Analysis of the iberian intraday market: Price dynamics, market participation, and balancing challenges

This paper presents an in-depth analysis of the intraday (ID) market within the Iberian electricity market. The study examines price dynamics and the participation of market agents across multiple trading sessions, including both the auction-based intraday (IDA) sessions and the continuous intraday (IDC) market. Additionally, it explores the intricacies of the balancing market, particularly in terms of managing untraded energy from various stages, including the day-ahead (DA) market, the IDA sessions, and the IDC market. Special attention is given to the recent reform of the discrete ID market, which transitioned from six daily sessions to three, as part of its integration into the European single intraday coupling (SIDC) framework. The work also investigates the evolution of price volatility as the delivery hour approaches, and studies market liquidity through two key indicators: the number of matched agents and the traded energy volume in each session. Overall, this research highlights the evolving structure and challenges of the Iberian ID electricity market, offering valuable insights for market participants and policymakers. The results contribute to a better understanding of how the ID market supports vRES integration and short-term system flexibility under increasing uncertainty.