The Independent Bulgarian Energy Exchange (IBEX) adopted amendments to the current set of rules as follows:
1. The Operational Rules for Organized Power Exchange (OROPX).
The amendments to the OROPX affect:
1. The Registration Procedure – Article 23 and Article 25 as amended now, respectively, both are applied to the market participant application approval process and payment of applicable fees. – „23 The market participant registration application is deemed approved by the power exchange operator by providing an Agreement for Participation in the organized power exchange for electricity pursuant to art. 11, item 11 of EMR to the email address specified by the applicant in the application form under article 14, which regulates the rights and obligations of the operator and the market participant in the power exchange market. After receiving the contract, the respective market participant shall sign the contract and send it back to the official post address of the power exchange operator. If the Participation Agreement has not been signed by the market participant within one month after receiving it, the registration procedure shall be deemed terminated.
25. By signing the Participation Agreement under article 23, the market participant shall simultaneously pay all the required fees and the initial collateral in accordance with Annex №2 of the Participation Agreement. If within one month from the signing date of the Participation Agreement, the relevant market participant has not fulfilled the obligation to pay all required fees and the initial collateral, the Participation Agreement shall be deemed terminated.“
2. The Electronic Trading System – Amendment added a new article, Article 52, as this Article introduces the possibility for additional portfolio activation. – „52. Market participants carry out the trading on the power exchange for electricity, each market participant through:
52.1. Basic Portfolio – which is activated during the process of the power exchange registration and immediately after the payment of the applicable fees and collateral within a period of (5 working days);
52.2. Additional portfolios – each additional portfolio can be activated through submission of an application by any trading participant with activated basic portfolio and payment of the respective fee for each portfolio in accordance with the applicable Tariff of Fees. The additional portfolio enables the respective trading participant to submit separate offer from any portfolio for each auction session, as the obligations as a result from the realized trading, the amount of collaterals and the nominations are calculated in total for the relevant trading participant, regardless of the number of portfolios. Each additional portfolio is being activated within 3 working days after the submission of the application and payment of the applicable fee.“
3. Ex Officio Bids Submission – Article 70 amendment applies with new texts that are added in order to provide more clarity regarding the procedure for submission of the bids by the operator. – „A bid submitted ex officio shall be deemed registered only when IBEX has confirmed its entering into the Electronic trading system, via e-mail to the relevant Person in charge, by sending a display screenshot from the Electronic Trading System containing the submitted proposals for purchase and/or sale in accordance with paragraph. 69. Rresponsible for trading Person who initiated the submission of ex officio bid, need to confirm the offer by sending an email and notifying the operator via telephone call.„
Changes, derived from the Electronic trading system and the Clearing price calculation algorithm:
4. Amendment added a new article, Article 98. This article enables the option for cancellation of a submitted offer by a trading participant, only if the given offer prevents the successful conduct of the clearing price calculation process or traded volumes allocation for the Bulgarian market zone. – „An offer, submitted by a trading participant can be cancelled after the trading session’s completion by the service provider responsible for operating the “day ahead” market, only if the given offer impedes the successful conduct of the process for calculation of the clearing price or allocation of traded volumes for the Bulgarian market zone.“
5. Article 108 as amended now applies to the factual situation in which a lack of demand or supply is established. In this case for the delivery interval equal to one hour the market-clearing price is not formed and the traded quantity equals to zero. – „In case of no demand or supply quantities, for a delivery interval, the market clearing price for the respective interval will not be calculated and the traded volume will be zero.“
6. Corrections under Article 112 are made in accordance with the actual situation regarding the deadline for determination of auction session results, as the currently applicable deadlines placed. – „All standard procedures and calculation stages and publishing auction sessions results are in accordance with regular procedures and rules of the PCR.
112.1. 12:00 CET (13:00 EET) – bid submission deadline;
112.2. 12:42 – 12:55 CET (13:42 – 13:55 EET) – publishing clearing prices for the delivery day and the respective volumes traded;
112.3. 12:55 – 13:05 CET (13:55 – 14:05 EET) – publishing results of trading for selected participants in the Electronic trading system“
7. Article 113 as amended now introduces the maximum permissible deadline for delay of results from trading calculated by the common European EUPHEMIA algorithm and PCR consortium. – „In emergency situations related to delay of the calculation of the market clearing prices and results from traded calculated by the common European EUPHEMIA algorithm and PCR consortium, the deadlines under article 112.2 and article 112.3 may be extended to 14:00 CET (15:00 EET).“
8. Amendment added two new articles, Article 114 and Article 115. These articles are describing the actions that power exchange operator shall undertake in case no results from trading are available as described under Article 113. – „114. If the PCR consortium and the EUPHEMIA algorithm are not able to complete the calculation of the market clearing prices and traded volumes till 14:00 CET (15:00 EET), the power exchange operator announces the relevant trading session for cancelled.
115. In the cases, described under article 113 and article 114, power exchange operator shall notify the trading participant by publishing a notification message on its website and/or by sending a notification message to the emails specified by the responsible for trading Persons.“
The amendments to the SR affect:
1. Collateral amount calculation – Amendments under Article 11 and Article 15 were made with clarification purpose, concerning the mechanism by which the collateral amount of a trading participant is calculated on a daily basis. – „11. The collateral amount required by IBEX shall be set in BGN for each Financial day and shall be equal to the average value of purchased net quantities of electricity from the power exchange, VAT included, by the respective trading participant over the previous six days, multiplied by six. For the calculation of the collateral amount purposes only the days on which the market participant has realized net purchase are included. In case of missing data for a net purchase of the previous six days, the collateral amount is calculated in accordance with article 15. Net sellers of electricity are required to provide the minimum collateral amount in accordance with article 22.
15. When trading participant switches from net sale to net purchase position, the collateral amount shall be determined as the amount of the net electricity purchased for the first day is multiplied by the number of days in accordance with article 11. For each following day for the trading participant in a position of a net purchaser, the collateral amount shall be adjusted daily, by finding the average value of the net purchase on a daily basis for the days with a net purchases and multiplying by the number of days in accordance with article 11.“
2. Collateral amount release – Amendment made under Article 27 concerning the deadline period for the partial release of the collateral amount. This period was reduced from one month to two-week time period. (Article 27.1) – „A trading participant may request partial release of the collateral amount in the following cases:
27.1. Within two-week period before the date of the release request if the required collateral has been lower than actual.
27.2. For each day under article 27.1 the available collateral has been at least 25 % (Twenty-five percentages) higher than the collateral requested in accordance with article 11.“
According to the adopted and effective rules defining the amendment procedure, the abovementioned amendments will apply within seven days after publication of IBEX notice.
Source: IBEX