Participation in both the Balancing and Capacity Markets is mandatory for most generators. Additionally, participation in the Capacity Market is mandatory for interconnectors. Participation in the other markets is at the discretion of the participant.
Capacity is traded in the Capacity Market up to five years in advance of the trading day.
Financial instruments are traded in the Forwards Market and Financial Transmission Right auctions from over a year to one month ahead of the trading day.
Energy is traded in the Day-Ahead and Intraday Markets from one day ahead of the trading day up to shortly before real time.
The Balancing Market runs before and into real time.