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Name Surname Milan, November 2010 European Federation of Energy Traders 1 The Central South Region and the European Target Model – How to ensure consistency?

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Presentation on theme: "Name Surname Milan, November 2010 European Federation of Energy Traders 1 The Central South Region and the European Target Model – How to ensure consistency?"— Presentation transcript:

1 Name Surname Milan, November 2010 European Federation of Energy Traders 1 The Central South Region and the European Target Model – How to ensure consistency? Milan, 16 November 2010 Andrea Siri/Riccardo Rossi TF Italy

2 2 Milan, November 2010 Content  Single Price Coupling and Italy/Slovenia market coupling project  European Infraday Market  Transmission Rights Allocation from 2011

3 3 Milan, November 2010 European Price Coupling by 2015 The day-ahead market establishes a reference price for transmission rights with financial settlement and financial contracts... Day-ahead capacity allocation  single price coupling by 2015  Single pricing algorithm  Harmonized gate closure times  Sharing of all bid data between PXs  Compatible bids/products

4 4 Milan, November 2010 Transparency and involvement – Markets are based on trust Market coupling  is a milestone toward the Single European Electricity Market  increases efficiency in x-border capacity use GE/DK – Expl. Auctions GE/DK – EMCC Markets are based on trust: lack of transparency can have devastating effects on markets The success of the project basically depends on the confidence that market participants place in it

5 5 Milan, November 2010 Consistency, market based solution tests and full transparency Market Coupling Project Italy/Slovenia  Consistency with the target model has to be ensured  Full and detailed transparency on arrangements Lesson learned by CWE Market coupling project  Tests are needed; stakeholder involvement is necessary Questions and suggestions:  Which are back up/fall back solutions  Necessary to encourage trust  What are the results of preliminary tests?  Full transparency needed  Are tests with market participants planned?  At least 2weeks  Bids submitted at the same price  Market based rules  What happen in case results from PXs are inconsistent?  pre-defined rules

6 6 Milan, November 2010 Basics and features for a European Infraday Market Basics agreed:  Accessibility for all market parties  Visibility/Tradability of all offers European wide  Transparent for market parties  Quickly/easily implementable across EU  Efficient utilization of X-Border capacity  Market based allocation of additional significant infraday capacity Main Features:  Reduce balancing needs  Portfolio Optimisation  Ability to trade until close to real time (h–1, delivery hour h)  Fast Matching + must allow block bids  X-Border OTC offers to be published and traded like any other deal Clear preference for continuous trading + market based capacity allocation when significant additional capacity becomes available

7 7 Milan, November 2010 A Target Model by 2015 ( Florence Forum Dec 2009)  Where appropriate, specific National/Regional ID solutions may be developed  A specific National/Regional ID solution is not obligatory  Any specific National/Regional ID trading solution must be compatible with the Inter-Regional Target Model

8 8 Milan, November 2010 Remarks and preferences on Terna ID proposal No mention of any involvement of X-border trading No equal access to all market parties in the National ID Market Two auction sessions (MI 3 and MI4) in day D instead of continuous trading Proposal to include X-border capacity only in the CS-IG meeting (29.09.2010)  X-border ID capacity auctions before MI3, MI4  Gap in tradable hours: 00-12 missed  Capacity calculation Unclear  No renominations possible till h–1 the delivery hours h  4 hrs between gate closure Remarks

9 9 Milan, November 2010 Remarks and preferences on Terna ID proposal From the EU Rules (1228/2003) TERNA proposal is welcomed : a step forward Road map for arriving at x-border full infraday implementation Road Map to be addressed and fixed Infraday market open to all market participants Organised on a continuous trading basis Renominations possible till h-1 Transparent decision process and market based arrangements ID X-border capacity Terna proposal: Sessions need to cover all hrs of the day Gate closure as close as possible to the first hour of delivery Need to allow for bilateral X-border infra-day trading What about Countries in CS where not yet applied? EFET’s point of view

10 10 Milan, November 2010 Target model for TRs Allocation Target Model  100% of forecast available capacity forward in line with forward energy market horizons  FTRs or PTRs with Use-it-or-Sell It (UIOSI)  A secondary market for trading transmission capacity rights is a high priority  Financial firmness of capacity rights is essential in order to hedge x-border positions  Compensation for capacity curtailment needs to be market- spread based, predictable and standardized  The costs of guaranteeing firmness should be met from TSOs allowed revenues (with appropriate incentives

11 11 Milan, November 2010 CS ERI consultation for Q2/2011 on EFET remarks Full harmonisation with CASC rules ideal for 2011 Interim period for Yearly and Monthly/Daily for Q1/2011 Is another interim mechanism needed for Q2>Q4/2011? Why? Specific remarks Harmonised set of rules = no rules defined per border! (see Annex I > IV) Bank guarantee : same structure, legal entity, duration, applicable law, … Harmonization of payments terms (e.g. deadlines, …) Harmonization of IT platform (different access procedure, internet link, …) Testing phase for checking new platforms and Deep training for users Cross collateral coverage best practice implementation (likewise EEX) where applicable Fee, charges, pre-defined and not let to “unknown” calculation Market data availability: simple internet area with full set of real updated info (capacity allocated, daily TRM, capacity resold, hourly commercial interconnection flow, hourly physical interconnection flow, …, updated load flow????)

12 12 Milan, November 2010 Thanks for your attention European Federation of Energy Traders Amstelveenseweg 998 1081 JS Amsterdam Tel: +31 (0)20 5207970 Email: email@example.com@efet.org www.efet.org
 Secondary Market with Transmission Capacities ČEPS, a.s. 11/2006. 1 The North West European Market Parties Platform Eric van Vliet, Stephan Krieger, Hans ten Berge Mini Forum of the Central West Electricity Regional Energy. Draft Cross-regional Roadmap for Day-Ahead Price Coupling NWE Day-ahead price coupling project meeting 15 June 2011. Cross-regional roadmap for Day-Ahead Market Coupling XXI Florence Forum Florence, 5 December 2011. 4th CSE ERI Stakeholders Group meeting AEEG – European regulatory affairs 15 maggio 2012 Overview of the regional work programme towards 2014. Draft cross-regional roadmap for Day-Ahead Market Coupling Work in progress, This version: 22 September 2011 updated after 5 th AESAG, 20 September 2011, European Federation of Energy Traders 1 Electricity Regional Initiative Central-South Europe Region 4th Stakeholder Group meeting The Central South Region. EuroPEX Decentralized Market Coupling as the preferred cross-border method B. den Ouden, President of Europex APEx Annual Conference 2004 Leipzig, Germany, Florence Forum Multi Regional Day-Ahead Price Coupling Towards Implementation of the PCG Target Model December 10-11, 2009. Cross-Regional Roadmap for Intraday DRAFT Updated 31/10/2011. Deliverable I.4 Balancing (15th IG meeting, Paris, April 7th 2014) Cross-regional roadmap for Capacity Calculation XXI Florence Forum Florence 5 December 2011. CASC.EU S.A. CASC.EU – Capacity Allocation Service Company Update on Transparency Obligations Martin Reisner Junior Adviser, Transparency ENTSOGs Transparency Workshop Brussels – 11 September 2012. Access to long-term capacity for electric interconnections: toward a single European set of rules 2 nd common RCC CSE-CWE regions 28 September 2010 Milan. 1 Intraday in the CWE region NWE and Bilateral initiatives Common RCC CSE - CWE 28 September 2010. Assessment of differences in market designs in the CS region Milan 18 July 2008. Electricity Regional Initiative Central South European Region Progress made and next steps for the CS Region By: Giusi Squicciarini AEEG 2nd Stakeholder. Action plan covering 2008 activities for the implementation of day-ahead implicit auction in Central-South Europe as a mean to allocate cross border capacity. Disclaimer Some elements of the following presentation are extracted from documents approved by the 11 CWE Project Parties. However, this presentation.

