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A continuous intraday trading model in a CACM FG compliant world

The paper looks upon a possible way of designing a continuous trade intraday market in Europe, in accordance with the Capacity Allocation and Congestion Management (CACM) Framework Guideline (FG). The sequential approach of a purely continuous trading is shown to limit optimal trading in the intraday market. Automatic Matching (AM) of trades is proposed to solve this problem and to allow pricing of (cross-zonal) transmission capacity. The model presented in this paper proposes a combination of continuous trading and auctions: in case of congestions auctions are applied. The automatic matching process can be used to match multiple bids/asks located in different bidding zones, applying flow-based constraints as well as to match hourly products with several types of sophisticated products.