EXAA - easily explained

Here we answer the most frequently asked questions about electricity trading and EXAA


  • The 10:15 auction with the order books Austria (AT) and Germany (DE).
    The 12:00 Market Coupling Auction with the order books Austria (AT) and Germany (DE).

  • The membership fee at EXAA is € 10.000,-- per year. This covers all auctions. For the 10:15 auction as well as for the 12:00 auction one trading account each for AT and DE are included. The two spread accounts required for spread bidding (only for the 10:15 auction of EXAA) are also included.
    For further information please contact our Market Operations staff!

  • Long-term (for years and months) FTRs (financial transmission rights) are auctioned via JAO (Joint Allocation Office). If the clearing prices in the price zones differ in the 12:00 market coupling auction, the price difference is paid out to the holders of the FTRs.

    Day Ahead capacities are not auctioned. Spread bids in the 10:15 auction can be used like Day Ahead capacities.

  • No, the order books of the 10:15 auction are auctioned separately for the DE and AT price zones and generally result in different clearing prices - even if in the 12:00 auction the clearing prices for DE and AT should be the same.

  • If the resulting exchange of supply and demand between the price zones (e.g. DE and AT) in the 12.00 auction is smaller than the day-ahead capacity, the clearing prices converge, i.e. they are the same in both price zones for the respective delivery hour. If the capacity is not sufficient, the price in the net receiving price zone will be higher than in the net delivering price zone (and vice versa).

  • In general, this is understood as a price difference. In this particular case, we consider a "location spread", i.e. the difference between the prices of an electricity product in the two day-ahead auctions at 10:15 between the market areas AT and DE. The sign was arbitrarily defined by subtracting the German price from the Austrian price.


    Spread = Price (AT) - Price (DE)


    The market-analytical assumptions assume an average price in Austria that is higher than in Germany, which means that the majority of spreads will be positive, but negative spreads are also possible.


  • In addition to the "normal" price-dependent bids such as for limited buy - if price in AT is at most € 30,--, buy 10 MW base in AT - there are since October 1, 2018 also spread-dependent bids such as:


    • Up to a spread price(AT)-price(DE) - of maximum € 1,--, buy 10 MW base in AT and sell 10 MW in DE at the same time
    • From a spread price(AT)-price(DE) - of at least € 3,--, sell 10 MW base in AT and buy 10 MW in DE at the same time
  • If the bid condition (spread limit) is met, this results in the physical execution of a mirror-image buy quantity in one price zone and sell quantity in the other price zone. During the execution allocation, it is ensured that the amounts of the buy and sell quantities are equal in each case. If, for example, only a partial quantity can be implemented on one side (for example, only 80 MW instead of 100 MW), then the opposite side would also be reduced to 80 MW.

  • The 10:15 auctions for the price zones DE and AT are not calculated completely separately, but in a common algorithm. In addition to the previous price limits, spread limits are also taken into account when determining the clearing prices and the allocation quantities.

  • For Base and Peak.

  • According to the sign convention Spread = Price AT - Price DE


    additional spread purchases "raise" the price A and "lower" the price DE or "lower" additional spread sales the price AT and "raise" the price DE.


    The market expectation of the price difference AT-DE with which traders submit spread bids has the effect of an indirect, virtual market coupling.

    • Balancing group contract in DE (optionally 50Hertz, AMPRION, TenneT, TransnetBW)
    • Balancing group contract in AT (with APCS for APG)
    • One 10:15 spread account in DE (costs included in membership)
    • One 10:15 spread account in AT (costs included in membership)
  • € 0.0375/MWh (per leg) - this is half of the fee for normal bids (€ 0.075/MWh).

    In total, € 0.075/MWh is charged for the execution of a spread bid, which covers buying in one price zone and selling in the other. For Liquidity Provider volumes (from 480 MWh per day) a further 25% reduction is possible, i.e. to € 0.028125/MWh.

    • Move physical position between D and A at 10:15 in one step.
    • Initial position is e.g. long in DE, short in AT
    • Buy spread unlimited (market order), so sell in DE and buy in AT
    • Practically payment of only 1x transaction fee


    • Move physical position between DE and AT optimized at 10:15 or 12:00
    • e.g. long in DE, short in AT
    • Assumption: Price DE at 12:00 = Price AT at 12:00
    • Buy spread (10:15) up to € -0.2 (minimum optimization expectation)
    • I.e. buy in AT and sell in DE, if AT is at least 20ct cheaper than DE otherwise 2 separate trades at 12:00: buy in AT and sell in DE
    •  Speculative trade on spread expectation at 12:00
    •  No physical starting position
    •  Assumption: Price DE at 12:00 = Price AT at 12:00
    •  Buy spread (10:15) up to € -0.5 (minimum profit expectation)
    •  Sell spread (10:15) from € +0.5 (minimum profit expectation)
    •  If the spread (10:15) is then greater than € 0.5 or less than € -0.5, the spread will be executed according to the bidding and physical delivery will occur in the respective bidding zone.
    •  Closing of the position e.g. in form of respective buyback/sellback at 12:00 via market order
    •  If acceptance at 12:00 price DE at 12:00 = price AT arrives, profit of at least € 0.5/MWh
  • By submitting spread bids in the 10:15 auction, a price dependency ("virtual coupling") between the two order books for the price zones AT and DE is achieved and thus

    • traders a new arbitrage opportunity,
    • enabled cross-border optimization with physical fulfillment in the respective control areas,
    • brought the 10:15 market prices AT/DE closer together, providing additional price stability,
    • indirectly preserving the common liquidity pool
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