EFET
standardised way between counterparty organisations and across energy markets, particularly the provision of
other service providers, including transmission system information from infrastructure operators and the
operators, exchanges, clearing houses, clearing banks and the accountability and clarity of regulatory decision making.
brokercommunity.That,inturn,allowscomputerstosubstitute Theimmediategoalwithrespecttotransparencyshouldbe
for all generators, operators and regulators to match the
[EFET] still needs to push for progress
highest standards already achieved by their peers in other
in market integration & regulatory
EU countries.
•
To maintain secure energy supplies consistently across the
harmonisation EU,prioritymustbegiventothedevelopmentofrobustgas
and electricity markets in which vibrant competition, non-
digital means for costly manual work. Substitution frees up discriminatory grid access, objective regulation and good
employeestofocusonthemanagementofexceptionsandother transparency give confidence to all market participants,
commercially beneficial tasks. It also translates to fewer from producers through to wholesale intermediaries and
mistakes and helps mitigate operational risk. consumers. It is illusory to imagine that individual nations
Within EFET, we can produce and develop standards for within the EU could separately, as if in some kind of race,
traders to use in the OTC sector of the European wholesale beat each other in the security game, by signing bilateral
energy markets. To achieve the implementation of contracted inter-governmental deals with third party countries or by
transactions in commodities such as power and gas we rely on favouring so called national champions.
the cooperation of TSOs, gas hub companies and gas storage
•
The successful establishment of the EU Emissions Trading
owners. Equally, we have collaborated with the broking Scheme shows that the market is a powerful and practical
community to achieve a broader take-up of the IT standards tool to deliver public policy objectives, but that the market
promulgated by EFETnet. needs confidence that the principles underpinning the
scheme will be consistently applied. In addition, the most
The EFET Vision & The Way Forward efficient way to introduce sustainable levels of renewable
The following section outlines some of the major challenges energy production across Europe is by promoting and
EFET will continue to address in the coming years, with harmonisingmarketmechanisms,butthenewRESDirective
particular focus on those related to pan-European market falls far short of the standard required for this purpose.
design issues and the EU policy and regulatory framework:
•
Undue national intervention continues in some cases to EFET understands that to achieve its vision and fulfil its
delay or distort the process of establishing price signals in purpose it still needs to push for progress in market integration
wholesale energy markets. As the fully liberalised energy andregulatoryharmonisation.Growthintheliquidityofenergy
market becomes better established, market signals should trading and a corresponding improvement in the objectivity of
more reliably inform the right decisions about investments terms of access and in the transparency of information
in terms of fuel choice, location and capacity. available to traders are essential.
•
Despite the efforts of national regulators, there remain Traders must continue to seek enhanced cooperation with
serious unresolved cross-border access difficulties. Authority policymakers, competition authorities, sector regulators,
at EU level needs to be strengthened to deal with the exchanges, transmission operators, producers and consumers,
interfaces between transmission systems. TSOs and in order to reach these goals. This is the starting point for our
exchanges still need to recognise the imperative for healthy next 10 years.
•
marketsacrossthecontinentintransmissioncapacityrights,
as well in the underlying commodities of power and gas.
EFET promotes and facilitates European energy trading in
•
The effective unbundling of monopoly transmission
open, transparent and liquid wholesale markets, unhindered by
infrastructure, to ensure there are independent system
national borders or other undue obstacles. We improve the
operatorsprovidingmarketparticipantswithfairandnon-
operation of European wholesale energy markets and enhance
discriminatoryaccessremains,inmanycountriesandmost
the performance of traders and their support functions in those
notably in the gas sector, an unfulfilled prerequisite of
markets. We reinforce the markets’ functionality and facilitate
successful EU energy market opening.
their liquidity and transparency.
•
Improved information transparency remains essential
www.efet.org
68 worldPower2009
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