for a given day, the arithmetic mean of the "day-ahead offer" and "day-ahead bid" quotations as published by Energy Argus for the Zeebrugge hub on the following day plus a value specific to each Balancing Zone that reflects the average transportation costs on the path from Zeebrugge to the relevant Balancing Zone.
in an energy derivatives contract, the market price reference based on a particular location or specified grade or blend of the commodity, which is used for settlement of the contract.
The price of future contract used as "reference" e.g., for determining an opening price, starting an algorithm, or figuring into an index; is usually the settlement price or last closing price.