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| UK Electricity Definitions
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EFA: Electricity Forward Agreement
1 Kilowatt (KW)
1 Megawatt (MW) (main trading unit)
1 Gigawatt (GW)
1 Terawatt (TW) 1000 Gigawatts
1 Megawatt hour (MWh) |
1000 watts
1000 Kilowatts
1000 Megawatts
1000 Gigawatts
1 Megawatt of electricity for 1 hour |
UK Power trades according to the EFA Calendar that runs on a rolling 4/4/5 week convention.
Month
January
February
March
April
May
June
July
August
September
October
November
December
Period
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Summer
Winter |
Weeks
4 weeks
4 weeks
5 weeks
4 weeks
4 weeks
5 weeks
4 weeks
4 weeks
5 weeks
4 weeks
4 weeks
5 weeks
Weeks 1 to 13
Weeks 14 to 27
Weeks 28 to 39
Weeks 40 to 52
Weeks 14 - 39 inclusive (April through September)
Weeks 40 - 13 inclusive (October through March) |
Hence an Annual product will be 52 weeks starting Week 14 (April) or Week 40 (October) as opposed to the calendar year which is traded in Gas and European Power.
Week 1 commences at 11pm on the Sunday of the week that includes the first Thursday of the year
Time Periods Traded
The EFA day runs from 11pm through to 11pm the next day.
Composed of blocks 1 through 6, each one being a 4 hour block.
Commonly quoted periods: day/weekend/week/month/season/annual
Common block shapes traded for 1 week period or greater:
Baseload
Peaks
Offpeaks
Overnights
Days |
WD 1/2/3/4/5/6 and WE 1/2/3/4/5/6
WD 3/4/5(applicable on a bank holiday as well)
WD 1/2/6 and WE 1/2/3/4/5/6
WD 1/2 and WE 1/2
WD 3/4/5/6 and WE 3/4/5/6 |
When trading Day-ahead , and where that denotes a Saturday, Sunday or bank holiday, blocks 3/4/5 can be traded together and is often referred to as a "Peak" product although, by definition, this term applies only to a weekday. If in doubt please check.
"Day-ahead ", when traded on a Friday, refers to the following Monday NOT Saturday
B.O.F.M.
Balance of Front month
This period commences on the day after Day-ahead (i.e. D + 1), and terminates at the end of the balance of the EFA month. Where trading of B.O.F.M. occurs on a Friday, B.O.F.M commences on a Tuesday (11pm Monday).
Clearing
A clearing service is offered on the Spectron UK Power screen to APX members only, and is offered on baseload (blocks 1 through 6 inclusive) and peaks (blocks 3 to 5 inclusive) from Day-ahead ,weeks and months through to the front 6 seasons. Any cleared trade is transferred automatically through to the APX, who take care of the notification procedure.
Spark Spreads
Screen title: 100K Th Vs 60 MWs
This refers to the efficiency rate of 49.1349% that is achieved by trading 100,000 Therms of gas versus 60MW of power, that is used as a market standard. The minimum order in £/MWh is for 30 MW and continues in multiples thereof. Standard GTMA and NBP 1997 contracts are used as default hence a slight misalignment of times and start/end dates between the power and gas contracts.
Screen Headings/Product Definitions
| WD |
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Weekday |
| WE |
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Weekend |
| BSLD |
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Blocks 1/2/3/4/5/6 |
| UK PEAKS WD 3/4/5 |
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except where Day-ahead denotes Saturday, Sunday or bank holiday
in which case applies to blocks 3/4/5. (Note: a bank holiday is always
categorised as WD not WE.) |
| UK OFFPEAKS |
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WD 1/2/6 AND WE 1/2/3/4/5/6. When trading a single day, the offpeak
is always blocks 1/2/and6 irrespective of it being a weekday or weekend. |
| Wk [43] WE |
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Saturday and Sunday combination (weekend) in Week [43] |
| Wk [43] |
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Runs from 11pm Sunday Week[42] through to 11pm Sunday Week [43]. |
| B.O.W |
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Balance of front EFA week, including Day-ahead . |
| B.O.F.M. |
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Balance of Front Month (does not include Day-ahead ) |
| B.O.F.S. |
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Balance of Front Season ( does not include Day-ahead ) |
| DAYS |
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WD and WE 3/4/5/6 |
| NIGHTS |
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WD and WE 1/2 |
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Please note: Any trade which includes Day-ahead is always posted through the screen i.e. can be negotiated OTC but execution must be through the U.K Power screen.
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