Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels...
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Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels European Federation of Energy Traders 1 Market Based Mechanisms for the completion of the internal Gas Market
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Transcript of Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels...
Gunnar Steck
IFIEC Energy Forum Brussels, November 22 2011
Gunnar Steck November 22 2011 Brussels
European Federation of Energy Traders
1
Market Based Mechanisms for the completion of the internal Gas Market
Gunnar Steck 2September 28 2010, Madrid
EBP
EBP
Riga
Wilna
TallinnHelsinki
Warschau
Bukarest
BratislavaBudapest
Prag
Wien
Ljubljana
Berlin
Stockholm
Kopenhagen
Luxemburg
Amsterdam
Brüssel
Paris
Rom
London
Dublin
MadridSofia
Lisbon Athens
Riga
Wilna
TallinnHelsinki
Warschau
Bukarest
BratislavaBudapest
Prag
Wien
Ljubljana
Berlin
Stockholm
Kopenhagen
Luxemburg
Amsterdam
Brüssel
Paris
Rom
London
Dublin
MadridSofia
Lisbon Athens
Riga
Wilna
TallinnHelsinki
Warschau
Bukarest
BratislavaBudapest
Prag
Wien
Ljubljana
Berlin
Stockholm
Kopenhagen
Luxemburg
Amsterdam
Brüssel
Paris
Rom
London
Dublin
MadridSofia
Riga
Wilna
TallinnHelsinki
Warschau
Bukarest
BratislavaBudapest
Prag
Wien
Ljubljana
Berlin
Stockholm
Kopenhagen
Luxemburg
Amsterdam
Brüssel
Paris
Rom
London
Dublin
MadridSofia
Lisbon AthensLisbon Athens
Riga
Wilna
TallinnHelsinki
Warschau
Bukarest
BratislavaBudapest
Prag
Wien
Ljubljana
Berlin
Stockholm
Kopenhagen
Luxemburg
Amsterdam
Brüssel
Paris
Rom
London
Dublin
MadridSofia
Lisbon Athens
The internal market: 25 interconnected hubs or a single European Balancing Point?
Gunnar Steck 3September 28 2010, Madrid
More. Wider. Deeper. And governed by a consistent set of market rules.
Gunnar Steck 4September 28 2010, Madrid
Selected European Hub prices cal year +1
25
26
27
28
04.0
3.11
11.0
3.11
18.0
3.11
25.0
3.11
01.0
4.11
08.0
4.11
15.0
4.11
22.0
4.11
29.0
4.11
06.0
5.11
13.0
5.11
20.0
5.11
27.0
5.11
03.0
6.11
10.0
6.11
17.0
6.11
24.0
6.11
01.0
7.11
08.0
7.11
15.0
7.11
22.0
7.11
29.0
7.11
05.0
8.11
12.0
8.11
19.0
8.11
26.0
8.11
02.0
9.11
09.0
9.11
16.0
9.11
23.0
9.11
30.0
9.11
date
Eu
ro/M
Wh NBP
TTF
NCG
ZEE
In these NW markets wholesale prices have converged already, both y+1…
Gunnar Steck 5September 28 2010, Madrid
… and m+1
NBP: Current price for November 11: 65.6 p/th (25.7 €/MWh)
TTF: Current price for November 11: 25.75 €/MWh
NCG: Current price for November 11: 25.80 €/MWh
PEG:Current price for November 11: 25.95 €/MWh
PSV:Current price for November 11: 33.30 €/MWh (last trade; no market yet)
Gunnar Steck 6September 28 2010, Madrid
More market based mechanisms needed in 3 dimensions: capacity use
Capacity use: overselling and buy back
Flow
Contractual congestion
Q max technot used
Q booked
Meter readings
1 365
Flow
Max theoretical
Worst case
Negotiated
Gunnar Steck 7September 28 2010, Madrid
More market based mechanisms needed in 3 dimensions: capacity investment
Capacity investment: economic tests
Gunnar Steck 8September 28 2010, Madrid
Shippers bid at pre-defined price steps, starting with regulated tariff
Capacity investment: economic tests
Gunnar Steck 9September 28 2010, Madrid
Shippers bid at pre-defined price steps, starting with regulated tariff
Capacity investment: economic tests
Gunnar Steck 10September 28 2010, Madrid
Shippers bid at pre-defined price steps, starting with regulated tariff
Capacity investment: economic tests
Gunnar Steck 11September 28 2010, Madrid
Clearing price reached as soon as volumes ≤ available quantity
Capacity investment: economic tests
Gunnar Steck 12September 28 2010, Madrid
You could add unlimited price steps – or define trigger level for new investment
Price
step
Quarter
Avail. qty S1 S2
5 160
4 120 80 50 130
3 120 80 60 140
2 120 100 80 180
1 120 120 100 220
Capacity investment: economic tests
Gunnar Steck 13September 28 2010, Madrid
Agreed level of market demand triggers investment of specified incremental capacity
Price
step
Quarter
Avail. qty S1 S2
5 160 80 40 120
4 120 80 50 130
3 120 80 60 140
2 120 100 80 180
1 120 120 100 220
Capacity investment: economic tests
Gunnar Steck 14September 28 2010, Madrid
More market based mechanisms needed in 3 dimensions: balancing.
0
+
-
t
Q [MW]
inputs
offtakes
6 6
System buy
System sell
Line pack
Balancing: single end-of-day cash-out
Gunnar Steck 15September 28 2010, Madrid
More market based mechanisms needed in 3 dimensions: balancing
Individual load curve (adjusted)
t
Q [MW]
Network user buy
Individual load curve
N.u. nomination d-1
update of end of day forecast for NDM
N.u. nomination d (adjusted)
Balancing: single end-of-day cash-out
Gunnar Steck September 28 2010, Madrid 16
European Federation of Energy Traders
Amstelveenseweg 9981081 JS Amsterdam
Tel: +31 (0)20 5207970Email: [email protected]
www.efet.org
