The EPEX SPOT (formerly Belpex) Day-Ahead Market (DAM) provides standardised products (hourly instruments) for producers, distributors, industrial groups, traders and brokers to sell and purchase electricity to be delivered the day after via the Belgian transmission system operator Elia.
The prices for electricity on the Belgian DAM are determined via a double-sided blind auction. The EPEX SPOT Belgium DAM is coupled to the other spot power auction markets in the North Western European region. The fixing process is based on the Market Coupling Auction Algorithm, which matches, according to the merit of the orders, not only the purchase and sales orders submitted on the EPEX SPOT DAM but, within the limits of the interconnection capacity made available by the system operators of the concerned markets, also the purchase and sales orders submitted on the coupled exchanges. These prices are also known as market clearing prices and are quoted in €/MWh. These clearing prices are published daily on the EPEX SPOT website. Furthermore, these hourly market prices and volumes are used as a basis for the calculation of the EPEX SPOT DAM indices which are published as well on the website.
The characteristics of the EPEX SPOT DAM can be summarised as follows:
- Anonymous trading
- Delivery on the Belgian hub via the Elia nomination system
- One hourly trading periods and contracts
- Short term, physical trading (e.g. via limit orders, block orders)
- Fixing of contracts via a double-sided blind auction
- Clearing and settlement facilities provided by central Counterparty ECC
The EPEX SPOT DAM market model may be characterised by three distinctive layers:
- Clearing and Settlement
Clearing & settlement
In order to guarantee anonymity and financial security, all the contracts concluded on the EPEX SPOT Market are cleared and settled by ECC.
ECC handles cash management arising from the contracts concluded by the participants on the EPEX SPOT Market and guarantees the execution of the financial obligations.
Electricity purchased and sold on the EPEX SPOT Market is exchanged on the Belgian hub via the Elia nomination system. In order to ensure anonymity amongst participants, EPEX SPOT performs the necessary counter nominations for each participant with regard to the electricity traded by that participant on the market segments of the EPEX SPOT Market. Supply of the electricity is guaranteed through acceptance of the nominations by Elia.
Calendar with official Belgian Bank Holidays 2017
|1 Jan||New Year|
|16 - 17 Apr||Easter|
|5 May||Ascension Day|
|4 - 5 Jun||Whitsun|
|21 Jul||National Holiday|
|15 Aug||Assumption of Mary|
|1 Nov||All Saints|
On the above dates the Customer Service Desk is open from 9am to 3pm and no settlement is performed.
Any effect on traded products will be communicated separately to members.