Gaspoint Nordic Contract Specifications

Transcription

1 Gaspoint Nordic Contract Specifications Copyright Gaspoint Nordic A/S Version 1.0 October 2014

2 Contract Specifications These are a part of the Exchange Rules containing detailed provisions on Contracts tradable in Gaspoint Nordic s Physical Market The following specifications apply for Contracts for physical delivery of Natural Gas tradable at Gaspoint Nordic. General terms Market Area ETF (Exchange Transfer Facility) - operated by the Danish TSO, Energinet.dk. Tradable Contracts GPN Natural Gas Within Day Contracts GPN Natural Gas Day Contracts GPN Natural Gas Weekend Contracts GPN Natural Gas Month Ahead Contracts Delivery and Acceptance of Delivery The delivery and acceptance of delivery is effected subject to the provisions contained in the Clearing Conditions by submitting a nomination or schedule in accordance with the requirements of the Shipper Framework Agreement and Energinet.dk s Rules for Gas Transport (RfG). On every Delivery Day only that part of the contract shall be delivered, which has been defined for delivery according to the respective contract specifications for Delivery Periods and Delivery Times. Contract Volume The Contract Volume is calculated on the basis of the factors of the number of Delivery Days in the Delivery Period and the quantity to be delivered daily. This quantity usually amounts to 24 MWh, on the day of the switch from winter time to summer time it amounts to 23 MWh, whereas on the day of the switch from summer time to winter time it amounts to 25 MWh. Version 1.0 October

3 Minimum lot size 1 contract (1 MW) or a multiple thereof. Tick size EUR per MW Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation per unit with the contract volume and the amount of delivery hours, respectively. Quoting The Trading Price is given as a quote describing the price in EUR per MWh. For example a quote of means that the Trading Price is EUR per MWh. Purchase Price The purchase price is the traded price per MW multiplied with the quantity to be delivered. The purchase price for Month-Ahead contracts for all delivery days in the entire delivery period is the final settlement price. The final settlement price is determined on the last Trading Day and published on the Gaspoint Nordic website. Delivery Periods and Delivery Time The Delivery Day refers to the gas day as defined by Energinet.dk in the Rules for Gas Transport. The Delivery Periods with the respective Delivery Times are: Within Day: The Delivery Period includes the remaining hours of the Delivery Day according to the Lead Time specified below. Delivery starts at the next full hour plus 3 hours (Lead Time) after the conclusion of the trade. Delivery ends at CET on the calendar day following the Delivery Day. See Enclosure 1 for further details on trading times and Delivery Periods of the Within Day Contract Version 1.0 October

4 Day: The Delivery Period equals one Delivery Day. Delivery starts at CET on the delivery day. Delivery ends at CET on the calendar day following the delivery day. Weekend: The Delivery Period equals two or more delivery days. Delivery starts at CET on the first delivery day (generally Saturday). Delivery ends at CET on the calendar day (generally Monday) following the last delivery day of the weekend. The Delivery Period also comprises delivery days before and after a weekend, which are bank holidays in Great Britain. Month Ahead: The Delivery Period equals the delivery days in the month ahead. Delivery starts at CET on the first delivery day of the delivery month. Delivery ends at CET on the calendar day following the last delivery day of the delivery month. Contract Trading Periods The respective Contracts are tradable as follows: Within Day Contracts: Day Contracts: Weekend Contracts: Each Within Day Contract will be introduced into trading in such way that it is tradable 24 hours. Trading ends 3 hours prior to the beginning of the Delivery Period. Each Day Contract will be introduced into trading in such way that it is tradable at least 24 hours on a business day (Monday to Friday), that is not a Bank Holiday in Great Britain. Trading ends 3 hours prior to the beginning of the Delivery Period. Each Weekend Contract is tradable on at least two successive Trading Days directly preceding its Delivery Period. In case one of the preceding trading days is a Bank Holiday in Great Britain, an additional preceding Trading Day for trading the contract is introduced. The trading ends 3 hours prior to the beginning of the Delivery Period. Version 1.0 October

5 Month Ahead Contract: Each Month Ahead Contract is tradable during the month preceding the delivery month. The last Trading Day of the Month Ahead Contract is two Exchange days before the first delivery day of the delivery month. Cascading of Weekend Contracts: Immediately after the conclusion of the trade, each Weekend Contract is replaced by the corresponding Day Contracts whose Delivery Periods together correspond to the Weekend Contract. Trading hours GPN Natural Gas Within Day/Day/Weekend Contracts: Mon-Sun, 24 hours. GPN Natural Gas Month-Ahead Contract: Exchange Days, 8:30 a.m. 6:00 p.m. Trading Calendar: Exchange Days are all days Monday to Friday which are not one of the below-mentioned holidays: New Year s Day Good Friday Easter Monday May Day, May 1st Early May Bank Holiday Spring Bank Holiday Summer Bank Holiday Christmas Day (or Bank Holiday) Boxing Day (or Bank Holiday) Version 1.0 October

6 Enclosure 1 Specification of Delivery Period and Contract Volume of the Within Day Contract according to the time of the conclusion of the Trade: Conclusion of trade between Beginning of delivery/ delivery period Contract volume in MWh 02:00-03:00 06:00-06:00 (T+1) 24 03:00-04:00 07:00-06:00 (T+1) 23 04:00-05:00 08:00-06:00 (T+1) 22 05:00-06:00 09:00-06:00 (T+1) 21 06:00-07:00 10:00-06:00 (T+1) 20 07:00-08:00 11:00-06:00 (T+1) 19 08:00-09:00 12:00-06:00 (T+1) 18 09:00-10:00 13:00-06:00 (T+1) 17 10:00-11:00 14:00-06:00 (T+1) 16 11:00-12:00 15:00-06:00 (T+1) 15 12:00-13:00 16:00-06:00 (T+1) 14 13:00-14:00 17:00-06:00 (T+1) 13 14:00-15:00 18:00-06:00 (T+1) 12 15:00-16:00 19:00-06:00 (T+1) 11 16:00-17:00 20:00-06:00 (T+1) 10 17:00-18:00 21:00-06:00 (T+1) 9 18:00-19:00 22:00-06:00 (T+1) 8 19:00-20:00 23:00-06:00 (T+1) 7 20:00-21:00 00:00-06: :00-22:00 01:00-06: :00-23:00 02:00-06: :00-00:00 03:00-06: :00-01:00 (T+1) 04:00-06: :00-02:00 (T+1) 05:00-06:00 1 Version 1.0 October