The IntraDay Market (IDM) is open for trading of power after DAM and up to a configurable time before realtime – typically one hour ahead. It will be open for trading for the whole SAPP market area. The IDM supplement DAM and helps participants to secure their balance between supply and demand on an hourly basis.
The role of the IDM is to allow each individual market participant to adjust the power balance and be a tool for them to manage incidents and failures in the power system between the closing of the DAM and delivery the next day.
Transmission capacity on the interconnection between the areas available for IDM for a new delivery day is calculated and published to the participants by use of the PX trading system. The general rule is that whatever transmission capacity not utilized in DAM is given to the IDM. The TSOs can also give more capacity to the IDM if it is technically feasible.
IDM is a continuous market, and trading takes place 24/7 on every day until [one hour] before delivery. Trading is based on a first-come, first-served principle.
Participants can utilize their potential flexibility in production/consumption to make use of trading opportunities in the IDM as well as trading small volumes to ensure their internal balance.
The IDM is based on a continuous trading model that means a continuing matching of the orders submitted to the market. The orders can be of type Bid (sales order) or Ask (purchase order). The orders are either matched automatically by the system on price or a buyer / seller can accept and “hit” an order in the market. The market contracts are settled at the matched price. The IDM is trading with hourly contracts.
There will be a closing price that is reported at the end of the IDM for a given hour. This is only used for information purposes. The reported hourly price for the IDM will be a volume-weighted price (average cost) for all trades in the given hour. In the summary in the overview screen, it will be a simple average the same way as for DAM and FPM.
The continuous trading model means that the system will keep track of the open trading hours. In general the trading is open 24/7 every day and if the resulting trades in the IDM will be a firm contract with physical delivery of the traded contract for the actual hour the contract was traded for.
The trading model is fully transparent where participants’ orders are seen by the Power Exchange and the submitting participant (as well as monitored by the relevant authorities).
All market participants will see the open trading possibilities for its own portfolios meaning that the system will only show the potential orders where there is available transmission capacity.
All participants’ trade on equal terms and that they are required to have a physical grid point for delivery of production or withdrawal of consumption in a given market area (the same way as for the other markets). This requires an agreement with the national Transmission System Operator – TSO and a Balance Responsible party, responsible for the participants portfolio balance in the physical grid point (area).