IFIEC Energy Forum Brussels, November 22 2011 European Federation of Energy Traders Market Based Mechanisms for the completion of the internal Gas Market Gunnar Steck November 22 2011 Brussels 1
The internal market: 25 interconnected hubs or a single European Balancing Point? Gunnar Steck September 28 2010, Madrid 2
More. Wider. Deeper. And governed by a consistent set of market rules. Gunnar Steck September 28 2010, Madrid 3
In these NW markets wholesale prices have converged already, both y+1… Gunnar Steck September 28 2010, Madrid 4
… 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 September 28 2010, Madrid 5
More market based mechanisms needed in 3 dimensions: capacity use Capacity use: overselling and buy back Contractual congestion Q max tech not used Q booked Flow Gunnar Steck September 28 2010, Madrid Meter readings 6
More market based mechanisms needed in 3 dimensions: capacity investment Gunnar Steck Capacity investment: economic tests September 28 2010, Madrid 7
Shippers bid at pre-defined price steps, starting with regulated tariff Gunnar Steck Capacity investment: economic tests September 28 2010, Madrid 8
Shippers bid at pre-defined price steps, starting with regulated tariff Gunnar Steck Capacity investment: economic tests September 28 2010, Madrid 9
Shippers bid at pre-defined price steps, starting with regulated tariff Gunnar Steck Capacity investment: economic tests September 28 2010, Madrid 10
Clearing price reached as soon as volumes ≤ available quantity Gunnar Steck Capacity investment: economic tests September 28 2010, Madrid 11
You could add unlimited price steps – or define trigger level for new investment Capacity investment: economic tests Price Quarter step Avail. qty S 1 S 2 5 4 120 80 50 130 3 120 80 60 140 2 120 100 80 1 Gunnar Steck 160 120 100 220 September 28 2010, Madrid 12
Agreed level of market demand triggers investment of specified incremental capacity Capacity investment: economic tests Price Quarter step Avail. qty S 2 5 160 80 40 120 4 120 80 50 130 3 120 80 60 140 2 120 100 80 1 Gunnar Steck S 1 120 100 220 September 28 2010, Madrid 13
More market based mechanisms needed in 3 dimensions: balancing. Balancing: single end-of-day cash-out 6 Q [MW] System buy offtakes System sell 6 + 0 - Line pack inputs t Gunnar Steck September 28 2010, Madrid 14
More market based mechanisms needed in 3 dimensions: balancing Balancing: single end-of-day cash-out Q [MW] Network user buy N. u. nomination d (adjusted) N. u. nomination d-1 t update of end of day forecast for NDM Individual load curve (adjusted) Gunnar Steck September 28 2010, Madrid 15
European Federation of Energy Traders Amstelveenseweg 998 1081 JS Amsterdam Tel: +31 (0)20 5207970 Email: secretariat@efet. org www. efet. org Gunnar Steck September 28 2010, Madrid 16
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