Single hourly order
Being the most flexible product, the largest share of the day-ahead trading is matched based on single hourly orders. The member specifies the purchase and/or sales volume for each hour and may choose between a price dependent and a price independent order. Once the price for each hour is determined, a comparison with a member’s order for that day establishes the delivery for the member.
Minimum requirement for a single hourly order is two price steps, minimum price (EUR -500) and maximum price (EUR 3000) also known as a price independent order. With a price independent order for all hours, the member will receive a schedule of deliveries equal to the specified volume for all hours, regardless of the price level within the range.
Members who submit price dependent orders accept that Nord Pool will make a linear interpolation of volumes between each adjacent pair of submitted price steps. Once the day-ahead price for each hour is determined, a comparison with a member's order form for the day establishes the traded volume for that member.
Example of a price independent order:
Example of a price dependent order: