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1. NEMOs shall allow market participants to trade energy as close to real time as possible and at least up to the intraday cross-zonal gate closure time. From 1 January 2026, the intraday cross-zonal gate closure time shall not be more than 30 minutes ahead of real time.

1a. The regulatory authority concerned may, at the request of the transmission system operator concerned, grant a derogation from the requirement laid down in paragraph 1 until 1 January 2029. The transmission system operator shall submit the request to the regulatory authority concerned. That request shall include:

(a) an impact assessment, taking into account feedback from NEMOs and market participants concerned, demonstrating the negative impact of such a measure on the security of supply in the national electricity system, cost-efficiency, including in relation to existing balancing platforms in accordance with Regulation (EU) 2017/2195, on the integration of renewable energy and on greenhouse gas emissions; and (b) an action plan aiming to shorten the intraday cross-zonal gate closure time to 30 minutes ahead of real time by 1 January 2029.

1b. The regulatory authority may, at the request of the transmission system operator concerned, grant a further derogation from the requirement laid down in paragraph 1 by up to two-and-a-half years from the date of expiry of the period referred to in paragraph 1a. The transmission system operator concerned shall submit the request to the regulatory authority concerned, to the ENTSO for Electricity and to ACER by 30 June 2028. That request shall include:

(a) a new impact assessment, taking into account feedback from market participants and NEMOs, justifying the need for a further derogation, based on risks to the security of supply in the national electricity system, cost-efficiency, the integration of renewable energy, and greenhouse gas emissions; and (b) a revised action plan to shorten the intraday cross-zonal gate closure time to 30 minutes ahead of real time by the date for which extension is requested and no later than the date requested for the derogation.

ACER shall issue an opinion about the cross-border impact of a further derogation within six months of receipt of a request for such a derogation. The regulatory authority concerned shall take that opinion into account before deciding upon a request for further derogation.

1c. By 1 December 2027, the Commission shall, after consulting NEMOs, ENTSO for Electricity, ACER and relevant stakeholders, submit a report to the European Parliament and to the Council assessing the impact of the implementation of the decreasing of the cross-zonal gate closure time established pursuant to this Article, the costs and benefits, the feasibility and practical solutions towards further decreasing it in order to allow market participants to trade energy as close to real time as possible. The report shall consider the impact on the electricity system security, the cost-efficiency, the benefits to the integration of renewable energy and to the reduction of greenhouse gas emissions.

2. NEMOs shall provide market participants with the opportunity to trade in energy in time intervals which are at least as short as the imbalance settlement period for both day-ahead and intraday markets.

3. NEMOs shall provide products for trading in day-ahead and intraday markets which are sufficiently small in size, with minimum bid sizes of 100 kW or less, to allow for the effective participation of demand response, energy storage and small-scale renewables including direct participation by customers, as well as through aggregation.

4. By 1 January 2021, the imbalance settlement period shall be 15 minutes in all scheduling areas, unless regulatory authorities have granted a derogation or an exemption. Derogations may be granted only until 31 December 2024. From 1 January 2025, the imbalance settlement period shall not exceed 30 minutes where an exemption has been granted by all the regulatory authorities within a synchronous area.