Article 19.6 Calculation of the Imbalance Price

If the System Imbalance $S I_{t}$ , is less than -25MW or greater than +25MW, the Imbalance Price $I P_{t}^{}$ shall be calculated as follows:

$I P_{t} \{\begin{matrix} m a x \{M P_{W A E, t}^{α F R R}, B E P_{m F R R, t}^{u p}, V O A A_{t}^{u p}, V O A A_{t}^{d n}\} \\ m i n \{M P_{W A E, t}^{α F R R}, B E P_{m F R R, t}^{d n}, V O A A_{t}^{u p}, V O A A_{t}^{d n}\} \end{matrix} \begin{matrix} , ό τ α ν S I_{t} < 25 M W \\ , ό τ α ν S I_{t} > 25 M W \end{matrix}\}$

Όπου:

$M P_{W A E, t}^{α F R R}$	The weighted average price of the AGC cycle aFRR clearing prices in €/MWh for the Imbalance Settlement Period t in accordance with paragraphs 2, 3 and 4 of this Article.
$B E P_{z, t}^{u p}$	The upward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$B E P_{z, t}^{d n}$	The downward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$V O A A_{t}^{u p}$	The downward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$V O A A_{t}^{d n}$	The value of avoided activation of Balancing Energy in the downward direction, which is equal to the higher value of the downward Balancing Energy Offer for either mFRR or aFRR for the specific Imbalance Clearance Period t.

For the Imbalance Settlement Periods during which the HETS Operator remains connected to the European Platform for Balancing Energy (aFRR), the weighted average price of the clearing prices for aFRR in the AGC cycle $M P_{W A E, t}^{α F R R}$ , for a Balancing Settlement Period t shall be calculated in accordance with the following:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (a b s (S D_{c}^{α F R R}) \times M P_{c}^{α F R R})}{\sum_{c \in t} (a b s (S D_{c}^{α F R R}))}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R}$	The Cross-Border aFRR Settlement Price in €/MWh dispatched by the European aFRR Platform for each execution cycle of the aFRR Process preceding the AGC cycle c within the Imbalance Settlement Period t.
$S D_{c}^{α F R R}$	The demand for aFRR in MWh that has been met for each execution cycle of the aFRR Process preceding the AGC cycle c within the Imbalance Settlement Period t.

For the Imbalance Settlement Periods during which the HETS Operator remains disconnected from the European Platform for Balancing Energy (aFRR), the weighted average price of the clearing prices for aFRR in the AGC cycle $M P_{W A E, t}^{α F R R}$ , for a Balancing Settlement Period t shall be calculated in accordance with the following:

α) If the System Imbalance, $S I_{t}$ is less than -25MW:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (S D_{c}^{α F R R, u p} \times M P_{c}^{α F R R, u p})}{\sum_{c \in t} S D_{c}^{α F R R, u p}}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R, u p}$	The upward aFRR clearing price of the AGC cycle in €/MWh, which corresponds to the maximum price of all upward aFRR Balancing Energy Offers activated from the local aFRR merit order list, for each AGC cycle c.
$S D_{c}^{α F R R, u p}$	The upward demand for aFRR in MWh met for each AGC cycle c, with a positive value.

β) If the System Imbalance $S I_{t}$ is greater than 25MW:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (S D_{c}^{α F R R, d n} \times M P_{c}^{α F R R, d n})}{\sum_{c \in t} S D_{c}^{α F R R, d n}}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R, d n}$	The downward aFRR clearing price of the AGC cycle in €/MWh, which corresponds to the minimum price of all downward aFRR Balancing Energy Offers activated from the local aFRR merit order list, for each AGC cycle c.
$S D_{c}^{α F R R, d n}$	The downward demand for aFRR in MWh met for each AGC cycle c, with a positive value.

For cases where, during an Imbalance Settlement Period t, the HETS Operator remains connected to the European aFRR platform for part of the time and disconnected for the remainder of the period, then the weighted average of the aFRR settlement prices in the AGC cycle is used, derived from: a) paragraphs 2 and 3(a) for System Imbalances less than -25 MW, and b) paragraphs 2 and 3(b) for System Imbalances greater than 25 MW. The above values shall be weighted in relation to the respective time intervals.
In the case that the calculated System Imbalance 𝑆𝐼𝑡, falls within the range [-25 MW, +25 MW], the Imbalance Price is taken to be equal to the value of the avoided activation of Balancing Energy, and is calculated as the average price of the following:
α) the lowest price of the upward Balancing Energy Offer for either mFRR or aFRR, which is available for local activation, for the specific Imbalance Settlement Period; and
β) the highest price of the downward Balancing Energy Offer for either mFRR or aFRR, which is available for local activation, for the specific Imbalance Settlement Period.
Details regarding calculation of System Imbalance and Imbalance Pricing are described in the ‘Balancing Market Price Calculation Methodology’.
If the calculation of the Imbalance Prices is impossible, in particular due to an Emergency Situation, or failure of the Balancing Market System or of the other electronic systems of the HETS Operator, the HETS Operator shall apply the procedure provided for in the “Rules for settlement in case of suspension of market activities”.

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