Trading up to 30 minutes before delivery – Austrian lead time decreases by 45 minutes
Paris / Leipzig / Bern / Vienna, 16 June 2015. The European Power Exchange EPEX SPOT, together with its clearing house European Commodity Clearing (ECC), will reduce the lead time on all Intraday markets exactly one month from now, on 16 July 2015. The current lead time varies between 45 minutes and 75 minutes depending on the country and the cross-border gate closure time determined by the transmission system operators (TSOs). Trading will now continue until 30 minutes before delivery in Germany, France and Austria. In Switzerland and across borders, trading will continue up to 60 minutes before delivery. The reduction is subject to the successful finalisation of tests.
“Due to the growing part of renewable energies in the energy mix, the production of power varies increasingly”, says Jean-François Conil-Lacoste, Chairman of the Management Board of EPEX SPOT. “The ability to react at short notice has become an essential element of power trading. Shortening Intraday lead-time significantly will facilitate portfolio management for our customers.”
“ECC and EPEX SPOT together with the involved TSOs have intensively worked on the implementation of reduced lead times on the Intraday power market for some time. As a result, trading will be brought even closer to the delivery time, thus, permitting higher flexibility for the trading participants”, comments Dr. Thomas Siegl, CRO of ECC.
At the launch of Intraday markets for Germany in 2006 and France in 2007, lead time was 60 minutes, without the possibility for implicit cross-border trading. In 2010, the two Intraday markets were connected. EPEX SPOT reduced the lead time by 15 minutes in the year after. In 2012 and 2013 respectively, EPEX SPOT launched the Intraday markets in Austria and Switzerland. Technical improvements on EPEX SPOT and ECC side now further shortened the time between trading and delivery.
The European Power Exchange EPEX SPOT SE operates the short-term electricity markets for Germany, France, Austria and Switzerland. EPEX SPOT owns 100% of APX Group (including Belpex), operator of the short-term electricity markets for the Netherlands, the United Kingdom and Belgium. Striving for the creation of a European single market for electricity, EPEX SPOT shares its expertise with partners across the continent and beyond. EPEX SPOT is a European company (Societas Europaea) in corporate structure and staff, based in Paris with offices in Amsterdam, Bern, Brussels, Leipzig, London and Vienna. 275 companies trade over 450 TWh of electricity on EPEX SPOT and APX every year – one third of its countries’ electricity consumption. EPEX SPOT is held by EEX Group, part of Deutsche Börse, and European electricity transmission system operators. For more information: www.epexspot.com
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Gaspoint Nordic, Powernext and Power Exchange Central Europe, or registered for clearing on these exchanges. Furthermore, ECC will start clearing services for the Norwegian NOREXECO soon. For more information: www.ecc.de