The CACM Regulation (Regulation No. 2015/1222) is part of the third package concerning electricity market integration and covers the short-term energy markets, i.e. day-ahead and intraday, in the electricity sector. It entered into force on 14 August 2015. The CACM Regulation describes the target model, as well as the capacity allocation and congestion management and the associated roles of the affected entities. With the Nominated Electricity Market Operator or NEMO, a new role was created in the electricity market, which carries out electricity market coupling in the function of a market coupling operator. The determination of capacity calculation regions, the development of a load flow-based capacity calculation methodology and the review of existing bidding zone configurations represent further core elements of this regulation.
In accordance with the CACM Regulation, EXAA was approved by Energie-Control Austria (E-Control) for the regulation of the electricity and natural gas industry as a NEMO for constant day-ahead market coupling in Austria and started with day-ahead trading services in Germany on 28 May 2019 in accordance with Article 4 (5) of the CACM Regulation.
Performing the tasks delegated to CCP.A as the central counterparty in the future by the NEMO, CCP.A furthermore ensures in accordance with Article 68 para. 5 CACMR for each market timeframe in the uniform Day-Ahead-Market-Coupling that
- across all Bidding Zones, taking into account, where appropriate, allocation constraints, there are no deviations between the sum of energy transferred out of all surplus Bidding Zones and the sum of energy transferred into all deficit Bidding Zones;
- electricity exports and electricity imports between Bidding Zones equal each other, with any deviations resulting only from considerations of allocation constraints, where appropriate.
For the purpose of fulfilling the obligations from Market Coupling, CCP.A works together with Market Coupling Counterparties in accordance with Article 68 para. 3 CACMR.
The task of the Market Coupling Counterparties is to ensure the timely clearing and settlement of power deliveries between Market Coupling Counterparties from the Market Coupling auctions.
Market Coupling Counterparties conclude bilateral, segregated agreements with CCP.A. The rights and obligations in connection with the cooperation result from these bilateral, segregated agreements concluded between CCP.A and the respective Market Coupling Counterparty.
The provisions for collateral requirements also apply to Market Coupling Counterparties. However, Market Coupling Counterparties are exempt from the obligation to make contributions to the Default Fund.