a. Auctions take place at different predefined times, depending on the product type.
b. The auction calendar provides an overview of the auction times.
c. Auctions are published in due time before the start of the respective auction.
d. Depending on the product type, two different auction algorithms are used.
- Long-term Products (yearly, quarterly, monthly): Ascending Clock Algorithm
- Short-term Products (day-ahead, within-day): Uniform Price Algorithm
Ascending clock auctions for long-term products (yearly, quarterly, monthly)
- Auctions have (multiple) bidding rounds, the number of bidding rounds depends on the demand.
- A bid for a certain amount of capacity at a given price can be submitted in each bidding round.
- The duration of the first bidding round is three hours, all following bidding rounds are one hour.
- The price steps of the auction are set by the TSOs.
Uniform price auctions for short-term products (day-ahead)
- Auctions have one single bidding round.
- A Shipper can place up to 10 bids per auction.
- All bids by all shippers are evaluated in a descending order according to their surcharge.
- The lowest surcharge of all successful bids is considered the clearing surcharge.