EPEX SPOT

European Power Exchange
legal form	European society
founding	2008
Seat	Paris , France
management	Ralph Danielski ( Chief Executive Officer ); Jonas Törnquist ( Chief Operating Officer ); Thierry Carol ( Chief Financial Officer ),;
Branch	Exchanges , energy
Website	www.epexspot.com

EPEX SPOT shareholders

The European power exchange EPEX SPOT SE ( European Power Exchange ) is an exchange for short-term electricity wholesale trading in Germany, France, the United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg. In 2015 EPEX SPOT merged with the APX Group .

overview

EPEX SPOT SE is a European company with headquarters in Paris (France) and branches in Amsterdam (Netherlands), London (United Kingdom), Leipzig (Germany), Vienna (Austria) and Bern (Switzerland). It operates the markets for short-term electricity trading in Germany, France, the United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg, with Germany, Austria and Luxembourg forming a common price zone.

EPEX SPOT was founded in 2008 through the merger of the power spot markets of the Powernext and European Energy Exchange (EEX). EPEX SPOT is 51% owned by EEX Group and 49% by the transmission system operators Amprion , APG , RTE , Elia , Swissgrid and TenneT through the holding company HGRT.

EPEX SPOT is one of the project partners of the European market coupling, also known as multi-regional coupling. This currently connects markets that cover a total of 85% of European electricity consumption. EPEX SPOT is also the service provider for the Hungarian electricity exchange HUPX for market control and operates the 4M market coupling on behalf of the Slovak, Hungarian and Romanian exchanges. EPEX SPOT has over 270 members and around 150 employees.

In March 2014, the European Commission imposed a fine totaling EUR 3.65 million on EPEX SPOT in a cartel settlement procedure for illegal agreements with the Norwegian energy exchange Nord Pool Spot regarding a non-competing market division in the European Economic Area (EEA).

In 2015, EPEX SPOT acquired the APX Group , which operated the short-term electricity markets in Belgium (through Belpex), the Netherlands and the United Kingdom.

Corporate structure

EPEX SPOT SE is a company with a two-tier board system. The shareholders of EPEX SPOT appoint a supervisory board made up of outstanding players from the European energy sector, who elect the management board and approve the corporate strategy. The creation of the Supervisory Board makes EPEX SPOT's work on the integration of the European electricity market easier and pays tribute to the increasing cooperation at European and international level. The EPEX SPOT Exchange Council , made up of market participants, acts as an independent body to ensure the quality of the governance rules. 22 members and four permanent guests, who meet quarterly, adequately reflect the diversity of business circles and company profiles among the exchange members: They include electricity trading companies, transmission system operators, regional suppliers and financial service providers as well as commercial consumers and representatives of science. EPEX SPOT has a wholly-owned subsidiary in Switzerland, EPEX SPOT Schweiz AG, and in Belgium, EPEX SPOT Belgium SA.

trade

Timeline of the electricity markets operated by EPEX SPOT

Overview of the day-ahead and intraday markets operated by EPEX SPOT

In 2016, the volume of electricity traded on the EPEX SPOT markets was 529 terawatt hours (TWh).

Day-Ahead Markets

EPEX SPOT operates the day-ahead electricity markets for Germany / Austria, France, the United Kingdom, the Netherlands, Belgium and Switzerland. These markets function via a blind auction, in which aggregated supply and demand curves are crossed once a day and in this way prices are determined anonymously, transparently and securely. Exchange members enter their bids in an order book . In the next step, EPEX SPOT calculates the supply and demand curves and their point of intersection for every hour of the following day. The results will be published from 11.10 a.m. (Switzerland) and from 12.55 p.m. (all other markets). The index for the German-Austrian market, called the Physical Electricity Index or PHELIX, sends out a clear price signal for electricity wholesale across Europe thanks to its high level of liquidity .

EPEX SPOT also operates the French capacity market.

Intraday markets

EPEX SPOT also operates intraday power markets for Germany, France, the United Kingdom, the Netherlands, Belgium, Austria and Switzerland. The intraday markets function through continuous trading: bids from trading participants are continuously entered into the order book. As soon as two commandments are compatible, they are carried out. Trading can take place up to 30 minutes before physical delivery, 60 minutes for Switzerland and cross-border trading and within the German control areas up to 5 minutes before delivery. Since December 14, 2010, exchange members can carry out cross-border transactions between the French and German intraday markets. This is made possible by the trading system used by EPEX SPOT, M7 (ComXerv), which allows simultaneous cross-border transactions on the exchange and on the OTC market by docking on a capacity platform of the transmission system operator. With the start of the Austrian intraday market in October 2012, cross-border trading was expanded to include Austria; Switzerland followed in June 2013. EPEX SPOT also operates the intraday markets for Belgium, the Netherlands and the United Kingdom, which have been linked to the other intraday markets since October 2016.

15-minute contracts and 30-minute contracts

In December 2011, trading in 15-minute contracts started on the German intraday market . These facilitate trading in electricity from intermittent sources and can better model intra-hourly fluctuations in production and consumption. Since the start of the Swiss intraday market in June 2013, 15-minute contracts have also been offered in Switzerland and for cross-border trading between the two countries. In December 2014, the 15-minute auction was introduced on the German intraday market in order to provide a reliable price signal on a quarter-hourly basis. The auction, which takes place daily at 3 p.m., is an instrument for balancing group managers to adjust their portfolios on a 15-minute basis during forecast deviations and production ramps. The resulting price signal gives flexibility a value and promotes system stability. EPEX SPOT has been offering 30-minute contracts in Germany, France and Switzerland since March 2017.

Market coupling

The Belgian, Dutch, German / Austrian, French and British day-ahead auctions are part of the multi-regional coupling. This connects the markets of Belgium, Denmark, Germany, Estonia, Finland, France, Great Britain, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Austria, Poland, Portugal, Sweden, Slovenia and Spain through a price coupling mechanism in order to use to optimize cross-border capacities between these countries and thereby increase economic profits in all markets. In total, the participating countries account for 85% of European electricity consumption.

Merger with APX Group

In April 2015, EPEX SPOT and APX Group announced that they would be integrating their companies. The aim is to create a power exchange for Central West Europe (CWE), which includes Belgium, Germany, France, the Netherlands, Austria, Switzerland and the United Kingdom. With the merger of EPEX SPOT and APX Group, trade barriers between these countries have been removed. Market participants benefit from harmonized trading systems, a rule book and an approval process for the entire region, which leads to lower transaction costs and removes barriers to market entry. Furthermore, market participants get access to a broader product range and benefit from the merger through high standards and reliable customer service. The integration of EPEX SPOT and APX Group supports the creation of a European electricity market and is therefore fully in line with the European regulatory framework for electricity. Since December 31, 2016, all member companies of the former APX Group have been operating under the name of EPEX SPOT.

Web links

Homepage of the European Power Exchange

Individual evidence

↑ About the shareholders

↑ Press release , February 24, 2015

↑ 4M Market Coupling Extended High Level Market Design ( Memento of the original from June 17, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2
↑ EPEX SPOT exchange members
↑ DFBEE : Vente directe des énergies renouvelables sur la Bourse Européenne de l'Électricité ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , P. 8@1@ 2Template: Dead Link / enr-ee.com