• a
  • ACER - Agency for the Cooperation of Energy Regulators.

    The Agency for the Cooperation of Energy Regulators (ACER) is the European Union body created by the EU’s Third Legislative Package for the Internal Energy Market in 2009 to work towards the completion of a single EU energy market for electricity and natural gas.

    The Agency was officially inaugurated in March 2011 and is based in Ljubljana, Slovenia.

    As an independent European body the Agency ensures that market integration and the harmonisation of regulatory frameworks are achieved in accordance with the EU's energy policy objectives.

    The overall mission of the Agency is also to complement the work of national energy regulators at EU level, to assist them in exercising the regulatory tasks that they perform in the Member States and, where necessary, to coordinate their action.

  • ANCA - All NEMO Cooperation Agreement


    Cooperation Agreement among all designated NEMOs in the EU foreseen in the MCO Plan as a vehicle to develop collective tasks assigned to all NEMOs by the CACM Regulation.

  • ANDOA - All NEMO Day-Ahead Operational Agreement

    This Agreement sets forth the main terms of the cooperation among NEMOs in respect of Day-Ahead MCO Function Operations and corresponding assets development, consistently with the CACM Regulation and the MCO Plan.

  • ANIDOA - All NEMO Intraday Operational Agreement

    This Agreement sets forth the main terms of the cooperation among NEMOs in respect of Intraday MCO Function Operations, taking into account the CACM Regulation and the MCO Plan.

  • ATC - Available Transmission Capacity

    Available transmission capacity (ATC) is the amount of electric transfer capability remaining in a power transmission network that is available for sale above already committed uses.

  • b
  • BZ - Bidding Zone

    Bidding zone is the largest geographical area within which market participants are able to exchange energy without capacity allocation.

    In other words, market participants within a bidding zone don’t have to face a priori transmission capacity limitations to trade energy among them.

  • c
  • CCM - Capacity Calculation Methodology

    Pursuant to CACM, TSOs of each capacity calculation region (CCR) must develop a proposal for a common capacity calculation methodology for day-ahead and intraday timeframes and submit it to the concerned regulatory authorities for approval.

  • CCP - Change Control Procedure / Central Counter Party

    Change Control Procedure / Central Counter Party

    Change Control Procedure
    Procedure, annexed to the relevant DA and ID operational agreements developed according to the principles reported in the present methodology in order to manage requests for change to the price coupling algorithm, to the continuous trading matching algorithm and the ID auction algorithm.

    Central Counter Party
    According to CACM, “central counter party” is the entity or entities with the task of entering into contracts with market participants, by novation of the contracts resulting from the matching process, and of organising the transfer of net positions resulting from capacity allocation with other central counter parties or shipping agents.

    According to CACM, NEMOs are responsible to act as central counter parties for clearing and settlement of the exchange of energy resulting from single day-ahead and intraday coupling.

  • CMM - Capacity Management Module

    According to CACM ‘capacity management module’ means a system containing up-to-date information on available cross-zonal capacity for the purpose of allocating intra-day cross-zonal capacity in the context of SIDC.

    The CMM provides the functionality for managing and allocating available transmission capacity between all areas in the underlying power transmission network.

  • cNTC - coordinated net transmission capacity

    Coordinated net transmission capacity (CNTC) approach is the capacity calculation method based on the principle of assessing and defining ex ante a maximum energy exchange between adjacent bidding zones according to Article 2(8) of CACM. The alternative cross-zonal capacity calculation method is the flow-based approach.

  • CZC - Cross Zonal Capacity

    Cross-zonal capacity' means the capability of the intercon¬nected system to accommodate energy transfer between Bidding Zones.

  • d
  • DAOA - Day-Ahead Operational Agreement

    ENTSO-E, the European Network of Transmission System Operators for Electricity, represents 43 electricity transmission system operators (TSOs) from 36 countries across Europe. ENTSO-E was established and given legal mandates by the EU’s Third Legislative Package for the Internal Energy Market in 2009, which aims at further liberalising the gas and electricity markets in the EU.

  • f
  • FB - Flow Based (capacity calculation methodology)

    Flow-based approach refers to a capacity calculation method in which energy exchanges between bidding zones are limited by power transfer distribution factors and available margins on critical network elements.

  • h
  • HMMCP - Harmonized Maximum and Minimum Clearing Prices

    CACM requires the introduction of harmonised maximum and minimum clearing prices for respectively SDAC and SIDC. These values are proposed by all NEMOs and approved by ACER. The HMMCP in force can be downloaded from the Terms, Conditions and Methodologies subsection within the NEMO Committee section of this website.

  • i
  • IDA - Intraday Auction

    The term “IDA” refers to implicit intraday auction held at pan-European level to allocate the available intraday cross-zonal capacity at all bidding zone borders by applying a market coupling mechanism between the bidding zones, which means that a price for the intraday cross-zonal capacity can be determined.

  • IDCZCP - Intraday Cross-Zonal Capacity Pricing (Methodology)

    CACM requires TSOs to develop a proposal for a single methodology for pricing intraday cross-zonal capacity. Following TSOs’ proposal, ACER adopted Decision No 01/2019 establishing the abovementioned methodology, which is based in the introduction of IDAs.

  • IDCZGTs - Intraday cross-zonal gate opening and gate closure times

    Intraday Cross-Zonal Gate Opening Time (IDCZGOT) means the point in time when cross-zonal capacity between bidding zones is released for a given market time unit and a given bidding zone border.

    Intraday Cross-Zonal Gate Closure Time (IDCZGCT) means the point in time where cross-zonal capacity allocation is no longer permitted for a given market time unit.

    IDCZGTs were adopted by ACER Decision No 04/2018.

  • IDOA - Intraday Operational Agreement

    Agreement setting forth the rights and obligations of NEMOs and TSOs participating in the SIDC in connection with its implementation.

  • INFC - Inter Nemo Flow Calculation

    Once both interzonal and intrazonal Scheduling Area flows have been defined, EUPHEMIA will compute the flow corresponding to each existing NTH line. Such flows are computed via the Inter-NEMO Flow Calculation (INFC) module, whose approach aims at minimizing the sum of the square of net financial exposures between each pair of Central Counterparties (CCPs) which manage the financial exchanges between NEMOs.

  • l
  • LIP - Local Implementation Projectn

    In order to implement at local level the SIDC, Local Implementation Projects (LIPs) were set up. Over 15 LIPs have been established so far. A LIP consists of one or more borders, one or more TSOs and one or more NEMOs. LIP’s main tasks are adaptation of local arrangements (i.e. procedures, shipping, contracts), IT system adjustments, secure equal treatment between NEMOs and implicit/explicit access and ensuring readiness for the participation in the SIDC LIP testing. The LIPs are monitored via the ID Steering Committee where individual LIP’s progress is reported to.

  • m
  • MCO function - Market Coupling Operator function

    According to CACM means the task of matching orders from the day-ahead and intraday markets for different bidding zones and simultaneously allocating cross-zonal capacities.

  • MESC - Market European Stakeholders Committee

    MESC is one of the three committees of the European Stakeholder Committees (ESCs) established in order to facilitate the implementation of network codes. The European Stakeholder Committees, chaired by ACER, ensure that throughout the implementation process, stakeholders are kept abreast of developments and provided with a forum to express their views and feedback.

    These Committees aim to complement, and not to replace, the legal obligations of stakeholder consultation and information included in the NCs during the implementation period. More specifically, the activities of the ESCs are without prejudice to relevant Articles of Regulation (EU) No 2019/942 and Regulation (EU) No 2019/943. MESC cover the guidelines on: i) forward capacity allocation; ii) on capacity allocation and congestion management; iii) on electricity balancing.

    Link to ToR of the MESC.

  • MNA - multi NEMO arrangements

    This refers to arrangements proposed by TSOs in bidding zones where more than one NEMO is designated and/or offers trading services in order to accommodate the operation of several NEMOs within the concerned bidding zones pursuant to Article 45 of CACM.

    In order to facilitate configurations with more than one NEMO in a bidding zone, the DA MCO Function has been updated to calculate NEMO hub to NEMO hub flows, within a bidding zone as well as between NEMO hubs of adjacent bidding zones (“Multi-NEMO Functionalities”) to support the scheduled exchanges calculation and multi-NEMO arrangements.

  • mTMF - TSO management function

    The 4M MC Transmission System Operators agreed on the TSO Management Function (mTMF) system architecture. mTMF delivers efficient management of all common TSO duties and operates a common TSO-PX communication interface. The mTMF represents a universal platform promoting cross-regional market integration that will be open to be extended towards other markets.

  • n
  • NEMO

    Nominated Electricity Market Operator

    Means an entity designated by the competent authority to perform tasks related to single day-ahead or single intraday coupling.

    According to CACM (Regulation (EU) 2015/1222) Article 4(1), each Member State electrically connected to a bidding zone in another Member State shall ensure that one or more Nominated Electricity Market Operators (NEMOs) are designated by 14 December 2015 to perform the single day- ahead and/or intraday coupling. Pursuant to Article 4(10) of Regulation (EU) 2015/1222, the designating authority shall inform ACER of the designation and revocation of NEMOs. ACER shall maintain a list of designated NEMOs, their status and where they operate on its website.

  • NEMO Committee (or All NEMO Committee)

    The All NEMO Committee facilitates the cooperation among NEMOs for all common European tasks necessary for the efficient and secure design, implementation and operation of single day-ahead and intraday coupling. The All NEMO Committee is formed by the appointed representatives of each NEMO

  • NTH - NEMO trading hub

    NEMO Trading hub is the set of orders submitted by the market participants to a specific NEMO within a geographic area such as bidding zone and / or scheduling area.

  • p
  • PCR

    Price Coupling of Regions (PCR) is the project of eight European NEMOs to develop a single price coupling solution to be used to calculate electricity prices across Europe respecting the capacity of the relevant network elements on a day-ahead basis. This is crucial in order to achieve the overall EU target of a harmonised European electricity market. PCR is open to other European power exchanges wishing to join.

  • s
  • SDAC - Single Day Ahead Coupling

    According to CACM ‘single day-ahead coupling’ means the auctioning process where collected orders are matched and cross-zonal capacity is allocated simultaneously for different bidding zones in the day-ahead market.

  • SIDC - Single Intraday Coupling

    According to CACM ‘single intraday coupling’ means the continuous process where collected orders are matched and cross-zonal capacity is allocated simultaneously for different bidding zones in the intraday market.

  • SM - Shipping Module

    The Shipping Module is a component in the overall SIDC implicit continuous trading solution which continually delivers cross zonal and intrazonal, and where applicable within Scheduling Area, schedules per NEMO towards relevant TSO(s) and in between NEMOs where there are multiple NEMOs within Bidding Zones or where the selling NEMO in BZ A is different than the buying NEMO in BZ B.

  • SOB - Shared Order Book

    According to CACM ‘shared order book’ means a module in the continuous intraday coupling system collecting all matchable orders per Bidding Zone from the NEMOs participating in single intraday coupling and performing continuous matching of those orders.

    The SOB module contains the basic functionality for continuous trading, like order entry, order management and order matching. Tradable electricity contracts are automatically generated in the SOB module and made available for trading based on a predefined trading schedule.

  • x
  • XBID - project Cross Border Intraday Market Project

    The Cross-Border Intraday initiative (XBID Project) started as a joint initiative by EPEX SPOT, GME, EMCO/Nord Pool and OMIE together with the Transmission System Operators (TSOs) from 11 countries, to create a joint integrated intraday cross-border market based on continuous implicit trading as then envisioned in CACM as the solution for SIDC. The single intraday market enables continuous cross-border trading across Europe. This single intraday market solution is based on a common IT system with one Shared Order Book (SOB), a Capacity Management Module (CMM) and a Shipping Module (SM).