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February 17, 2025 03:00 AM
On March 3rd, immediately after the Within-Day auction, which closes at 16:30 CE(S)T, we’re introducing an important update to PRISMA’s Uniform Price Algorithm— the market-based mechanism that allocates capacity fairly and transparently in Short-Term Auctions.
Specifically, this update will change how the clearing price is calculated when two or more auctions are in competition. By prioritizing bids with the highest surcharges and balancing supply with demand, this algorithm will improve transparency in allocating gas transmission capacity and foster an efficient framework suitable for the current market situation.
What’s changing?
The clearing price for competing auctions can now vary based on the auction scenario. It will be determined by either:
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The price set in the separate evaluation of single auctions, or
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The price set in the competition consolidation when competing auctions are considered together.
The algorithm will continue to set the clearing price based on the lowest surcharge offered by any shipper that receives capacity. However, it will now choose the highest value between either the individual auction or the consolidated evaluation of auctions.
For more details and examples, please refer to our Knowledge Base, where the updated process is explained step by step.
Additionally, we have prepared a recording that outlines all these changes in detail for you.
If you have any questions, feel free to check the article or reach out to our Customer Success Team.
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