Croatia's CROPEX launches intraday auctions

IDAs are set to enhance the Single Intraday Coupling (SIDC) by introducing a new pricing mechanism for intraday capacity, complementing the existing continuous trading method, CROPEX said in a press release on Friday.

CROPEX continues to monitor initial operations to ensure efficiency and effectiveness of the auction process, it added. Continuous intraday trading remains fully operational, thereby supporting the new IDAs.

European-wide IDAs are a key component for completing the European Internal Electricity Market, SIDC said in a separate press release. "This helps promote effective competition in the generation, trading and supply of electricity, optimizing the allocation of cross-zonal capacity and ensuring fair and non-discriminatory treatment of market participants," SIDC added.

IDAs are implicit auctions where orders are matched, and cross-zonal capacity is allocated simultaneously for different bidding zones, setting clearing prices for each zone. Unlike continuous intraday trading, where capacity is allocated on a first-come, first-served basis, IDAs provide a price signal reflecting capacity scarcity. While regional intraday auctions existed in some European countries, as of Thursday, IDAs are held as three Europe-wide auctions.