Intraday Market — How matching works

Intraday market order-book diagram with green buy bids, red sell asks, an orange matched trade, and a trade tape.

After the day-ahead auction clears, forecasts keep updating. The intraday market opens a continuous order book per delivery hour so participants can repair their position right up to gate closure.

Gate opens per delivery hour

Each delivery period has its own order book. Trading begins hours ahead and runs continuously until shortly before delivery.

Participants post limit orders

Buyers and sellers submit price-and-quantity orders. The book ranks bids high-to-low and asks low-to-high.

Matching engine pairs crossing prices

When a new buy meets an existing sell at or above its price (or vice versa), the engine fills at the resting price in time priority.

Trades print, the book updates

Filled volume disappears from the book. The trade tape shows what cleared, at what price, when.

Gate closes — position is locked

The repair window ends. Anything still off-target settles in the imbalance market after delivery.