IntraDay market coupling

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European Power Exchange, leader in innovation.


Definition and implementation of a new concept of coupled IntraDay market.


The European power sector is undergoing major transformation. Under the impulse of the European Commission, the Power Exchanges are regrouping their activities in market coupling initiatives. While this is already bringing concrete results on the Day-Ahead market (cf. COSMOS), the definition of a target model of the IntraDay market is still under discussion.

In this context, our client wanted to demonstrate leadership in developing a new concept for the IntraDay market.


In general, the liquidity of the IntraDay market is rather low. Some of the reasons are:

  1. No implicit coupling:  IntraDay markets are often organized at a national or regional level, and if one would want to trade abroad, to find the most interesting deals within Europe, will also need to acquire the cross-border interconnection capacity on one or several separate capacity allocation platforms.
  2. Market segmentation: in general, two types of instruments are offered, hourly orders and blocks. But the market segments for each are operated separately, thus some deals involving multiple periods are not taken up.
  3. Limited flexibility in product offer: as one gets closer to the real-time, technical constraints limiting the feasibility of adjustments (order volumes, ramping constraints) come into play. These are not easy to model using the available hourly and block products.

Meanwhile, ACER, the European Agency for Cooperation of Energy Regulators, in its Framework Guidelines for Intraday Capacity Allocation, has emphasize the need pan-European integration,  cross-border matching and sophisticated products.



COSMIX addresses all these points. It is a prototype platform for cross-border IntraDay trading.
It functions as a shared order book, in which every participating power exchange can introduce its orders. COSMIX is based on a real-time matching engine which scans the market after each order modification to identify and execute all possible deals. Those deals can integrate various combinations of order types, spanning different periods and locations, thus making use of cross-border capacity.
Moreover, the platform provides extra visibility by computing the best price that the market can offer to a participant for each of his orders. If this price is acceptable, the participant might decide to instantly materialize the deal. Such enhanced visualization tools let traders negotiate the best possible deals with the largest possible range of counterparts online and in real-time.

The platform also offers the possibility to optimize a trader’s bidding and negotiation behavior, by comparing the technical and economic constraints of his equipment with the orders and capacities still available in the system.

In addition, the platform allows the sale of IntraDay capacity for a price, and offers TSOs the opportunity, either to sell additional capacity or to “buy back” capacity already sold to the market at the least cost.



COSMIX has proven the feasibility of applying advanced trading features to IntraDay continuous coupled markets. Such innovative features are likely to be part of the European target model currently being drawn up by European Transmission Operators (ENTSO-E).

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