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Secondary Market with Transmission Capacities

Secondary Market with Transmission Capacities. ČEPS, a.s. 11/2006. Initial situation. Regulation 1228/2003 EC requires the member states to define rules allowing the secondary market with transmission capacities Already supported in coordinated auction: self-service capacity transfers

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Secondary Market with Transmission Capacities

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  1. Secondary Marketwith Transmission Capacities ČEPS, a.s. 11/2006

  2. Initial situation • Regulation 1228/2003 EC requires the member states to define rules allowing the secondary market with transmission capacities • Already supported in coordinated auction: • self-service capacity transfers • capacity notice-board • Not sufficient for the market: • no rules for secondary trading • no products (complicates matching between bids and calls) • no anonymous environment • no financial settlement • etc. • No secondary market with capacities is operated in the region

  3. Initial situation • Opportunity for common Auction office and TSOs: • AO and TSOs has data about entities and capacities • shared financial guarantees for primary and secondary market can be applied • common invoicing for primary and secondary capacities can be applied • auction office can automatically register the realized transfer • Auction office has the best background for organizing secondary market • maximum added value for market participants in contrast to any other solution • market opportunity for TSOs participating in the project

  4. Basic principles of continuous market • Definitions: • bid – supply of capacity • call – demand for capacity • orders – bids & calls • Continuous evaluation of received orders • Continuous matching of bids and calls • Non-matched orders are inserted into wait list

  5. Orders • Period • Offered/requested amount of capacity • Requested/offered price limit • not mandatory – if not specified, bid is “without price limit” which means: • order has priority during matching process • order is matched with the counter-order with the best price

  6. Products

  7. Orders

  8. Price curves

  9. Possible schedule

  10. Transaction settlement • Transaction is announced to primary auction office immediately after matching • Financial transaction is recorded • Individual accounts – sum of all: • credits – payments for sold capacity • debits – payments for bought capacity

  11. Financial Balance

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