Nord Pool Spot Temadag kraftvarmeværkernes deltagelse i elmarkederne. Kolding 31. august 2015

Transcription

1 Nord Pool Spot Temadag kraftvarmeværkernes deltagelse i elmarkederne Kolding 31. august 2015

2 2 / Dansk Fjernvarme Forening

3 Oversigt: Nord Pool Spot hvad er vores rolle? Elmarkederne Day Ahead Intra day UMM + Regulering 3 / Dansk Fjernvarme Forening

4 Our role To provide liquid, efficient and secure power markets to our customers To provide accurate information to the whole market, ensuring transparency To provide equal access to market for everyone wanting to trade power To be the counterparty for all trades; guaranteeing settlement and delivery Dansk Fjernvarme Forening

5 Balancing market The Nordic market model Financial market (Nasdaq OMX) Used for managing risks. Cash settled futures, forwards and options. Contracts can be made for up to six years. The system price is used as reference price. Time 6 Years 36 Hours Day-ahead Day-ahead market (Nord Pool Spot) Day-ahead auction of power for delivery the next day. Nord Pool Spot calculates power prices based on supply and demand for every hour the following day. Reference price for financial market Adjustment of trades in intraday market Intraday Intraday market (Nord Pool Spot) Continuous trading up to 30 minutes before delivery to adjust power production or consumption plans. Balancing market (TSOs) Operated by the respective transmission system operators. Final adjustments are made to ensure the correct frequency in the grid and security of supply. Financial market Cash settled Physical delivery of power 5 / Dansk Fjernvarme Forening

6 DAY AHEAD

7 The day-ahead market An auction of power for delivery the following day Prices are calculated based on supply, demand and transmission capacity (how much power can be moved from one area to another) Liquidity is key: A market with a lot of power traded in and out leads to depth in the market and reliable index prices Price [EUR/MWh] Market price Turnover Volume [MWh] 7 / Dansk Fjernvarme Forening

8 Daily routines in day-ahead trading Prices are announced to the market Bidding ends 8 / Dansk Fjernvarme Forening

9 9 / Dansk Fjernvarme Forening

10 Stages of Elspot trading products development Current products on Elspot Current possibilities in Euphemia Potential development of Euphemia Single hourly bids Block bids Flexible hourly sales offers Linked block bids (new acceptance rule!) Conversion of block orders More possibilities linking Block Bids Profile Block Orders Minimum Acceptance Ratio (from 0% to 100%) Flexible hourly buy and sell Exclusive Groups <Feedback welcome!> 10 / Dansk Fjernvarme Forening

11 More possibilities for linking Block Bids B... A... C C C A - Parent B - Child C - Grandchild B... Today Blocks can be linked but are limited to a single Parent Child Grandchild relationship. Possibilities in Euphemia: More linking levels, more blocks. Testing needed to see if performance allows this. Acceptance criteria in more complex trees to be documented. 11 / Dansk Fjernvarme Forening Implementation timeline open

12 Profile Block Order A profile block order is a regular block order where user can define the volume to be different in each period over the entire time span of the block. Q Profile block orders can also be linked. Hour Block Order Block Order 2 Block Order 3 12 / Dansk Fjernvarme Forening Implementation timeline open

13 Minimum acceptance ratio (Curtailable block order) Curtailable blocks allow block orders to be partially filled according to a user-defined minimum curtailment ratio A block with minimum curtailment ratio of 1 (100%) is said to be fill-or-kill: it might only be fully accepted of fully rejected. A block with a minimum curtailment ratio of 0.5 (50%) may be curtailed up to 50%. A block with a minimum curtailment ratio of 0 (0%) is fully curtailable. 13 / Dansk Fjernvarme Forening Implementation timeline open

14 Flexible hourly offers Block order with a fixed price limit, a fixed volume, minimum acceptance ratio of 1, with duration of 1 hour User does not set the actual hour of delivery, the algorithm determines it the according to welfare maximum Same product as before, except with Euphemia, this can be either sell or buy 14 / Dansk Fjernvarme Forening Implementation timeline open

15 N2EX implementation: Flexi Orders From the Flexi Order defined by the user, the trading system creates an Exclusive Group covering all possible periods of the day. 15 / Dansk Fjernvarme Forening

16 INTRA DAY

17 The intraday market The day-ahead and intraday supplement each other, with the intraday market acting as a balancing market to the day-ahead The intraday market is continuous, and power trading takes place until 30 minutes before the power is delivered The intraday market offers customers opportunities for risk reduction as well as increased profit TSOs publish their power transmission capacity to the intraday market if transmission capacity is available, neighboring countries can trade Members offer how much power they want to sell and buy and at what price. Trading is then set based on a first-come, first-served basis between a seller and a buyer 17 / Dansk Fjernvarme Forening

18 18 / Dansk Fjernvarme Forening

19 Elbas 4: 19 / Dansk Fjernvarme Forening

20 UMM + REGULERING

21 21 / Dansk Fjernvarme Forening

22 NORD POOL SPOT EUROPE S LEADING POWER MARKETS

23 Europe s leading power market 23 / Dansk Fjernvarme Forening

24 Growth TWh A total of 501 TWh traded in 2014 Day-ahead market Nordic/Baltic 361 TWh Day-ahead market UK TWh Intraday market Nordic/Baltic/Germany 4.9 TWh / Dansk Fjernvarme Forening

25 Our history 1991: The Norwegian power market is deregulated 1993: The power market is established by the Norwegian TSO as Statnett Marked 1996: Rebranded to Nord Pool as Sweden joins - the world s first international power market 1998: Finland joins Nord Pool 1999: The first international intraday market is introduced (Elbas) 2000: The Nordic market becomes fully integrated as Denmark joins 2002: Nord Pool Spot is established as a separate company for short term power trading 2008: Financial part of Nord Pool sold to NASDAQ Commodities 2010: The UK market N2EX is launched by Nord Pool Spot and NASDAQ Commodities. Estonia is opened as a marked. 2012: Lithuania is opened as a market. 2013: The Baltics are completed as Latvia is opened as a market 2014: Nord Pool Spot take sole ownership of the UK market. North-Western European power markets are coupled. Nord Pool Consulting is launched 25 / Dansk Fjernvarme Forening