Energy and water regulatory commission published for public consultation draft operational rules of an organized electricity market. According to the Energy Act, the electricity exchange operator is obliged to submit to the Regulator for approval the Operational rules of an organized electricity market. In this regard, a proposal for new rules has been submitted to the EWRC by IBEX. In order to review the submitted proposal, a working group in the Regulator was assigned. Based on their analysis EWRC prepared draft of the Operational rules of an organized electricity market.
Here are some of the provisions worth mentioning:
- Single contract for participation on IBEX is introduced. A 3-month deadline is given to the participants to sign with IBEX this new single contract. Previously, 2 separate contracts were required – one for spot markets and one for Centralized market for bilateral contracts.
- There is no possibility for trading participants to request cancellation of transactions concluded after incorrectly submitted bids (the so-called Mistrade) in the Intraday market segment.
- “Centralized market for bilateral contracts” is renamed “Bilateral contracts” market segment
- Increased is the number of auctions from 7 to 12 that can be held in a day. Auctions will start every 30 minutes, reducing the duration of each auction from the current 20 minutes to 10 minutes.
- The minimum collateral of the Bilateral Contracts segment, amounting to 75,000 BGN, can be used as collateral for the initiation of an auction and for the participation in auctions.
- Removing screen “Hourly products” due to lack of deals concluded on it.
- A new requirement for a minimum of 5 counterparties in the Bilateral Contracts segment is imposed in order to obtain status “active”
- If the Euphemia algorithm is unable to calculate the price and volumes, the exchange session is canceled. The traded quantities will be 0.
- Default or suspension of bilateral contracts already concluded in the Bilateral Contracts segment is subject to higher fees paid to IBEX. The possibility for annexation of bilateral contracts have not been eliminated.
- IBEX tariffs continue to be determined by the power exchange, despite its monopoly position.
- IBEX has the freedom to determine how or whether to sanction violation of the operational rules.
The draft rules are not published in English, although most of the participants on the power exchange are international companies or branches of international companies.
The draft operational rules (only in BG) of IBEX published by EWRC: