Efficient pricing Sample Clauses

Efficient pricing. Prices in the wholesale power market are the main reference for operational choices and investment decisions for all generators. Therefore, they must be transparent and should not be kept artificially away from revealing scarcity. This means that price volatility and spikes should be seen as positive outcomes of a market that signals when investments are needed, in capacity and/or in flexibility. Prices in the wholesale market should also relate solely to the marginal costs of producing electricity. The entire rationale of a cost-efficient short-term dispatch of energy relies on ensuring that the most competitive generators are the first to serve demand. Marginal pricing (pay as cleared) therefore, should be considered as the common norm across all time frames, with the exception of continuous intraday trading, where continuous offers (pay-as-bid) should be combined with discrete auctions (pay-as-clear). Restoring today’s depressed low wholesale prices will therefore be a matter of ensuring that the right signals come out of the market itself.
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