Auction Changes
This page outlines all of the changes to our auctions as a result of Brexit.
Overview of GB Day Ahead Auctions
The following diagram is an overview of the energy and capacity auctions that will be taking place in GB following Brexit. Please note, all of the Day Ahead capacity auctions are explicit. Further detail on the BritNed auctions is available below.
Intraday
There are no impacts on our intraday auctions as a result of Brexit. These auctions will continue to run on our Kingdom platform on our existing auction schedule.
Day Ahead Implicit
As a result of Brexit, the UK will no longer be part of the Internal Energy Market (IEM) or the Single Day Ahead Coupling for Day Ahead Implicit auctions. The last Day Ahead Implicit will take place on 30 December 2020 for delivery on 31 December 2020.
This auction will be replaced with a Day Ahead Explicit auction.
Day Ahead Explicit
BritNed has developed a Day Ahead Explicit auction that will be held everyday on the eCAT platform hosted by the Joint Allocation Office (JAO). The first auction will be held on 31 December 2020 for delivery on 01 January 2021. An amendment to the JAO Participation Agreement will need to be signed, please get in touch with JAO for details on completing this process.
Below is an outline of the timings related to the new auction:
| Activity | Time (CEST) | Platform |
|---|---|---|
| Auction specification published | No later than 08:40 | eCAT |
| Auction Opens | 08:50 | eCAT |
| Auction Closes | 09:10 | eCAT |
| Provision results published | 09:15 | eCAT |
| Final results published | 09:45 | eCAT |
| Notification of Transmission Rights | No later than 10:30 | RNP |
| Nomination Gate Opens | 10:30 | RNP |
| Nomination Gate Closes | 13:30 | RNP |
Long Term
BritNed will continue to offer Annual, Quarterly, Monthly and Weekend Long Term products after Brexit. These auctions will continue to run on the eCAT platform hosted by the Joint Allocation Office (JAO). An amendment to the JAO Participation Agreement will need to be signed, please get in touch with JAO for details on completing this process.
The way that Use It Or Sell It (UIOSI) is compensated will be changed. Any Long Term capacity that is not nominated will still have the UIOSI rule applied and this capacity will be offered into the Day Ahead Explicit auction and the remuneration for any allocated capacity will be equal to Day Ahead Explicit auction clearing price.
