Price Coupling of Regions


Price Coupling of Regions (PCR) is the project of European Power Exchanges to develop a single price coupling solution to be used to calculate electricity prices across Europe respecting the capacity of the relevant network elements on a day-ahead basis. This is crucial in order to achieve the overall EU target of a harmonised European electricity market. The integrated European electricity market is expected to increase liquidity, efficiency and social welfare. PCR is open to other European power exchanges wishing to join.


PCR is based on three main principles: a single algorithm, robust operation and individual power exchange accountability.

The common algorithm gives a fair and transparent determination of day-ahead electricity prices and a net position of a bidding area across Europe. The algorithm is developed respecting the specific features of the various power markets across Europe and the electricity network constrains. It optimises the overall welfare and increase transparency.

The PCR process is based on decentralised sharing of data, providing a robust and resilient operation. The PCR Matcher and Broker service enables exchange of anonymised orders and electricity network constrains among the power exchanges to calculate bidding zone prices and other reference prices and net positions of all included bidding areas.


The initiative started in June 2009 where the PCR parties signed the PCR Cooperation Agreement and PCR Co-ownership Agreement.

Project is currently being operated by eight Power Exchanges: EPEX SPOT, GME, HEnEx, Nord Pool, OMIE, OPCOM, OTE and TGE; PCR is used to couple the following countries: Austria, Belgium, Czech Republic, Croatia, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and UK.

PCR presentation (short)

PCR presentation (detailed)

EUPHEMIA Algorithm

One of the key elements of PCR project is the development of a single price coupling algorithm, which adopts the name of EUPHEMIA (acronym of Pan-European Hybrid Electricity Market Integration Algorithm). It is used to calculate energy allocation, net positions and electricity prices across Europe, maximizing the overall welfare and increasing the transparency of the computation of prices and power flows resulting in net positions.

Euphemia Public Description

Euphemia Public Presentation

Euphemia 10.3 Release Note

The power exchanges of the Price Coupling of Regions Initiative (PCR) hosted the PCR Euphemia Forum for the project stakeholders in Brussels on 11th of January 2016. The main topics discussed were the current concept of the Euphemia algorithm as well as possibilities and proposals for the short-term and mid-term development. For more information please see the presentations:


PCR Stakeholder Forum

Non-uniform pricing and thermal orders for the day-ahead Market

Single Intraday Coupling


Intraday markets are an important tool for market parties to keep positions balanced as injections and/or off-take may change between the Day-Ahead stage and real-time operations. The growth of intermittent generation capacity has increased the importance of efficient Intraday markets.

Consequently, the European Commission has established a Target Model for a Single Intraday Coupling (SIDC), based on continuous energy trading where cross-zonal transmission capacity is allocated trough implicit continuous allocation. This model has been laid down into the Framework Guidelines for Capacity Allocation and Congestion Management (CACM).

The European Power Exchanges (PXs) EPEX SPOT, GME, Nord Pool Spot and OMIE (PXs) are responding to the needs of the market by establishing a transparent and efficient continuous Intraday trading environment to enable market parties to easily trade out their Intraday positions.

The possibility for market parties to trade out their imbalances is thereby significantly improved as they do not only benefit from the Intraday liquidity available on a national level, but also from the available liquidity in other areas.

In order to help to realize this goal the PXs, together with the Transmission System Operators (TSOs) from 12 countries, have launched the first initiative called the XBID Market Project, to create a joint integrated Intraday cross-zonal market. The purpose of the XBID Market Project is to enable continuous cross-zonal trading and increase the overall efficiency of Intraday trading on the single cross-zonal Intraday market across Europe. The wider XBID solution creates one integrated European Intraday market.

This single Intraday cross-zonal market solution will be based on a common IT system forming the backbone of the European solution, linking the local trading systems operated by the Power Exchanges, as well as the available cross-zonal transmission capacity provided by the TSOs. Orders entered by market participants in one country can be matched by orders similarly submitted by market participants in any other country within the IT systems’ reach, provided there is cross-zonal capacity available.

The Intraday solution supports both explicit (where decided by National Regulatory Authorities) and implicit continuous trading and is in line with the EU Target Model for an integrated cross-zonal Intraday market.


HEnEx Trading Support Dpt. 

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Tel : (+30) 210 33 66 845,  (+30) 210 33 66 952
Fax : (+30) 210 33 66 951