The spot market for electricity is operated by EPEX SPOT, a joint venture owned by German EEX AG and the French Powernext SAS (its 100% daughter). On each day of the year, EPEX SPOT operates day-ahead auctions for three market areas: Germany/Austria, France, and Switzerland. The physical delivery of power takes place the next day. EPEX SPOT also provides an intraday market for Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Austria, and the United Kingdom. This market can be used to satisfy short-term needs of electricity or to sell short-term over capacities. Participants in the market can buy up to 45 minutes before every hour of electricity for the specific hour. This market operates 24/7 without exceptions. The electricity for the next day can be traded from 15:00 onwards.