Transcript Slide 1

PETFORM TR Gas Workshop
European Federation of Energy Traders
The significance of spot and
Intraday market design
Gunnar Steck
EFET Europe
Ankara, March 24th 2014
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They say: No forward market - not a healthy market
Asian price benchmarks vs. TTF vs. US Henry Hub (monthly averages EUR/MWh)
Japanese Crude Cocktail (JCC)
Japan Korea Marker (JKM)
TTF
Henry Hub
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But should add: no within-day – no market at all
Fair Price
Liquidity
Risk Management
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Balancing Regimes do matter!
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BAL NC: Focus on end of day, activity within-day
 end-of-day cash out at system marginal prices (i.e. marginal price of
any TSO buy/sell action throughout the day, system average price in case
TSO has not intervened);
 linkage between network users means to balance and eventual
obligations to do so within-day:
EASEE gas renomination standards : max 2 hours lead time at IPs +
max 30 min lead time for trade notifications at the VTP;
standards for info provision: at least twice per day information about
portfolio status;
 Merit order list for TSO balancing products, prioritising within-day and
day-ahead title transfer products
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Shippers have the responsibility to balance their
own portfolios – and the means to do so!
140
120
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offtake
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input @ perfect e.o.d. forecast
input + w.i.d activity
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40
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Step
‚basic‘
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7
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9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1
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3
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Step
‚de luxe‘
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success factors: INFORMATION on the system
Time
Demand
Forecast
Line Pack
(Day Start)
PCLP
SMP Buy
SMP Sell
00:06
245.9
336.7
359.
5
68.8746
67.1514
01:05
245.9
338.1
358.
6
68.8746
67.1514
02:08
245.9
337.8
356.
3
68.8746
67.1514
03:15
242.3
337.7
359.
7
68.8746
67.1514
06:08
243.2
337.6
355.
4
68.8746
67.1514
07:08
243.5
337.6
355.
4
68.8746
67.1514
08:02
246
337.6
352.
9
68.7339
67.0107
09:05
254.3
337.6
345.
5
68.7134
66.9902
10:03
264.8
337.6
333.
4
68.8863
67.1631
11:04
263.4
337.6
331.
4
68.1859
67.3419
12:02
263.4
337.6
331.
4
0
0
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success factors:  INFORMATION on portfolio
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success factors:  market access
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European Federation of Energy Traders
Amstelveenseweg 998
1081 JS Amsterdam
Tel: +31 (0)20 5207970
Email: [email protected]
www.efet.org
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