Order no. 53/2011 issued by the Romanian Energy Regulatory Authority regarding the establishment of the deadline for issuing the offers on the Energy Market for the following day, during the transaction day which is prior to the delivery day, was published in the Official Gazette no. 922 of December 27, 2011 [in Romanian, Ordin nr. 53 din 16 decembrie 2011 privind stabilirea termenului-limita de transmitere a ofertelor in ziua de tranzactionare anterioara zilei de livrare, pe Piata pentru ziua urmatoare de energie electrica].
The Order defines the Energy Market for the following day and sets forth that the intermediary for such transactions is “Opcom” – S.A., as central counterparty which operates on the basis of specific regulations issued by the Romanian Energy Regulatory Authority.
As per the Order, the offers for the following day must be issued during the day prior to the delivery day, until 11:15, which is the closure time of the energy market.