European Energy Market Milestone: Intraday Auctions (IDAs) Successfully Implemented
13 June marks a significant milestone in the European electricity market as Nominated Electricity Market Operators (NEMOs) and Transmission System Operators (TSOs) organised the successful go-live of the first pan-European Intraday Auctions (IDAs), with the 15min Market Time Unit (MTU) being already tradeable in many bidding zones from their go-live. This monumental project which seamlessly coordinated several central, regional, and local systems, showcases the collaborative effort of all NEMOs and TSOs working hand-in-hand, on a daily basis to enhance market efficiency and energy security across Europe.
Paris, 25 June 2024. The IDAs represent a groundbreaking development in the European energy landscape, providing Market Parties with new trading opportunities three times a day. This innovation complements the intraday continuous market. The IDAs are conducted as implicit auctions using the EUPHEMIA algorithm, which simultaneously matches collected orders and allocates cross-zonal capacity. IDAs provide higher scheduling efficiency for a broader range of generation portfolios.
For the first time ever, a Big Bang go-live approach was implemented for such a pan-European project. Unlike the Continuous Intraday Market — which required four waves between 2018 and 2022 to cover the entire geographical scope — the implementation of IDAs was achieved in one single, coordinated effort. This unprecedented approach was far more complex and challenging, yet ultimately more efficient.
MCSC NEMO Chair, Ondrej Maca commented: "We are incredibly proud of the collaborative efforts that have led to the successful implementation of IDAs. This project demonstrates the power of cooperation and innovation in achieving significant advancements in market efficiency and energy security."
MCSC TSO Chair, André Estermann added: "The launch of the Intraday Auctions is a testament to the dedication, hard work and coordination of all NEMOs and TSOs. This achievement reflects our commitment to further integrate the European electricity market and to support the transition to a more sustainable energy system."
We would like to thank Market Parties, National Regulatory Authorities (NRAs), the Agency for the Cooperation of Energy Regulators (ACER), and the European Commission (EC) for their cooperation throughout this process. Their contributions have been instrumental in bringing this unprecedented project to fruition.
For further information on Intraday Auctions and their impact on the European energy market, please visit the NEMO Committee website and ENTSO-e website.
Contact: