5. Short Term Power Markets
Power Market (Short Term)
OTC Market
Direct between Buyer & Seller
Electricity Trader
Back to Back Deals
Deals with Open Position
Power Exchange
Intraday
Contingency
Day Ahead
Term Ahead
UI
Market Participants
Generation companies
Distribution Licensees
Open Access Consumers
Electricity Traders
Power Exchanges
6. Over the Counter (OTC) Market
OvertheCounterMarketistheinter-Statemarketwherebuyersandsellersdirectlytransactortransactthroughanelectricitytrader.
Thepriceandtermsofthecontractaredeterminedthroughnegotiationsasagreedbetweenthepartiesorthroughcompetitivebiddingprocessorthroughaelectricitytrader.Theriskincontractsexecutedinsuchmarketsismanagedbetweenthepartiesthemselvesorbytheelectricitytrader.
PowerExchangeMarket
PowerExchangeMarketisamarketwherebuyers,sellers,electricitytraders,membersofpowerexchangetransactonstandardizedcontracts.
ThePowerExchangeorClearingCorporationiscounterpartytocontracts.SchedulingisdonebyRegionalLoadDespatchCentreorNationalLoadDespatchCentreunlessactualdeliveryisdispensedwith.
7. OTC Market
OTC Contracts directly between Buyers and Sellers
Theinterstatetransactionsinwhichbuyersandsellersenterintoacontractanddecidepriceandothertermsofthecontracteitherthroughnegotiationorbasedoncompetitivebiddingprocesses.
OTCContractsthroughElectricityTraders
BacktoBackDeals:ElectricityTraderbuysaspecificquantityofpowerforaparticulardurationfromonepartyandsimultaneouslysellsittoanotherpartyonsametermsandconditions.Suchtransactiondoesnotexposethetradertoanypricerisk.Itmayexposethetradertocreditriskandoperationalrisk.
DealswithOpenPosition:ElectricityTradertakesapositioninapowerpurchaseorsalecontractbasedonpriceandotherfactorsinviewandadoptsastrategywhichhedeemsfit.
8. Power Exchange Market
Short term market means a market with contracts for a period not exceeding one year.
Term Ahead Market (TAM)
Marketwherephysicaldeliveryofelectricityoccursonadatemorethanoneday(T+2ormore)aheadfromthedateoftransaction(T)andthecontractsinsuchmarketcanbetransactedweekly,monthlyoryearlyormoreinadvanceandhaveadefineddeliveryperiodonexpiryofcontract.
Day Ahead Market (DAM)
Contractswheretransactionoccursonday(T)anddeliveryofpowerisonthenextday(T+1).
ContingencyMarket:IntradayContract
Contractswheretransactionoccursonday(T)aftertheclosureofdayaheadtransactionwindowandthedeliveryofpowerisonthesameday(T)ornextday(T+1).
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