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Nord Pool Spot årskonference – Fse Det Frie

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Nord Pool Spot Årskonference – FSE Det frie energimarked 2015 El-indkøb – Nye muligheder for optimering – fleksibelt forbrug /demand response 10. September København Henrik Hansen Køber du for dyrt ind? 2 100915 FSE Årskonference / Oversigt: §  Nord Pool Spot – hvad er vores rolle? §  Day Ahead §  Intra day §  Automatisering 4 / 100915 FSE Årskonference The Nordic market model 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. 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. Time 6 Years 36 Hours Day-ahead 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. 5 / 100915 FSE Årskonference Financial market Cash settled Physical delivery of power Balancing market Financial market (Nasdaq OMX) Adgang til børsen: Fuldt medlemskab Client medlemskab Bilateral aftale med grossist 6 100915 FSE Årskonference 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 / 100915 FSE Årskonference Daily routines in day-ahead trading Prices are announced to the market Bidding ends 8 / 100915 FSE Årskonference 9 / 100915 FSE Årskonference Stages of Elspot trading products development Current products on Elspot •  Single hourly bids •  Block bids Current possibilities in Euphemia •  More possibilities linking •  Profile Block Orders •  Linked block bids •  Minimum Acceptance Ratio •  Conversion of block orders (from 0% to 100%) •  Flexible hourly buy and sell •  Exclusive Groups 10 / 100915 FSE Årskonference •  Block Bids •  Flexible hourly sales offers (new acceptance rule!) Potential development of Euphemia Not im in S plemen ESA t M ye ed t More possibilities for linking Block Bids Today Blocks can be linked but are limited to a single Parent – Child – Grandchild relationship. A C B ... B ... C ... A - Parent B - Child C - Grandchild 11 / 100915 FSE Årskonference Possibilities in Euphemia: More linking levels, more blocks. Testing needed to see if performance allows this. C Acceptance criteria in more complex trees to be documented. Implementation timeline open 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. Profile block orders can also be linked. Q 1 Hour 3 5 7 9 Block Order 12 / 100915 FSE Årskonference 11 13 15 Block Order 2 17 19 21 23 Block Order 3 Implementation timeline open 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 13 / 100915 FSE Årskonference Implementation timeline open 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. 14 / 100915 FSE Årskonference 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 15 / 100915 FSE Årskonference 16 / 100915 FSE Årskonference Market developments Market coupling i Intraday – XBID Higher price limits? New products ? 30m 15m 5m Shorter gate closure ? 30m 17 / 100915 FSE Årskonference 15m 5m 0m Automating what ? 18 / 100915 FSE Årskonference •  Evolution in automated trading has exploded in the last decade in “traditional” markets: Ø  164% growth between 2005-2009 on NYSE 1 Ø  75% US Stock trades originate from automated trading systems 19 / 100915 FSE Årskonference Data & IoT 20 / 100915 FSE Årskonference 21 / 100915 FSE Årskonference 22 / 100915 FSE Årskonference Muligheder for fleksibelt forbrug: ü Markedsmæssige rammer ü Teknologiske rammer https://www.youtube.com/watch?v=F1Rb8JegZ30 23 / 100915 FSE Årskonference Pioneering European power markets Tak J [email protected] 24 / 100915 FSE Årskonference