The EPEX SPOT (formerly APX Power UK) auction is a day ahead auction, where trading takes place on one day for the delivery of electricity the next day. The auction is based on day ahead transactions whereby market members submit anonymous orders electronically, after which supply and demand is compared and the market price is calculated for each hour of the following day. The EPEX SPOT auction facilitates the establishment of a market trusted index providing focus for liquidity and the creation of a transparent and reliable reference price for electricity in the UK.

EPEX SPOT members are provided with standardised products to sell and purchase. EPEX SPOT is the central counterparty in all electricity trades.

How does it work?

The EPEX SPOT auction is a double-sided blind auction. Blind means that the members can not see the other bids/offers submitted. Both buyers and sellers enter anonymous orders for each hourly period. Members can input several orders, with different prices, for each hourly period, and so build up an individual demand and/or supply curve per hourly period.

The development of demand and supply on the EPEX SPOT auction is completely determined by members themselves. Market members are production and distribution companies, large consumers, industrial end-users and traders. All of these can be active as buyer or seller. The submission of orders on the EPEX SPOT auction is completely electronic. Orders from buyers and sellers are processed and matched on the day before delivery. After matching, EPEX SPOT sends the result to the partaking members.

Spot Limit Orders

Members can trade hourly instruments, which are traded for each hour of the delivery day. Individual Hourly instruments are traded in pounds/MWh with a precision of two decimals. This is referred to as Spot Limit Orders.

Spot Block Orders

In addition to single hours, members can trade a freely definable set of consecutive hourly instruments, being subject to a fill-or-kill principle. This is referred to as Spot Block Orders. Spot Block Orders apply to a consecutive number of single hours, where execution is subject to the fulfillment of a Maximum Payment Condition (buy) or a Minimum Income Condition (sell). Profiled Block Orders, where the volume varies over the different hours, are also possible.

Linked Block Orders

Defined as the execution of (a set of) profile block(s) is subject to the execution of another block. (All other standard execution rules apply). This order type allows the member to consider technical and economic constraints such as start-up costs, fuel costs and consumption trends.

Exclusive Block Orders

Is defined as a set of profile blocks where at most once block will be accepted. (Other standard execution rules apply) Order type allows members to trade a portfolio under different production patterns. Such as for a physical plant offer with a low price for Baseload, Medium price for Peak load and high price for a Super peak, however at most only one of these orders will be completed.

Hourly instruments (single or consecutive) are traded in lots of 0.1 MW (100 kW) or a multiple thereof. Trading EPEX SPOT auction instruments provides members with the opportunity to achieve a balance of their purchase and/or sale portfolios specific to the precise hour. Furthermore, hourly instruments – traded via Limit Orders and/or through Block Orders – are an effective means to optimise the use of generation facilities.

The minimum price of any Day-Ahead Market instrument is €-500/MWh and the maximum €3000/MWh.

Auction Indices

To serve members, EPEX SPOT publishes a range of indices which can be used as a reference price for spot electricity. The Auction Indices are a non- volume weighted arithmetic average of the market clearing price determined for each Hourly instrument. The indices are Base Load (23:00 – 23:00 GMT), Peak Load (07:00-19:00 GMT), and Off Peak Load (23:00-7:00 + 19:00-23:00 GMT).

Process(Time: UK Local Time)
Day prior to delivery- 11:00 Market Closure
- 11:42 Preliminary Market Results*

*In a decoupling scenario the results may be delayed
Every business dayFinancial settlement

Product Availability

Normally 24 hours can be traded for each day. However there are two exceptions per year due to daylight saving. On the Sunday of the switch from wintertime to summertime, only 23 hours will be open for trading. On the Sunday of the switch from summertime to wintertime an extra hour is added to compensate for the switch.

Fee Schedule

EPEX SPOT UK Membership (per annum)Fee
Full Membership£25,750
Entrance fee£5,000
Technology (applied once per entity per year)£4,410
Forward Power Markets Transaction FeesTrading Fee (p/MWh)Clearing Fee(p/MWh)
Day-Ahead Auction1.500.50

*A trading fee of 1.5p/MWh for trades arising from the Spot Power Auction is offered until the end of 2014.

Clearing & Settlement

EPEX SPOT is the central counterparty to all trades; all contracts are traded anonymously, then cleared and settled on behalf of Members. All Members are required to lodge collateral in the form of Cash or Letter of Credit in excess of outstanding exposures at all times.


All trades are notified to the industry ECVAA (Energy Contract Volume Aggregation Agent) immediately on behalf of Members. EPEX SPOT also offers third-party notification services, acting as the ECVNA (Energy Contract Volume Notification Agent).


In order to take part in the EPEX SPOT market, prospective members must first accede to the market rules of EPEX SPOT. The process for new members is the subject of a separate document (available on request).