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a cornerstone for the Regional Electricity Market
11th SE Europe Energy Dialogue, Thessaloniki, 26-27 June, 2018
Strategic partnership
▪ SEEPEX is the result of strategic partnership between EMS and EPEX SPOT
▪ SEEPEX is fully market driven (non-regulated business)
▪ SEEPEX is designed to be a customer-oriented company
▪ SEEPEX relies on EPEX market operation (ETS)
▪ Best practice in high transparency and surveillance standards
▪ Clearing services are provided by ECC according to standard model in place in
other European countries
JP EMS core activities:
- Transmission
- System Operation
- Market Operation (TSO Market functions)
▪ Transmission – 400, 220 and part of 110kV network (installed power in
EMS substations is about 15 400 MVA, HV Lines length 9.500km)
▪ System Operation – two layers of grid control
▪ National DC
▪ Regional DC’s
▪ Market Operation – Development and administration of the Serbian
Electricity Market
▪ According to the new Energy Law (adopted in December 2014), JP EMS is entitled to establish the Serbian
Market Operator (operator of the organized electricity market)
SEEPEX partners/shareholders: EMS (Serbian TSO)
EPEX SPOT - European and an international success story
• EPEX SPOT created in 2008, roots going back to 2000
• Societas Europaea headquartered in Paris
• 535 TWh of traded volumes in 2017: 464 TWh on the Day-ahead market, 71 TWh on the Intraday market
• Over 285 Exchange Members
• Over 160 employees coming from 16 countries
• Offices in Amsterdam, Bern, Brussels, Leipzig, London and Vienna
The role of the Exchange in the market timeline
Long and middle-term (Years/months/weeks)
Anticipated covering of need of supply, optimisation of
production means
Short-term(One day
before delivery)
Balance of production and consumption
Very short-term(several hoursbefore delivery)
Balance of production and consumption
Real-time(minutes)
System security
DerivativesDAY-AHEAD
MARKET
INTRADAY
MARKETBalancing>
DAY-AHEAD AUCTION
- Optimisation of liquidity via an auction
- Market areas: Germany/Austria/Luxembourg, France,
Great Britain, the Netherlands, Switzerland and
Belgium
CONTINUOUS INTRADAY
- Flexibility through continuous trading
- Market areas: Germany/Luxemburg, France, Great
Britain, the Netherlands, Switzerland, Belgium and
Austria
> >
The EPEX SPOT markets
Market operation services and 25% shares
Market operation services
Market coupling services
Markets and services of the
European Power Exchange EPEX SPOT
Current EPEX markets
Market Expansion
▪ 21 borders
▪ Area of 1600 TWh consumption
▪ Over 285 Exchange Members
▪ 535 TWh of traded volume in 2017
EPEX SPOT Market review 2017: Volumes and delivery zones
DE/AT/LU: 280 TWh
Thereof intraday: 47 TWh
Share in consumption: 50%
Delivery zones: 50Hertz, Amprion, APG, TenneT,
TransnetBW
FR: 110 TWh
Thereof intraday: 4 TWh
Share in consumption: 23%
Delivery zone: RTE
NL: 35 TWh
Thereof intraday: 1.5 TWh
Share in consumption: 31%
Delivery zone: TenneT
UK: 66 TWh
Thereof intraday: 15 TWh
Share in consumption: 22%
Delivery zone: National Grid
BE: 19 TWh
Thereof intraday: 1 TWh
Share in consumption: 22%
Delivery zone: Elia
CH: 25 TWh
Thereof intraday: 2 TWh
Share in consumption: 43%
Delivery zone: Swissgrid
10 Partner Exchanges
1
1
▪ EEX
▪ EPEX SPOT
▪ EPEX SPOT Belgium
▪ HUDEX
▪ HUPX
▪ Norexeco
▪ Powernext
▪ PXE
▪ SEEPEX
▪ CLTX (Singapore)
SEEPEX partners: ECC AG – Clearing house
2AU
23 Clearing Members
454 Non-Clearing Members
▪European Commodity Clearing AG performs the role of the Central Counterparty for SEEPEX
Products cleared by ECC
▪ Austrian Spot (IT|ST)
▪ Belgian Spot (IT|ST) & Futures (P/F)
▪ Czech Spot (ST) & Futures (F)
▪ Dutch Spot (IT|ST) & Futures (P/F)
▪ French Spot (IT|ST), Futures (P/F/non-MTF) &
Options
▪ German Spot (IT|ST), Intraday Cap Futures &
Futures (non-MTF)
▪ Greek Futures (F)
▪ Hungarian Spot (IT|ST) & Futures (P/F)
▪ Italian Futures (F) & Options
▪ Nordic Futures (F) & Options
▪ Phelix Futures (F) & Options
▪ Polish Futures (F)
▪ Romanian Futures (F)
▪ Serbian Spot (ST)
▪ Slovakian Futures (P/F)
▪ Spanish Futures (F) & Options
▪ Swiss Spot (IT|ST) & Futures (F)
▪ UK Spot (IT|ST) & Futures (F)
Natural Gas ▪ Austrian Spot (IT|ST) & Futures (P)
▪ CEGH Czech Spot (ST) & Futures (P)
▪ ETF Spot (IT|ST) & Futures (P)
▪ GASPOOL German Spot (ST|IT) & Futures
(P/non-MTF)
▪ GRTGaz French Spot (IT|ST) & Futures (P)
▪ NBP UK Spot (IT|ST) & Futures (P/non-MTF)
▪ NCG German Spot (IT|ST) & Futures (P/non-MTF)
▪ PEG Nord French Spot (IT|ST) & Futures (non-
MTF)
▪ PSV Italian Futures (P/F/non-MTF)
▪ TRS French Spot (IT|ST) & Futures (P)
▪ TTF Dutch Spot (IT|ST) & Futures (P/non-MTF)
▪ ZEE Belgian Spot (IT|ST) & Futures (P/non-MTF)
▪ ZTP Belgian Spot (IT|ST) & Futures (P/non-MTF)
Coal ▪ API 4 FOB Richards Bay EURO/USD Futures (F)* ▪ API 2 CIF ARA EURO/USD Futures (F)*
▪ API 5 FOB Newcastle Futures (F)*
▪ API 8 CFR South China Futures (F)*
▪ Indonesian Sub-bituminous Futures (F)*
Oil ▪ Brent 901 Formula Futures*
Environmentals ▪ EU Aviation Allowances (EUAA) Spot (ST) &
Futures (P)
▪ EU Emission Allowances (EUA) Spot (ST) &
Futures (P)
▪ GoO on Alpine Hydro Power (P)
▪ GoO on Nordic Hydro Power (P)
▪ GoO on Northern Continental Europe Wind Power
(P)
▪ Green Certified Emission Reductions (Green
CER) Spot (ST) & Futures (P)
Freight ▪ Dry Bulk Time Charter Futures (F) & Options ▪ Dry Bulk Trip Time Charter Futures (F) ▪ Dry Bulk Voyage Route Futures (F)
Power ▪ DAP fob NOLA Futures (F)*
▪ DAP fob Tampa Futures (F)*
▪ UAN fob NOLA Futures (F)*
▪ Urea (Granular) fob Egypt Futures (F)*
▪ Urea (Granular) fob NOLA Futures (F)*
▪ Urea (Prilled) fob Yuzhnyy Futures (F)*
Dairy ▪ Butter Futures (F) ▪ European Whey Powder Futures (F) ▪ Skimmed Milk Powder Futures (F)
Potatoes ▪ European Processing Potatoe Futures (F)
Meat ▪ Hog Futures (F) ▪ Piglet Futures (F)
Metals ▪ Iron Ore 62% Fe CFR Tianjin (TSI) Futures (F)*
Fibre ▪ Pulp Futures (F)
* Indexes on ECC website
as of August 2016
SEEPEX partners: ECC
@SEEPEX: Please have a look at
our website for an update:
https://www.ecc.de/ecc-en/about-
ecc/partners-products/products
SEEPEX Business Model
10:30 – 11:00 (D-1)
Trading
Clearing House
Trading information
Transmission System Operator (TSO)
Exchange Members (NCM)
Balance Responsibility
Scheduling
Clearing Member
Settlement Agent (for local NCM)
Settlement
Settlement
Collateral
Collateral
at the latest
14:00 (D-1)
Physical delivery
00:00 - 24:00 (D)
Payment (D)
08:00 – 10:00
Booking cut (D-1)
16:00
Submission
Bids/Offers (D-1)
up to 10:15
Results (D-1)
- 10:25 members
- 10:30 web site
SEEPEX Clearing Model
▪ All transactions are settled in Euro – standard financial settlement procedures is applied
ECC - European Commodity Clearing
CM - Clearing Members
NCM - Non – Clearing Members
▪ Foreign SEEPEX Trading Participants - already existing NCMs at ECC
▪ Local SEEPEX Trading Participants - new NCMs at ECC
▪ All transactions are settled in Euro – standard financial settlement procedures applied
▪ Inclusion of ECC Lux in delivery chain
▪ ECC guarantees the fulfillment of the transactions in its role as CCP
▪ The Clearing Member is not part of the contractual chain, but is acting as guarantor for the transactions and provides cash
settlement services
ECC Clearing Process Financial Settlement
Trades
concluded onThursday Friday Saturday Sunday Monday Tuesday
Thursday
Friday
Saturday
Sunday
Monday
T
T
T
T
T
P
P
P
P
P
F
F
F
F
F
BC
BC
BC
BC
BC
P FT BC
• All transactions concluded until 16:00:00 CET (booking cut) will be financially settled at the next day as follows:
Spot Trade
Report
Payment Report Booking Cut Financial
Settlement
DAY-AHEAD AUCTION - Closing of order books (GCT) - 10:15 CET
- Publication time – 10:25 CET
- During the auction, all orders in the order book are matched to trades at a specific moment
- The buy entries are aggregated to form a demand curve, and the sell entries are aggregated to form an offer curve
- The Market Clearing Price (MCP) and the Market Clearing Volume (MCV) are the determined at the intersection point of this two curves
MCP: Market Clearing Price
MCV: Market Clearing Volume
- Auction, 7 days a week, year-round
- 24 hours of the following day are traded
- Hourly contracts available for trading
- Hourly and Block products are applied
- Reliable and robust trading platform through
the EPEX Trading System (ETS)
- Compatible systems and processes with
PCR / 4MMC
- Clearing: performed by ECC
SEEPEX productsDay-ahead market as the first step
Possibility to submit order:
- Linear order
- Block order
• Between Exchange member and SEEPEX
• Relationship in terms of responsibility (trading, behavior on the market), requirements(technical, training of traders) and property (license to trade on SEEPEX)
Trading Agreement
• Between ECC, Clearing member and Exchange member
Non-Clearing Agreement
• Between Exchange member and TSO
• Includes all contractual relationship between TSO and market participant regarding the imbalance settlement of corresponding balance group
Balance Responsibility Agreement
Preconditions to trade on SEEPEX
Contractual relationships
Membership status
Expected new members
In the registration processTargeted registration untill Q4 2018
1. GEN-I
2. Energy Financing Team AG
3. Interenergo d.o.o.
4. JP Elektroprivreda Srbije Beograd
5. Alpiq Energy SE
6. HEP d.d.
7. MVM Partner Serbia d.o.o. Beograd
8. Statkraft Markets GmbH
9. EMS a.d., Beograd
10. Holding Slovenske Elektrarne d.o.o.
11. Elektroprivreda Republike Srpske – ERS
12. Petrol d.d Ljubljana
13. NEAS Energy A/S
14. Danske Commodities
15. Energy Supply
16. NIS a.d.
Company REGIONGo-live
readiness
17 AB Energo Local/Serbia 2018
18 Energia Gas and Power Local/ Serbia 2018
Company REGIONGo-live
readiness
19 Freepoint Commodities Europe LLP UK 2018
20 Edelweiss Energia Italy 2018
21 CEZ CZ/BG 2018
SEEPEX Membership status
• Initial number of members: 6
• Current number of members: 16
SEEPEX Main figures
• Maximum monthly volume: 222 281,5 MWh in April 2018
• Maximum daily volume: 10 472,2 MWh on 20.06.2018.
• Maximum hourly volume: 846 MWh on 24.04.2018. (8th trading hour)
SEEPEX main figures
Price/Volume chart - daily 18.02.2018. – 31.05.2018.
0
20
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4
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4
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4
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8-0
5-2
9
Volume Base Price Peak Price
16
67
8
9
12
13
14
15
12
11
February 2016 – May 2018Price/Volume chart - monthly
22.27
25.01
27.926.35
32.15
36.06
32.31
35.79
45.25
41.37
50.05
82.88
55.5
37.46
39.9541.45
44.94
52.53
59.31
43.37
51.92
61.57
41.73
36.39
41.36
34.46
28.95
40.92
0
10
20
30
40
50
60
70
80
90
0
50000
100000
150000
200000
250000
January February March April May June July August September October November December
2016 2017 2018 2016 base price 2017 base price 2018 base price
January 2018 – May 2018Average Volume and Prices - per hour
158.24
165.38
168.21
169.65
167.79
151.34
165.59
192.95
171.52
162.55
164.94
162.15
168.06170.52
177.09
185.24
183.48
160.99
164.87
166.43
159.49
157.39
150.56
146.03
28.79
25.57
23.2522.06
22.99
27.66
33.62
40.77
44.73 44.78
43.0241.72
39.9438.35
37.4938.33
41.2
48.28
51.57
49.82
44.42
39.32
35.5
31.13
0
50
100
150
200
250
0
10
20
30
40
50
60
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Volume Price
01.01.2018. – 31.05.2018.Price comparison SEEPEX-HUPX-OPCOM-GE/AT
-40
-20
0
20
40
60
80
100
1/1/2018 1/11/2018 1/21/2018 1/31/2018 2/10/2018 2/20/2018 3/2/2018 3/12/2018 3/22/2018 4/1/2018 4/11/2018 4/21/2018 5/1/2018 5/11/2018 5/21/2018
€/M
WH
DATE
SEEPEX HUPX OPCOM GE/AT
SEEPEX DAM concentration January 2018 – May 2018
HHI – Herfindahl-Hirschman Index
12%
2%
9%
1%
9%
10%
12%
2%
2%
3%
7%
6%
5%
20%
Total
HHI = 1082
SR/CG Project:
Market Coupling with CG
(Partnership/service?)
AIMS Project:
Market coupling with Italy
BlueSky Project:
Corporate integration with HUPX
Market coupling with 4MMC
WB6 Projects:
Market Coupling with CROPEX and IBEX
(Albanian PX, Macedonian PX…)
SEEPEX Regional perspective
• 5 February 2018 – Pentalateral MoU signed by EMS, MAVIR, EPEX SPOT, HUPX and SEEPEX
• Main goals of the cooperation• Merge HUPX and SEEPEX spot power businesses in order to create a robust and strong spot Power
Exchange in the CSEE region, with DA and market coupling operations provided by EPEX
• Enhance cooperation between TSOs and the NEMOs in the CWE/CEE common region and SEE region and
contribute to the successful achievement of both political and economic common goals
• Implement Market coupling (DA and ID) between Serbia and Hungary ( and 4MMC)
• Shareholders structure: TSO cluster (EMS and MAVIR in initial stage) and EPEX SPOT
• Business and regulatory status to be:• Power spot focused
• Customer driven
• No monopoly status
Regional integration project• Corporate/business integration of
HUPX and SEEPEX
• Market Coupling Serbia – Hungary
(and 4MMC)
• A new cross-regional Power Exchange for the CEE and SEE region to be established in 2019
SEEPEX development 2018
RO
CZ
RS
HU
SK
SEEPEX development in 2018/2019Serbian Financial derivatives (futures)
• Strategic partnership with the European Energy Exchange AG - strong and relevant EU
partner (EU best practice and robustness/liquidity to be ensured)
• Reference price and physical delivery will be ensured via SEEPEX infrastructure (ETS
platform and ECC clearing)
• Clearing services will be provided by ECC according to the standard model in place in other
European countries
• Serbian Derivatives market setup will be fully compliant with European Financial Regulation
• Corresponding services for market participants as well as regulators will be provided
according to REMIT, EMIR, MIFID II, MIFIR, MAR
• Best practice in high transparency and surveillance standards
SERBIAN
FUTURES
Energy will belong to everyone…
Vojvode Stepe 412
11000 Belgrade
Serbia
Tel +381 11 715 28 43