Order Types

 

Trading on the organized power exchange market for electricity takes place via electronic trading systems (ETS). They are used to submit orders by trading participants. The power exchange operator, following European practices, administrates a different ETS for each individual market segment.

The order types which trading participants can submit on the Day-ahead and Intraday market segments are in accordance with the commonly adopted requirements in the Single Day-ahead Coupling and Single Intraday Coupling regarding their nature and conditions. The power exchange operator, in its capacity of administrator of Bilateral contracts market segment, provides an option for submission of almost all order types which are typical of the organized long-term electricity markets in Europe.

The order types which trading participants may submit on Intraday market segment  are listed in art. 10 of the Instruction Products Traded Specification.  Orders are submitted for hourly or block products where the deadline for submission of orders is up to 60 minutes before the initial time for delivery of the respective product. When an order is entered, the price parameter is entered with up to two decimal points in €/MWh (the minimum step is 0.01 €/MWh) and the quantity parameter- up to one decimal point in MW (the minimum step is 0.1 MW). Orders are submitted in EUR.

The Power exchange operator currently allows for orders to be entered only for separate hourly products on Day-ahead market segment and preparation for introducing orders for block offers is pending. Orders are submitted by 12:00 Central European Time on the day preceding the delivery day. Each order contains between 2 and 200 price-quantity pairs. When an order is entered, the price parameter is entered with up to two decimal points in BGN/MWh or €/MWh (the minimum step is 0.01 BGN/MWh or €/MWh) and the quantity parameter- up to one decimal point in MW (the minimum step is 0.1 MW). Orders are submitted in BGN or EUR.

Bilateral contracts market segment offers the following order types which are typical of organized markets operating based on the Continuous trading mechanism-  Fill or Kill, Fill and Kill, All or None, Stop order, Limit order and Iceberg. The periods and stages for submission of orders on Continuous trading screen and Auctions screen are stipulated in Chapter six, Section III PEOR and in Instruction № 2 Auction initiation. When an order is entered, the price parameter is entered with up to two decimal points in BGN/MWh (the minimum step is 0.01 BGN/MWh) and the quantity parameter- up to one decimal point in MW (the minimum step is 0.1 MW). Orders are submitted in BGN.