term capacity auction?
Long Term capacity auctions refer to all products that have a delivery period of longer than one day.
For more information, see theCapacity Auctions.
For details on when the auctions are taking place, seeAuction Schedules.
What is Use It Or Sell It (UIOSI)?
Capacity purchased in Long Term auctions and not nominated for physical delivery will automatically be placed in the relevant Day Ahead auction for sale with any revenues being returned to the customer.
When are Explicit Long Term capacity auctions held?
Auctions are held throughout the year for each of the Long Term products offered on the JAO eCAT platform. You can find the latestauction calendarhere.
Day Ahead Auctions
What is a Day Ahead capacity auction?
Day Ahead capacity auctions refer to a product that has 24, 1 hourly delivery periods for a given delivery day. The auction results will show 24 separate prices, one for each hour of the delivery day. The auction takes place the day before the delivery day, for example the Day Ahead auction that takes place on 21 March is for delivery on 22 March.
For more information, see theCapacity Auctions.
For details on when the auctions are taking place, seeAuction Schedules.
What is Use It Or Lose It (UIOLI)?
Capacity purchased in a Day Ahead auction and not nominated will be lost without any financial compensation.
Intraday Auctions
What is an Intraday capacity auction?
Intraday capacity auctions refer to a product that has hourly delivery period with the auction happening a few hours before delivery.
For more information, see theCapacity Auctions.
For details on when the auctions are taking place, seeAuction Schedules.
When are Intraday capacity auctions held?
There are currently four intraday auctions each day, you can find an overview of theschedulehere.
What is an Intraday Trading Limit (ITL)?
A limitation placed on BritNed by NGESO to reduce intraday capacity.
What is a Restriction on Market Parties (RMP)?
A limitation placed on BritNed by TenneT to reduce intraday capacity.
Why is an ITL or RMP placed upon BritNed?
An ITL or RMP can be put upon BritNed’s flow by the GB and NL System Operators, they can ask us to restrict our Intraday Auction capacity.
Where can I find ITL’s communicated?
ITL’s are communicated onETP.
Where can I find RMP’s communicated?
An RMP will be listed in the operational messages on theTenneT website. The message will have the title ‘Transport Restriction’.
The RMP value will also be reflected onETPunder ‘Intraday Transfer Limits’
How can I calculate the offered capacity in the Intraday Auction?
Participants will be able to calculate the offered intraday capacity, by taking the DC link value from ETP (link), and then adding or subtracting from BritNed’s netted nomination flow , which is available from the Aggregated Netted Nomination screen in RNP, and as per the formula and example below:
In the flow Direction:
DC link value – Netted Nomination = Offered Capacity.
Opposite flow direction:
DC link value + Netted Nomination = Offered Capacity.
Example
DC link value = 1016
Netted nomination = 600 NL – GB
NL to GB Offered capacity
1016 – 600 = 416MW offered capacity
GB to NL Offered capacity
1016 + 600= 1616MW offered capacity
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