Article 7 Short term standardised products
United Kingdom
The short term standardised products shall be traded for delivery on a within day or day ahead basis seven days a week in accordance with the applicable rules of the trading platform as defined between the trading platform operator and the transmission system operator.
The originating trading participant is the trading participant that posts a bid or an offer to trade on the trading platform and the accepting trading participant is the trading participant that accepts it.
Where a title product is traded:
one trading participant makes an acquiring trade notification and the other makes a disposing trade notification;
both trade notifications shall specify the gas quantity transferred from the trading participant who makes a disposing trade notification to the trading participant who makes an acquiring trade notification;
where an hourly notification quantity is used, it shall be applied flat to all the remaining hours of the gas day from a specified start time and shall be equal to zero for all the hours before this start time.
Where a locational product is traded:
the transmission system operator shall determine the relevant entry and exit points or groups thereof that can be used;
all the conditions specified in paragraph 3 shall be fulfilled;
the originating trading participant shall modify the quantity of gas to be delivered to or off-taken from the transmission network at the specified entry or exit point by an amount equal to the notification quantity and provide evidence to the transmission system operator that the quantity was modified accordingly;
Where a temporal product is traded:
the conditions specified in paragraph 3(a) and (b) shall be fulfilled;
an hourly notification quantity shall be applied to the hours of the gas day from a specified start time up to a specified end time and shall be equal to zero for all the hours before the start time and zero for all the hours after the end time.
Where a temporal locational product is traded, the conditions specified in paragraph 4(a), and (c) and paragraph 5 shall be fulfilled.
When establishing the short term standardised products, the transmission system operators F1must cooperate with each other and must endeavour to cooperate with non-UK TSOs from adjacent balancing zones F2... in order to determine the relevant products. Each transmission system operator shall inform the relevant trading platform operators of the result of such cooperation without undue delay.
Annotations
Textual amendments
- F1
Words in Art. 7(7) inserted (31.12.2020) by The Gas (Security of Supply and Network Codes) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/531), reg. 1(2), Sch. 2 para. 4(2); 2020 c. 1, Sch. 5 para. 1(1)
- F2
Words in Art. 7(7) omitted (31.12.2020) by virtue of The Gas (Security of Supply and Network Codes) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/531), reg. 1(2), Sch. 2 para. 4(3); 2020 c. 1, Sch. 5 para. 1(1)