Explicit auctions running on BritNed's own trading platform - Kingdom® - allows market participants to purchase tranches of capacity from one year before up to hours before delivery.
Auctions are held for capacity rights in both directions. BritNed's capacity is awarded across different timescales, i.e. annually, seasonally, quarterly, monthly, multi-day, daily and intraday. The medium term explicit capacity is auctioned in advance via the Kingdom platform. Any unsold and unused explicit capacity will be made available for implicit auctions operated by APX Group.
BritNed offers calender annual products, allowing participants to secure explicit capacity for a calendar year.
BritNed offers quarterly products which offer capacity for 3 months.
Monthly products allows participants to secure capacity for a single month.
Optional products such as weekend and bank holiday auctions allow participants to secure capacity for up to 72 hours during this time. Such a product is popular for traders who would like to take advantage of weekend price differentials between NL and GB.
Intraday products offer participants a choice to secure capacity on the day of the auctions with 2 auctions and 6 nomination gate closures. It allows BritNed participants to react to market changes closer to real time. Additionally, intraday products can provide participants with a way to net off their day-ahead positions.