UKPX RPD Index Methodology

The Reference Price Data (RPD) indices for APX Power UK Spot market shall be established on a daily basis using the following methodology:

UKPX RPD Base

A volume-weighted reference price for each half hour settlement period each day where such data is available between 23:00 and 23:00 prevailing UK local time.

UKPX RPD Industrial Peak

A volume-weighted reference price for each half hour settlement period each day where such data is available between 07:00 and 19:00 prevailing UK local time.

UKPX RPD Extended Peak

A volume-weighted reference price for each half hour settlement period each day where such data is available between 07:00 and 23:00 prevailing UK local time.

UKPX RPD Off Peak

A volume-weighted reference price for each half hour settlement period each day where such data is available between 23:00 and 07:00 & 19:00 and 23:00 prevailing UK local time.

General Provisions

APX Power UK will provide a volume-weighted reference price for each half hour settlement period each day where such data is available.  The method of calculation of such data will be as follows where trades have occurred during the life time of a half hour contract, two hour block contract or four hour block contract:

APX Power UK RPD =   (Σ( PHi •VHi ) + Σ( PFj •VFj ) + Σ( PTj •VTj ))  / ΣVHi+ΣVFj+ΣVTj

  • PHi is the price of an individual trade (i) in the Half Hour contract covering a specific half hour period.
  • VHi is the contract volume for an individual trade (i) in the Half Hour contract covering a specific half hour period.
  • PFj is the price of an individual trade (j) in a specific Four Hour Block contract which covers the specific half hour period.
  • VFj is the contract volume for an individual trade (j) in a specific Four Hour Block contract which covers the specific half hour period.
  • PTj is the price of an individual trade (j) in a specific Two Hour Block contract which covers the specific half hour period.
  • VTj is the contract volume for an individual trade (j) in a specific Two Hour Block contract which covers the specific half hour period.

This gives a volume-weighted reference price for each half-hour settlement period.

It should also be noted that trade data in respect of cancelled or rectified trades in either half hour, two hour block or four hour block contracts will not be used in the calculation to determine the weighted average price for the relevant settlement period.

Default Provisions

In the event that trade data is not available because no trading has taken place over the life time of the half hour, two hour block or four hour block contract, the APX Power UK Reference Price Data for the such contract will be the average of mid-point of the closing bid offer spread in the half hour, two hour and four hour block contracts. Where no trade or price data is available, or APX considers the available price data to be unrepresentative then no reference price will be provided in respect of the half hour settlement period in question (i.e. a null value will be given).