It is a market that operates simultaneously with Intraday Market, Day-Ahead Market and Balancing Power Market.

Once the bilateral market is closed, market participants have no opportunity to reduce their imbalance, except in the Intraday Market. Therefore, it is an alternative market that is traded with the aim of reducing imbalances.

As in the Day Ahead Market, there is a physical delivery requirement in the Intraday Market. The electricity purchased and/or sold must be produced and consumed in real time, based on the hourly net situation.

In the Intraday Market, buying and selling can be traded to 1 hour before the physical delivery time.

The Intraday Market is operated with the continuous trading method. Continuous trading is a method that can be traded 24 hours a day, 7 days a week, working on the principle of first come first served, and provides instant matching.

Why is the Intraday Market Needed?

The Intraday Market has benefits for system operator TEIAS, market operator EPIAŞ and market participants.

Benefits for the system and market operator;

It contributes to the security of the transmission system by reducing the imbalances that occur after the Intraday Market and the Day Ahead Market. In other words, by reducing the imbalances of the market participants, the system becomes more balanced and the amount of instructions to be given by TEIAS is reduced.

With the transactions, the liquidity in the energy markets increases.

Benefits for the market participant;

There is a period of 34 hours for the 23 contract, which is the last contract of the Intraday Market, from the closing period of the Day Ahead Market order notification. Changes in production consumption plans that occur due to unforeseen reasons, namely imbalances, can be eliminated through the intraday market.

The Intraday Market provides arbitrage opportunities such as selling the purchased electricity at a higher price and buying the sold electricity at a more favorable price.

The Intraday Market, like the Day Ahead Market, is portfolio based. That is, a market participant may have several generating plants as well as consumption units. Since buying and selling transactions are made on an organizational basis, organizations should submit their proposals by taking into account the production and consumption balance in their portfolio.

In the intraday market, transactions are carried out 24 hours a day, 7 days a week. In case of an affordable order, the matching of the buying and selling orders takes place instantly. Every offered order can be matched in milliseconds.

Transactions are on an hourly basis. That is, the duration of the submitted order covers 60 minutes, and it is presented to the market with a commitment to production and consumption for 60 minutes.

The unit of order volume is Lot, and the unit of order prices is TL/MWh. 1 MWh is equal to 10 Lot. Thus, the market can buy and sell energy up to the lowest 100 kWh.

To become an Intraday Market participant, a market participation agreement is first signed with EPIAŞ. In addition, in order to be able to trade in the Intraday Market, an Intraday Market participation agreement must also be signed. Then, the required collateral amount must be paid on the basis of the organization. Finally, it is necessary to determine the limits and authorizations of the users who will trade in the market.

Registration

All licensed legal entities can participate in the Intraday Market by signing the Intraday Market Participation Agreement, which includes the obligations of market participants regarding the Intraday Market.

Collateral Check

In the Intraday Market, collateral is checked twice a day on weekdays when data is exchanged with Takasbank. The first is at 11.00 and the second is at 17.00. A market participant who does not have sufficient collateral at the collateral check at 11:00 is excluded from the market, that is, new orders cannot be entered and their existing orders are cancelled.

Limits

Application Trading Limits:

Market minimum price limit is 0 TL, maximum price limit is applied as 3% more than MCP maximum price. The minimum amount limit is 1 Lot and the maximum amount limit is 20,000 Lot.

Organization Limits:

Organization limits are the transaction limits determined by EPIAŞ for each market participant.

User Upper Limits:

User upper limits in the Intraday Market can be determined by users with Admin User on EKYS screens or by users to whom the user with Admin User has delegated, and orders above the determined limits are not recorded.

User Limits:

Each Intraday Market user is responsible for determining the user limits on the Intraday Market software screens before making a transaction. If the limit is not defined, the user who has not been defined cannot be transactions.

Order and Match

There are two types of orders in the Intraday Market. These are hourly and block order types. Hourly orders consist of one hour and divisible orders. They can partially matched. Block orders, on the other hand, are non-divisible orders from 1 hour to 24 hours. They cannot partially matched.