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Pilot Project – Energy Trade Data Reporting Scheme Background information

Pilot Project – Energy Trade Data Reporting Scheme Background information. Waler Boltz, Chairman CEER Gas Working Group 19th Madrid Forum 21-22 March 2011. Overview. First project at EU level for energy wholesale data covering several Member States (including EXAA, EPEX Spot, EEX and OTC data);

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Pilot Project – Energy Trade Data Reporting Scheme Background information

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  1. Pilot Project – Energy Trade Data Reporting SchemeBackground information Waler Boltz, Chairman CEER Gas Working Group19th Madrid Forum21-22 March 2011

  2. Overview First project at EU level for energy wholesale data covering several Member States (including EXAA, EPEX Spot, EEX and OTC data); First project at EU level using atrade confirmation system like EFETnet’s eXRP to collect energy wholesale data; Cooperation with asurveillance software provider for the purpose of the Pilot Project (Scila/Cinnober) and import of the data received during the project for monitoring purposes; Organisation ofdiscussions and meetings with regulators and market participants, including three steering committee meetings with representatives from all market participants; Dissemination of information on Pilot Project, e.g. on ERGEG website, EMART conference, E-World; High interest in Pilot Project by all market participants.

  3. Motivation Enhanced framework for the supervision of traded energy markets is needed; Need to further develop market transparency; Current (national) wholesale energy market monitoring initiatives are not harmonised and comprehensive - Patchwork of reporting schemes may not support effective surveillance; Further increase in electricity and gas trading activities due to advances in European energy market integration. Pilot Project for energy trade data reporting

  4. Objectives Demonstration of the feasibility of an efficient and cost effective standardised trade data collection, storage and monitoring scheme; Recommendations for a future European trade data reporting and monitoring scheme on issues such as data field definition standardisation, communication interfaces, transaction data anonymisation, secure data access and data publication; Development of a concept and examples for analyses of trade (and other relevant) data for market monitoring purposes including potential market abuse; Development of a concept and representative examples for statistical analyses of trade data.

  5. Project organisation Steering Committee (European Commission, ERGEG, EFET, EEX, Spectron, RWE, FORMAET) ERGEG Financial Services Working Group E-Control Project Management & Support Cooperation with EFETnet (eXRP) Project partner: FORMAET Services Cooperation with Energy market venues

  6. Pilot project test setting Establishing a fully functional prototype for collecting and processing energy trade data and fundamental data

  7. IT-Architecture (1) – Concept for data sourcing Potentialreportingpaths Obligation to report

  8. IT-Architecture (2) – Concept for Data Access Trade Data access authorisation and framework for public information European Level National Level Public Level National Regulatory Authorities National Financial Supervision Authorities Exchange Market Surveillances ….. General Public Academia Other interested parties … ACER ESMA ….

  9. Preliminary results Feasibility of electronic trade data reporting via a trade confirmation system (EFETnet (eXRP)) tested and proven; Sample of historic trade data from three energy exchanges, OTC trades and fundamental data collected and imported to pilot project database (over 500.000 reported transactions in electricity and over 30.000 reported fundamental data), i.e. a significant coverage of the EU wholesale electricity market; Data analysis and statistical reporting successfully implemented through Scila Surveillance software as a sample for the monitoring of market abuse in the EU energy wholesale marketsanddevelopment of surveillance routines. Prototype of a central energy trade data reporting and monitoring scheme successfully developed and implemented within 6 months.

  10. Recommendations Legal framework for cooperation and data access across borders has to be ensured; Preference for a central data reporting system at EU level as opposed to national schemes; Market knowledge and relevant fundamental data are crucial for a meaningful monitoring of the energy wholesale market; Concerns of market participants with respect to data security and anonymisation have to be taken into account; Publication of aggregated data; Governance issues to be sorted out by ACER.

  11. Vision: One central trade data base for the energy wholesale market A C E R Energy wholesale market participant E S M A All trades in Energy wholesale products Trade database Access rights National Regulatory Authority Competition Authority Financial Market Authority But: Interplay of REMIT with the EU financial market legislation has to be sorted out!

  12. Next steps Draft final report (including statements regarding the specificities of the gas wholesale market); Presentation, discussion and approval in FIS WG; Dissemination of results of pilot project Commission services DG Energy and DG Market; ESMA and financial regulators; EFET, LEBA, EuroPEX; Public. Use the results of the pilot project for the REMIT discussion.

  13. Thank you for your attention! www.energy-regulators.eu

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