LA CRÉATION D UNE BOURSE RÉGIONALE : EPEX SPOT

Transcription

1 LA CRÉATION D UNE BOURSE RÉGIONALE : EPEX SPOT 1

2 LA CREATION D UNE BOURSE REGIONALE 1. Présentation d EPEX Spot 2. Les marchés & produits d EPEX Spot 3. Les bénéfices pour le marché d une bourse régionale 4. Le système de trading d une bourse régionale 5. Les facteurs clés de succès de l établissement d une bourse régionale 6. Comparaison entre les solutions «couplage de marchés régional» vs «bourse régionale» 2

3 EPEX Spot? EPEX Spot: une bourse régionale, facilitateur de l intégration des marchés européens Depuis 1998, plusieurs bourses de l énergie se sont établies en Europe et sont devenus des éléments indispensables au bon fonctionnement des marchés Aujourd hui, ~ 20 marchés organisés en Europe : Concurrence entre les places de marché Concurrence entre les initiatives d intégration régionale Demande de coopération entre les différentes plateformes de trading sur le marché de gros uniformisation des marchés marché unique La coopération entre les bourses d énergie EEX (Allemagne) & Powernext SA (France) est une étape décisive vers un marché unique européen de l électricité 3

4 L objectif Établir une référence de prix fiable Créer un level playing field grâce à une plateforme de trading anonyme et des facilités de trading Diminuer les coûts de transaction grâce à la standardisation des procédures de trading et de règlement Faciliter la gouvernance et la mise en oeuvre des projets de Market Coulping / Splitting 4

5 La coopération entre EEX & Powernext a pour but de créer un marché au comptant paneuropéen permettant la formation effective d un prix et l allocation implicite de capacités aux frontières de toutes les places de marché avec un modèle de marché harmonisé et un système de trading unique 5

6 Les aspects - clefs de la coopération EEX / Powernext Bourse commune pour les transactions spot basée à Paris: EPEX Spot Bourse commune pour les dérivés basée à Leipzig: EEX Power Derivatives Clearing de toutes les transactions spot & sur les dérivés par European Commodity Clearing AG (ECC) Modèle de coopération ouvert à d autres partenaires 6

7 Etapes de la montée en puissance d EPEX European Energy Exchange AG EEX Power Spot GmbH Fusion % 50% 3. Transfert du capital 2. EPEX Spot SE Powernext S.A. Transfer t du Marché Spot France 3. Transfert des activités EEX power spot market dans une société indépendante appelée EEX Power Spot GmbH. Etablissement d une société commune européenne de trading (SE) à Paris appelé EPEX Spot SE. Powernext transfère son marché spot France dans la SE. Transfert des parts d EEX dans EEX Power Spot GmbH à EPEX Spot SE contre une prise de participation dans la SE. Fusion d EEX Power Spot GmbH et d EPEX Spot SE avec conservation d un centre opérationnel en Allemagne. L étape finale vers l intégration aura lieu le 1er juillet

8 Organisation et Supervision Exchange Council Supervisory Authorities Represents Exchange members Cooperates and exchange information -Organizes trading -Admits new members -Elaborate market rules -Defines products specifications Market Exchange Surveillance Office Council - Monitors transactions - Reports to the Board Board of Directors Dr. Hans-Bernd Menzel, Chairman Jean-François Conil-Lacoste, CEO Iris Weidinger, EEX CFO Thierry Morello, COO Manages the exchange General Meetings Represents shareholders 8

10 Le modèle de marché EPEX Spot assure la gestion d un marché organisé de l électricité : centralisé (notion de carnet d ordres), facultatif et anonyme, accessible aux producteurs, consommateurs, fournisseurs et traders français et étrangers. pour une livraison en France, en Allemagne, en Autriche et en Suisse. 10

11 Les marchés d EPEX Spot 3 hubs : Allemagne / Autriche France Suisse 6 segments de marché : Day-Ahead Allemagne/Autriche Day-Ahead France Day-Ahead Suisse Day-Ahead Continu France Intraday France Intraday Allemagne 11

12 Les marchés d EPEX Spot EPEX Spot Day-Ahead Auction: Couvre 3 hubs France : livraison sur le réseau de transport français exploité par RTE Allemagne/Autriche : livraison assurée par l un des GRT de la zone: RWE Transportnetz Strom EON Netz Vattenfall Europe Transmission ENBW Transportnetz GRT Autrichien Suisse : livraison sur le réseau de transport français exploité par Swissgrid. 12

13 Auction Market France Trading procedure Trading days Tradable Contracts (Expiries) Order Book opening Order Book closes Clearing and Settlement Delivery procedure Minimum and maximum prices Admissible Orders EPEX SPOT FRENCH DAY-AHEAD AUCTION Daily Auction. Year-round. GENERAL INFORMATION 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 24: the period between pm and midnight 24 hrs per day starting on the Wednesday preceding the Delivery week. Daily at am Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by ECC to TSO on behalf of Balance Responsibles / Defined in herunder. On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded. Price characteristics Quantity characteristics In euro per MWh with two decimal digits Whole MW 13

14 Auction Market France Minimum and Maximum numbers of price/quantity combinations for Single- Contracts orders Definition Pre-defined block orders 2 and 256 SINGLE HOURS ORDERS BLOCK ORDERS Combined single hours orders with a minimum of four consecutive hours of the day, which depend on each other in their execution. Pre-defined block orders exist but the Exchange Participant is not restricted in the determination of the Block Orders. Block 1-4 covering hours 1 to 4 Block 5-8 covering hours 5 to 8 Block 9-12 covering hours 9 to12 Block covering hours 13 to 16 Block covering hours 17 to 20 Block covering hours 21 to 24 Block Baseload covering hours 1 to 24 Block Peakload covering hours 9 to 20. Block 1-6 covering hours 1 to 6. Block 1-8 covering hours 1 to 8. Block 9-16 covering hours 9 to 16. Specific conditions All-or None Eight bids per block type, per portfolio, and per trading day. Only three Trading Accounts per Exchange Member allowed submitting block bids. Maximum volume for a block bid is 150 MW. 14

15 Auction Market Germany/Austria Trading procedure Trading days Tradable Contracts (Expiries) Order Book opening Order Book closes Clearing and Settlement Delivery procedure Admissible Orders EPEX SPOT AUSTRIAN/GERMAN DAY-AHEAD AUCTION Daily Auction. Year-round. GENERAL INFORMATION 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 00: the period between pm and midnight 24 hrs per day starting fourteen days before Delivery Day. Daily at am Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by ECC and by Balance Responsibles concerned to TSO. Defined hereunder On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded. Minimum and maximum prices Price characteristics Quantity characteristics / In euro per MWh with one decimal digit In MW with one decimal digit 15

16 Auction Market Germany/Austria SINGLE HOURS ORDERS Minimum and Maximum numbers of price/quantity combinations for Single- Contracts orders 2 and 200 BLOCK ORDERS Definition Pre-defined block orders Combined single hours orders with a minimum of two hours of the day, which depend on each other in their execution. Pre-defined block orders exist but the Exchange Participant is not restricted in the determination of the Block Orders. The following Block Orders are pre-defined in the system: Block Baseload covering hours 1 to 24 Block Peakload covering hours 9 to 20 Block Night covering hours 1 to 6 Block Morning covering hours 7 to 10 Block High Noon covering hours 11 to 14 Block Afternoon covering hours 15 to 18 Block Evening covering hours 19 to 24 Block Rush Hour covering hours 17 to 20 Block Off-Peak 1 covering hours 1 to 8 Block Off-Peak 2 covering hours 21 to 24 Block Business covering hours 9 to 16 Specific conditions Maximum volume for a block bid is 300 MW Maximum of 35 block bids per trading account can be entered by the participants. 16

17 Auction Market Switzerland Trading procedure Trading days Tradable Contracts (Expiries) Order Book opening Order Book closes Clearing and Settlement Delivery procedure Admissible Orders EPEX SPOT SWISS DAY-AHEAD AUCTION GENERAL INFORMATION Daily Auction. Year-round. 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 00: the period between pm and midnight 24 hrs per day starting fourteen days before Delivery Day. Daily at am Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by ECC and by Balance Responsibles concerned to TSO. Defined in the Operational Rules. On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded. Minium and maximum prices Price characteristics Quantity characteristics 0.0 / In euro per MWh with one decimal digit In MW with one decimal digit 17

18 Auction Market Switzerland SINGLE HOURS ORDERS Minimum and Maximum numbers of price/quantity combinations for Single- Contracts orders 2 and 200 BLOCK ORDERS Definition Pre-defined block orders Combined single hours orders with a minimum of two hours of the day, which depend on each other in their execution. Pre-defined block orders exist but the Exchange Participant is not restricted in the determination of the Block Orders. The following Block Orders are pre-defined in the system: Block Baseload covering hours 1 to 24 Block Peakload covering hours 9 to 20 Block Night covering hours 1 to 6 Block Morning covering hours 7 to 10 Block High Noon covering hours 11 to 14 Block Afternoon covering hours 15 to 18 Block Evening covering hours 19 to 24 Block Rush Hour covering hours 17 to 20 Block Off-Peak 1 covering hours 1 to 8 Block Off-Peak 2 covering hours 21 to 24 Block Business covering hours 9 to 16 Specific conditions Maximum volume for a block bid is 150 MW Maximum of 10 block bids per trading account can be entered by the participants. 18

19 Intraday & Continuous Market France Trading procedure Trading days Tradable Contracts (Expiries) Trading session opens/closes Clearing and Settlement Delivery procedure Admissible Orders Trading closes Minimum and maximum price Minimum price increment Minimum Volume Increment Definition Pre-defined block orders EPEX SPOT FRENCH INTRADAY GENERAL INFORMATION Continuous. Year-round. 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 24: the period between pm and midnight Daily from am to pm in the case of Contracts for next day Delivery. Daily from 7.30 am to pm in the case of Contracts for same day Delivery. Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by ECC AG to TSO on behalf of Balance Responsibles. Defined in the Operational Rules. On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded. 60 minutes before delivery 0.01 /MWh 1 MW 1. / BLOCK ORDERS Two consecutive hours of the day, which depend on each other in their execution. Pre-defined block orders exist but the Exchange Participant is not restricted in the determination of the Block Orders. - Block 1-4 covering hours 1 to 4 - Block 5-8 covering hours 5 to 8 - Block 9-12 covering hours 9 to12 - Block covering hours 13 to 16 - Block covering hours 17 to 20 - Block covering hours 21 to 24 - Block Baseload covering hours 1 to 24 - Block Peakload covering hours 9 to Block 1-6 covering hours 1 to 6. - Block 1-8 covering hours 1 to 8. - Block 9-16 covering hours 9 to

20 Intraday & Continuous Market France Trading procedure Trading days Tradable Contracts (Expiries) Trading session opens/closes Clearing and Settlement Delivery procedure Admissible Orders Minimum price increment Minimum Volume Increment EPEX SPOT FRENCH DAY-AHEAD CONTINUOUS GENERAL INFORMATION Continuous. Year-round. 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 24: the period between pm and midnight Daily from 7.30 am to am Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by Epex Spot SE to TSO on behalf of Balance Responsibles. Defined hereunder. On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded /MWh 1 MW Minimum and maximum price 0.01 / Definition Only pre-defined blocks. BLOCK ORDERS Pre-defined block orders - Block 1-4 covering hours 1 to 4 - Block 5-8 covering hours 5 to 8 - Block 9-12 covering hours 9 to12 - Block covering hours 13 to 16 - Block covering hours 17 to 20 - Block covering hours 21 to 24 - Block Baseload covering hours 1 to 24 - Block Peakload covering hours 9 to Block 1-6 covering hours 1 to 6. - Block 1-8 covering hours 1 to 8. - Block 9-16 covering hours 9 to

21 Intraday Market Germany Trading procedure Trading days Tradable Contracts (Expiries) Trading session opens/closes Clearing and Settlement Delivery procedure Admissible Orders Trading closes Minimum price increment Minimum Volume Increment EPEX SPOT GERMAN INTRADAY GENERAL INFORMATION Continuous. Year-round. 1 hour of the day Hour 01: the period between midnight and 1.00 am Hour 02: the period between 1.00 am and 2.00 am, and so on and so forth Hour 00: the period between pm and midnight 24 hours a day Hourly contracts for the next day open at 3:00 pm Trade information transmitted by Epex Spot SE to the Central Counterparty, ECC AG for Settlement and Delivery of the Contracts Nomination by ECC to TSO and by Balance Responsibles concerned to TSO. Defined in the Operational Rules. On the day of the switch from summer time to winter time, the hour no. 3 is considered twice automatically for the purposes of pricing. On the day of the switch from winter time to summer time, the hour no. 3 cannot be traded. 75 minutes before delivery 0.01 /MWh 0.1 MW Minimum and maximum price / Definition Pre-defined block orders Execution conditions BLOCK ORDERS Two tradable hours, which depend on each other in their execution. Pre-defined block orders exist but the Exchange Participant is not restricted in the determination of the Block Orders. Block Baseload covering hours 1 to 24 Block Peakload covering hours 9 to 20 All-or-None, except for Baseload and Peakload Blocks. 21

23 Quels bénéfices pour les membres? 23

24 Extension du couplage des marchés Selected countries*: Austria 67 TWh (2,1 %) France 478 TWh (14,7 %) Germany 559 TWh (17,2 %) Switzerland 63 TWh (1,9 %) Denmark 34 TWh (1,0 %) Finland 87 TWh (2,7 %) Norway 109 TWh (3,4 %) Sweden 134 TWh (4,1 %) Further EU countries TWh (59,7 %) 1167 TWh (36,0 %) 3 price areas 364 TWh (11,2 %) 8 price areas more than 30 price areas TOTAL Europe TWh *Source: Prospex Research EU 27 (plus Norway and Switzerland) Power Consumption,

26 Le système de trading d une bourse régionale Marché au fixing Epex Spot utilise aujourd hui deux systèmes de négociations différents: Pour le marché français = ElWeb (Passage d ordres et Réception des résultats) > Sapri (Enregistrement des ordres et calcul des quantités excutées) > TLC System (Calcul du prix et Allocation des quantités aux frontières FR/BE et BE/NL) Pour les marchés Allemand, Suisse et Autrichien = ComTrader (Passage d ordres et Réception des résultats) > ComXerv (Enregistrement des ordres, Calcul du prix et des quantités exécutées) > EMCC (Allocations des quantités aux frontières GE/DK) 26

27 Le système de trading d une bourse régionale Marché au fixing La chaine est en cours d intégration afin de permettre notamment La rationalisation des systèmes et l harmonisation des référentielles clients; Capacité à faire du market splliting ou du market coupling sur plusieurs area; Capacité à héberger des bourses externes; 27

28 La chaîne système cible pour le fixing Opérateur de marché: gestion opérationnelle de la séance, vérification de la cohérence des ordres, gestion des incidents Système de négociation commun: Ordres Résultats Membre Négociateur Enregistrement et exécution des ordres Calcul du prix Préparation des courbes pour le couplage Allocation des quantités aux frontières (Coupling/Splitting) Publication des résultats Base de donnée interne Données de marché Chambre de compensation (ECC) ATC TSO Net position Régulateur TSO / Nomination Facturation Diffusion / Site Internet Statistiques Membre Compensateur 28

29 Le système de trading d une bourse régionale marchés continus Comme pour les marchés au fixing, les marchés continus sont différents et doivent être intégrés: La chaine actuelle de passage d ordre pour le marché Epex intraday livraison France = GV Client > GV > ECC La chaine actuelle de passage d ordres pour le marché Epex intraday Allemagne = ComTrader > ComXerv > ECC Le projet d intégration est en cours d étude et devra notamment permettre L intégration des systèmes en un système unique comme pour les marchés au fixing Le coupling en Intraday 29

31 5 facteurs clés de succès Un bon équilibre entre actionnaires Electriciens gestionnaires de réseau Institutions financières Solidité financière et soutien au management L excellence opérationnelle avec le «client est roi» Des opérations de qualité Des solutions informatiques reconnus par les clients Gagner la confiance du marché et des autorités Liquidité, transparence, régulation, surveillance, Une politique de gestion des risques efficace Réussir la relation opérationnelle avec le gestionnaire du réseau Trouver une chambre de compensation efficace et surtout des hommes! Des compétences uniques : dynamisme, connaissance des marchés, connaissance du secteur électrique 31

33 «1 bourse régionale» vs «bourses couplées» 1 bourse régionale Plus grande efficacité & économies d échelle Mais des questions de souveraineté nationale qui peuvent être gérées: Séparer la localisation des entités (spot, dérivés, compensation) Des établissements permanents dans plusieurs pays Des bourses couplées Une certaine compétition sur les meilleures pratiques Etape nécessairement intermédiaire Envisageable seulement si Elles existent déjà Elles ont fait leur preuves en marché isolé Elles ont des cadres de régulation ou des actionnariats peu compatibles Des «hybrides» possible également (partage de systèmes ) 33