Exchange Capacity Market Rules

By using Piclo Exchange, you agree to adhere to the below market rules. 


In order to be verified to participate in the secondary market, your company must be registered/ qualified in the relevant primary market. Piclo will check with National Grid and upon confirmation of your registration in the primary market, you will be verified to participate in the secondary market and granted access to Piclo Exchange. 

Listing a trade

In order to create the listing you will need to provide the following pieces of information:

  • Agreement identifier (CAN Number) - the unique CAN number associated with the agreement you want to trade.
  • CMU ID - The CMU ID associated with the CAN.
  • Agreement type - T- 4 or T-1 auction type.
  • Delivery year - year for capacity delivery.
  • Clear price - clear price of the  T- 4 or T-1 auction when the agreement was won.
  • De-rated capacity to list - auction acquired capacity looking to be traded.
  • Transfer start period - start date for which the transferee(s) needs to deliver capacity.
  • Transfer end period - end date for which the transferee(s) needs to deliver capacity.
  • Guide price - a price that the transferor is willing to sell the agreement for.
  • Bidding open date and time - date and time for when participants can start bidding.
  • Bidding close date and time - date and time for when participants stop bidding.

Listing Rules

  • The transferor should only list trades for eligible agreements:
    • A new build generating CMU agreement cannot be traded until it has met their Substantial Completion Milestone (SCM). 
  • The capacity traded must be greater than 1MW and must not leave the transferor with between 0-1MW of capacity.
  • The transfer period may not be shorter than 1 day and no longer than the entire delivery year.
  • An agreement may not be listed more than once unless the total capacity of all the listings is less than the total Auction Acquired Capacity Obligation in the agreement.
  • Adding a guide price is not mandatory but will help bidders understand the price you are willing to accept for the agreement. The price input by the bidder is the amount they are willing to provide the service for. For example, if the clear price of an agreement is £20/kw/yr and the bid from a potential Transferee is £15/kw/yr, you as the transferor will be paid/retain £5/kw/yr from the transferee. 


  • In order to submit a bid the following information will be required:
    • CMU ID - CMU you propose to fulfill the contract with.
    • Bid capacity - derated capacity of the CMU you are bidding with.
    • Proposed transfer start - date and time that you will take over the contract.
    • Proposed transfer end - date and time that you will end the contract.
    • Proposed bid price - value in £/kw/yr you would like to be paid in order to take the contract. 

Bidding Rules

    • The bidder should only bid with eligible CMU’s:
      • CMU’s pre-qualified in the T-4 or T-1 auctions for the relevant delivery year.
      • CMU’s that have completed a Secondary Trading Application through National Grid.
      • A New Build Generating CMU cannot be used for secondary trading until it has met their Substantial Completion Milestone (SCM). 
    • The capacity bid must be greater than 1 MW and less than or equal to the capacity of the listing.
    • Participants should only bid with capacity once at a time. E.g. you may not bid with the same 1MW CMU against two different listings but a 2MW unit can bid 1 MW on separate listings. 

    Decisioning a bid

    • Bids will not be visible to the transferor until bidding has closed. 
    • Transferors should decision bids in a timely manner, for example, within one week of the bid close date. 
    • The transferor may accept one or multiple bids.
    • The transferor should not leave bids un-decisioned. 
    • The transferor should not accept bids totalling a capacity greater than was listed to trade.
    • If the total capacity list was not met, the transferor may re-list the trade with the new capacity. 

    Registering the Trade

    Once a trade has been agreed, both parties will be notified of the successful trade and must input the trade into the National Grid EMR portal for the trade to be registered.

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