The Exchange Council of EPEX SPOT, at its latest meeting in Leipzig, expressed its support for a new market segment and discussed the current per-spectives in the integration process of European power markets.
Following an internal study and feedback by trading participants, the European Power Ex-change EPEX SPOT will launch an afternoon auction for 15-minute contracts in the German delivery area. These contracts will help fine-tuning portfolios and facilitate trading for scheduled or forecasted intra-hour variations in production and consumption. The auction will take place at 3 pm seven days a week, after the Day-Ahead auction for hourly contracts and in parallel to the opening to the Intraday market.
The members of the Exchange Council support the launch of a 15-minute afternoon auction. “Liquidity is a prerequisite for every new market segment. Studies conducted by EPEX SPOT have shown interest by the majority of Exchange Members, so liquidity should not be the issue”, says Peter Heydecker, Chairman of the Exchange Council. “This is a supplementary flexibility tool that will further ease the trading of intermittent power sources. 15-minute auc-tions are also extremely useful with regard to ramping hours in the morning and the evening.” The afternoon auction will launch later this year. EPEX SPOT will communicate in due time on the launch date.
The pan-European power market has become palpable. At the European Electricity Regu-latory Forum in Florence on 20 and 21 May 2014, EU Commission’s DG Energy welcomed the successful NWE and SWE Price Coupling initiatives. The Exchange Council also ex-pressed its contentment with the latest progress made in power market integration. Markets from Portugal to Finland are now coupled with a joint set of software tools and based on de-centralized operations, using the Price Coupling of Regions (PCR) solution developed by European Power Exchanges. Southern and Eastern European regions are moving quickly towards connecting their markets to the coupled area.
“Some 75 percent of the European power consumption are now covered by PCR-coupled markets. PCR is one solution to couple them all – and it is compliant with the upcoming Net-work Codes on Capacity Allocation and Congestion Management”, says Jean-François Conil-Lacoste, Chairman of the Management Board of EPEX SPOT. “We are closer than ever to making the EU Internal Power Market work.” The Network Codes are binding European regulation and are supposed to be finalised by the end of the year.
The second meeting of the Exchange Council in 2014 was held in Leipzig on 4 June 2014 and was chaired by Peter Heydecker, Head of Origination Gas & Power at Vitol.
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The Exchange Council of EPEX SPOT is an official body of the Exchange. 16 members and 7 permanent guests represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: producers, power trading companies, transmission system operators, regional suppliers and financial service providers, as well as commercial consumers and academics. Its missions include in particular the adoption of the Exchange Rules and the Code of Conduct of EPEX SPOT and their amend-ments. The Exchange Council approves new trading systems as well as new contracts or market areas and approves the appointment of the Head of the Market Surveillance Office. It meets up quarterly.
The European Power Exchange EPEX SPOT SE operates the power spot markets for France, Germany, Austria and Switzerland (Day-Ahead and Intraday). Together these countries account for more than one third of the European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with branches in Leipzig, Bern and Vienna. In 2013, 346 TWh were traded on EPEX SPOT’s markets.
The pan-European power market has become palpable. At the European Electricity Regu-latory Forum in Florence on 20 and 21 May 2014, EU Commission’s DG Energy welcomed the successful NWE and SWE Price Coupling initiatives. The Exchange Council also ex-pressed its contentment with the latest progress made in power market integration. Markets from Portugal to Finland are now coupled with a joint set of software tools and based on de-centralized operations, using the Price Coupling of Regions (PCR) solution developed by European Power Exchanges. Southern and Eastern European regions are moving quickly towards connecting their markets to the coupled area.
“Some 75 percent of the European power consumption are now covered by PCR-coupled markets. PCR is one solution to couple them all – and it is compliant with the upcoming Net-work Codes on Capacity Allocation and Congestion Management”, says Jean-François Conil-Lacoste, Chairman of the Management Board of EPEX SPOT. “We are closer than ever to making the EU Internal Power Market work.” The Network Codes are binding European regulation and are supposed to be finalised by the end of the year.
The second meeting of the Exchange Council in 2014 was held in Leipzig on 4 June 2014 and was chaired by Peter Heydecker, Head of Origination Gas & Power at Vitol.
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The Exchange Council of EPEX SPOT is an official body of the Exchange. 16 members and 7 permanent guests represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: producers, power trading companies, transmission system operators, regional suppliers and financial service providers, as well as commercial consumers and academics. Its missions include in particular the adoption of the Exchange Rules and the Code of Conduct of EPEX SPOT and their amend-ments. The Exchange Council approves new trading systems as well as new contracts or market areas and approves the appointment of the Head of the Market Surveillance Office. It meets up quarterly.
The European Power Exchange EPEX SPOT SE operates the power spot markets for France, Germany, Austria and Switzerland (Day-Ahead and Intraday). Together these countries account for more than one third of the European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with branches in Leipzig, Bern and Vienna. In 2013, 346 TWh were traded on EPEX SPOT’s markets.