ECC Clearing Circular 42/2023 | UK Delivery Risk Parameter Update in EPEX trading limit systems and DCP Limit Calculation


    As of 1 December 2023, the trading limit systems M7 and ETS will use an updated price independent delivery risk parameter for the EPEX UK spot market. The updated parameter will also be considered in the DCP limit calculation and will be valid for the duration of the following month.

    The new parameters applicable will be shown in the table below. All other trading limit configurations remain unchanged.

    Adjustment Process

    The new values for the price independent parameters applicable for all ELEXON sell trades and orders will be applicable in M7 and ETS for trading on 1 December 2023 at 16:00 CET for the first time.


    The UK Price Independent Delivery Risk Parameter is used as add-on applicable for sell orders and - trades to calculate the limit utilisation during the limit period in both trading systems ETS and M7 for the clearing product groups EPEX_ST_POWER_ELEX, EPEX_IT%_POWER_ELEX for auction- and EPEX_IT_POWER_ELEX for continuous trading. Details of the limit function and the maintenance process can be found in the Risk Management Service Manual on the ECC website.

    Details on the calculation of the parameters can also be found in ECC Circular 25/2023. The parameters applicable are also part of the ECC Risk Parameter File available on the ECC website. Clearing Members are reminded to check whether defined Emergency Member Stop
    Limits and deposited collaterals are set sufficiently to cover a possible margin increase.

    Clearing Members and DCPs are asked to check whether defined trading limits and deposited collaterals for relevant auctions (EPEX_AUCTION_GBP) and continuous trading (EPEX_CONTINUOUS_GBP) are set sufficiently to cover a possible increase in limit utilisation.

    European Commodity Clearing AG
    Clearing & Settlement
    Phone: +49 341 24680-444