Searching for EFA information
One of the first posts and videos I made for this blog was talking about the EFA Day. The post, in fact this post, was purely a holding page in which to embed the video on and contained no actual information. Having a look at the Google Analytics data indicated that quite a few people were being directed to this page and then heading off after finding no content. So, to put this right I’ve added some text but would urge you to watch the video as it will go into more detail than up coming text.
Finally, the EFA day can be a confusing beast at first sight and I’ve covered some of it’s more frustrating elements in a previous post – One EFA’ing confusing system – so I won’t return to old ground here.
Breakdown of the EFA Day – Everything you need to know in eleven steps
- The EFA day runs from 11pm through to 11pm the next day
- Composed of blocks 1 through 6, each one being a 4 hour block
- Each of these blocks 1 through 6 is subdivided into 2 hour blocks, A and B
- Commonly quoted periods: day/weekend/week/month/season/annual
- Blocks are typically traded for 1 week or more
- Products are traded both in Weekday (WD and Weekends(WE) periods
- Baseload Products – WD 1/2/3/4/5/6 and WE 1/2/3/4/5/6
- Peak Products – WD 3/4/5 (applicable on a bank holiday as well)
- Offpeak Products – WD 1/2/6 and WE 1/2/3/4/5/6
- Overnight Products – WD 1/2 and WE 1/2
- Day Product – WD 3/4/5/6 and WE 3/4/5/6
A couple of other little things to remember
- When trading Day-ahead, and where that denotes a Saturday, Sunday or bank holiday, blocks 3/4/5 can be traded together and is often referred to as a ‘Peak’ product although, by definition, this term applies only to a weekday.
- ‘Day-ahead’ when traded on a Friday, refers to the following Monday NOT Saturday.
- B.O.F.M (Balance of Front Month) – This period commences on the day after Day-ahead (i.e. D + 1) and terminates at the end of the balance of the EFA month. Where trading of B.O.F.M. occurs on a Friday, B.O.F.M commences on a Tuesday (11pm Monday).
- PowerRisk – http://www.powerisk.com/glossary/?keyword=efa_calendar
- Platts – http://www.platts.com/IM.Platts.Content/methodologyreferences/methodologyspecs/european_power_methodology.pdf
- ICE EFA Calendar – https://www.theice.com/publicdocs/EFA_Calendar.pdf