Spanish Electricity Wholesale Market Analysis about the use of manipulation practice types listed by ACER in guidance 6th

TFM centrado en la definición de índices adecuados para monitorizar posibles prácticas anticompetitivas y de manipulación por parte de los agentes en el mercado intradiario continuo español.

ACER published on July 2021 a 6th guidance on the application of the “Regulation on Wholesale Energy Market Integrity and Transparency” (REMIT) and listed 20 types of manipulation practices. These practices are more suitable to be present in the intraday continuous market. Indeed, the continuous market does not rest on a sealed-bid auction mechanism as the day-ahead market or the intraday market by auctions but on continuous trading. Because of this, there is a higher risk of market manipulation such as agents giving false or misleading signals or securing an artificial price.
In this work, the 20 manipulation practices listed by ACER are explained and examples are provided. This analysis of the practices aims to establish what are the magnitudes of interest and how to monitor them. Then, this work develops means and tools to monitor these manipulations. These tools are monitoring indexes designed to detect strange behaviour and abnormal results in the continuous market.