BritNed trials
Weekly Auctions
BritNed is trialling a new Weekly Auction,
a first of its kind for a UK interconnector
Launched in direct response to market feedback
BritNed is trialling a new Weekly Auction, a first of its kind for a UK interconnector.
The Weekly Auction opens at 10.00 CET and closes at 14:00 CET on the Wednesday prior to the delivery week. The delivery period runs from Monday to Sunday and has temporarily replaced BritNed’s Weekend Auction, as Saturday and Sunday are included in the Weekly Auction.
The Weekly Auction is being trialled in direct response to market feedback gathered in BritNed’s annual customer survey.
greater auction success for participants
Jon Cole, Customer and Markets Manager at BritNed, said: “When we asked our customers which new products they would like to participate in, a Weekly Auction was the most popular choice.
“The trial of Weekly Auction is a direct response to this demand, and its rapid deployment has been made possible due to our next-generation allocation and nomination platform, Empire, combined with our commitment to innovation to provide our participants with the greatest flexibility, convenience and control in their trading activity.”
Cole added: “We’re seeing greater auction participation and success for customers compared to the Weekend auction, which this has temporarily replaced. The early data is indicating that this new offering is, as per our research, something our customers want in a landscape which continues to evolve at pace.”
The Weekly Auction will continue to run as a trail through to the end of June 2024, with the final delivery week being Monday 24 June to Sunday 30 June – the day before BritNed commences a planned outage on 1 July 2024.
When we asked our customers which new products they would like to participate in, a Weekly Auction was the most popular choice, and its rapid deployment has been made possible due to our allocation and nomination platform, Empire.
Providing flexibility, convenience, and control
Cole commented: “We will contact participants to ask for feedback before making a final decision on whether a Weekly Auction will become a permanent offering. We are dedicated to innovation and developing solutions that prioritise not only the needs of our customers but can also be specifically tailored to their sophisticated operations and workflows. It was only a few weeks ago BritNed launched the unique Buy Now Dutch-style auction, and the new Weekly Auction again serves to provide our participants with the greatest choice in how to trade.
“We are excited to be the first UK interconnector to introduce a weekly auction, and we look forward to collating market feedback over the coming weeks.”
learn more
Contact the team on customer.enquiries@britned.com to learn more about Weekly Auctions auctions.
