Methodology

[PLACEHOLDER — the nine rules, in the reader's terms.]

What is NOT claimed

[PLACEHOLDER — an efficiency yardstick per 1 MW, not a market size; not a trading recommendation; not investment advice.]

The five benchmarks

Extractable extractable_value

The better of the two passive positions, chosen per PTU with perfect hindsight. It can be negative where dual imbalance pricing leaves the day-ahead price inside the penalty band, and that negative is real.

Trailing bias trailing_bias_value

The result of the hourly trailing-bias rule, which picks the day-ahead side from a trailing mean per hour of day and uses only what was known before the auction closed. Empty where no decision was issued.

Passive DA buy passive_da_buy_value

Buy 1 MW on the day-ahead auction for every PTU of the day and settle the position in imbalance. No foresight: the same side every PTU.

Passive DA sell passive_da_sell_value

Sell 1 MW on the day-ahead auction for every PTU of the day and settle the position in imbalance. No foresight: the same side every PTU.

Adverse adverse_value

The worse of the two passive positions, chosen per PTU with perfect hindsight. Where a zone prices imbalance single-sided it is the exact mirror of extractable_value.