means the mechanism used in the Auction Market for the submission of Orders and calculating the volume and price for electricity delivery and off take within a specified Delivery Period.

Balance Responsible Party

means a Participant that has entered into an agreement with a Transmission System Operator and that balances its electricity balance through the national regulation power market or open electricity delivery of balance power from the Transmission System Operator.

Banking Day

means a day in which banks in Bulgaria perform banking activities.

Base Collateral

means the Collateral to be posted by a in order to cover the overnight risks of IBEX.


means an Order to buy.


means the party agreeing to purchase electrical energy under any Transaction.

Clearing Day

means the Banking Days on which a monetary settlement is carried out.

Collateral Call

means IBEX’s call for Collateral from a Participant or Clearing Customer in accordance with the Clearing Rules.


means the Participant entering into a Transaction, and IBEX acting as central counterparty in all Transactions.

Delivery Day

means a continuous series of Delivery Hours which starts at 00:00 CET hours on a calendar day and ends at 24:00 CET hours on the same calendar day, so that the beginning of a Delivery Day coincides with the time at the end of the previous Delivery Day.

Delivery Hour

one clock hour within a Delivery Day.


means the European Union.

Euro or EUR

means the lawful currency of those Member States of the European Union that have adopted the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on the European Union.

Gate Closure

means the time before which Orders in Day Ahead Market must be received, in order to be valid

GW (and GWh)

means one billion (1,000,000,000) Watts, and “GWh” means the energy generated or consumed at a constant rate of one (1) GW for the duration of one (1) hour.

Hourly Order

means an Order in Day Ahead Market where a Participant states volumes to buy or sell at different price levels in a set of Price Steps defined for a specific Delivery Hour. Each pair of price and volume is handled as a point on an Order Curve with linear interpolation between each pair.

KW (and KWh)

means one thousand (1,000) Watts, and “KWh” means the energy generated or consumed at a constant rate of one (1) KW for the duration of one (1) hour.

Market Operator

means IBEX in relation to the Physical Market.

Market Surveillance

means the organisational unit responsible for monitoring compliance with the Market Conduct Rules on behalf of a Market Operator.

Maximum Price Limit

Technical upper price limit in the Price Range.


means an legal entity who has signed the Participant Agreement with IBEX for trading in Day Ahead Market.

Minimum Price Limit

Technical lower price limit in the Price Range.

MW (and MWh)

means one million (1,000,000) Watts, and “MWh” means the energy generated or consumed at a constant rate of one (1) MW for the duration of one (1) hour.

Nord Pool Spot or NPS

Norwegian company operates Europe’s leading power markets in the Nordic and Baltic regions, and UK market N2EX.


means an Order to sell.

Order Price

means the price which the Buyer is willing to pay or the Seller is willing to sell in relation to an Order, as applicable.

Order Price Limit

means the maximum or minimum limit for the Order Price

Participant Agreement

means an agreement made between a Participant and IBEX, granting the Participant access to Trading on the Day Ahead Market.


means IBEX or a Participant.

Price Coupling

means the mechanism whereby, with the goal of maximising Social Welfare, the market clearing prices and net positions for different day-ahead electricity markets are determined in a single step by reference to physical hourly ATC and/or flow based capacities.


means any Product listed on the Physical Market, and references to a single Product shall mean all Product Series which are classified as being of the same type pursuant to the Product Specifications.

Energy and Water Regulatory Commission -EWRC

Regulatory authority at energy sector.


means Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency


means the party agreeing to sell electrical energy under any individual Transaction.


means the process which by trades in the Markets are handled through cash transactions.

Settlement Day(s)

means the Day(s) when the relevant Cash Settlement shall take place for a transactions concluded in the Day Ahead Market.


means the process of entering into a Transaction on a Physical Market by submitting Orders.

Trading Day(s)

means the calendar day(s) when a Market is open for Trading.

Trading fee

means the annual fee and the volume dependent fee charged for Trading in the Markets.

Trading Hours

means the period of time during a Trading Day when the relevant Trading system is open for Trading, as further determined IBEX.

Trading Price

means the delivery price that is agreed to in a Transaction.

Trading Rules

means the rules approved by EWRC under the Energy Act.

Trading System

means the ETS as operated by a NPS.

Transmission System Operator or TSO

means an entity responsible for operating, ensuring the maintenance of and developing the transmission system and electricity system management.

TW (and TWh)

means one trillion (1,000,000,000,000) Watts, and “TWh” means the energy generated or consumed at a constant rate of one (1) TW for the duration of one (1) hour.

W or Watt

means watt(s), a unit of energy equal to one (1) joule (J) of energy per second under the SI (International System of Units) system of measurement units.


means watt-hour(s), and one (1) “Wh” shall be construed as a unit of energy equal to the energy generated or consumed at a constant rate of one (1) Watt for the duration of one (1) hour, or 3,600 joules of energy.

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