The Electricity Balancing Market is an organized form of collecting and engaging bids for the sale and purchase of balancing energy with the aim of settling imbalances in the electricity system in a transparent and economically efficient manner.
The Balancing Market is Borzen's activity within its public utility service of organizing the electricity market, stipulated in Article 24 of the Energy Act. The method for implementing the Balancing Market is stipulated in the Rules on the operation of the electricity balancing market (Official Gazette of the Republic of Slovenia, No. 97/14 and No. 28/17).
Trading on the Balancing Market is implemented through a platform for collecting purchase and sale bids for electricity through which the System Operator (ELES) buys and sells electricity intended for the settlement of imbalances in the electricity system. Trading on the Balancing Market is carried out together with Intra-day trading, and further on, one hour after the closure of the Intra-day trading and until actual supply of the product. All companies included in the Balance Scheme of the electricity market and which acceded to trading on the Balancing Market and Intra-day trading can participate in trading.
Trading on the Balancing Market is carried out 24 hours a day, seven days a week, and at most one day in advance. Trading with hourly, 15-minute, base-load and peak-load products is enabled.
15-minute, Hourly, Base-load and Peak-load Products
15-minute, hourly, base-load, and peak-load products are available for trading from 15:00 p.m. each day before the start of actual supply. Entry and concluding transactions with these products are possible up to the start of actual supply.
Based on the Rules for the Operation of the Electricity Balancing Market, Borzen, operater trga za elektriko, d. o. o. after due coordination with the System Operator defined the list of products, bid restrictions and types of restrictions on the balancing market which is available at the following link. The list became valid on 17 June 2017.
Balancing Market Implementation
In implementing the Balancing Market, Borzen co-operates with the BSP SouthPool energy exchange which offers a trading platform for the implementation of the Balancing Market with all necessary functionalities.
The Balancing Market is one of the activities under the framework of an obligatory public utility service of organizing the electricity market and the method for the implementation of the Balancing Market is stipulated in the Rules on the operation of the electricity balancing market published in the Official Gazette of the Republic of Slovenia.
Clearing and Financial Settlement of Transactions Concluded on the Balancing Market
Clearing and Financial Settlement of claims and liabilities arising from the Balancing Market is carried out by the Clearing Agent. Clearing Agent is liable for the fulfilment of financial liabilities for transactions concluded on the Balancing Market in the scope of submitted and redeemable financial guarantees.
Financial settlement of transactions concluded on the Balancing Market is executed one (1) business day after the issuing of invoices. Detailed explanation regarding the Clearing and Financial Settlement of the transactions concluded on the Balancing Market is available in the Clearing Rules.