German Renewable Energies Act
AusglMechV AusglMechV is an important step in creating more transparency for the sale of renewable energy. Previously, transmission
system operators had to physically forward the renewable energy that they received from the distribution system operator, who received it from the generator (physical equalisation). Under the AusglMechV, transmission system operators have to sell their renewable energy on the spot market (financial equalisation).
Revenues from the spot market sale of renewable energy do not cover the feed-in tariffs payable pursuant to the EEG. Prices
at the spot market have been negative at times. To ultimately pass on the costs of the transmission network operator to the consumer, the deficits from the spot market sales are first allocated to the electricity supply company as the so-called “EEG reallocation” (EEG-Umlage). The EEG reallocation is estimated to amount to € 8.2 bn in 2010, or 2.047 ct/kWh. The electricity supply company then passes it on to the consumer.
Market participants still have to get used to the new marketing channel for renewable energy via the spot market. The new
AusglMechAV stipulates that for 2010 network operators are not required to sell at any price. In certain limited cases, they are allowed to set price limits.
Figure 7: Development of Weekly Intra-Day Trade Volume
effect. This also applies considering the uncertainty regarding the exact behaviour of the transmission system operators, which partly still exists, e.g. with regard to the submission of limit orders in special exceptional cases (Art. 8 AusglMechAV).
The obligation to market EEG energy ... has not led to unusual fluctuations in prices or significantly negative prices
Source: EEX
the period. Trade volume increased continuously – there was no rapid increase as of 1st
January 2010 (which might have been an
effect of the entry into force of AusglMechV). We can conclude from this that the EPEX Spot intra-day market was already used to balance the fluctuating feed-in from renewable energies and that the exchange market increasingly established a position for itself with regard to this task even before January 2010. At this point, we cannot give a final evaluation of the intra- day market for EEG refinement before January 2010 since an analysis of the trading participants’ trading behaviour is not possible on the basis of publicly available data.
Conclusions The obligation to market EEG energy quantities through
the exchange has not led to unusual fluctuations in prices or significantly negative prices on the spot market of EPEX Spot during the first quarter of the year 2010. This shows that trading participants have had sufficient time to adjust their bidding behaviour to the new regime before the Ordinance went into
88
Under the new marketing mechanism the amount of the forecast feed-in from renewable energies influences the prices on the day-ahead market on the exchange. As a result of this, the impact which the EEG feed-in has on prices
becomes transparent similarly as in the case of the influence of conventional feed-ins. If significantly negative prices occur repeatedly in the future during hours with high EEG feed-in and low load, this is not an unwanted result of the marketing mechanism and, in particular, this does not constitute a market failure but it is due to the priority provision for EEG feed-ins in combination with technical restrictions of conventional plants and of the energy supply system. Marketing of quantities of EEG power to be fed-in through the exchange has the advantage that the costs of these provisions and restrictions become transparent and can be quantified by all market participants. ■
Dr. Dr. Tobias Paulun is Head of Business Development with EEX – the European Energy Exchange AG – Europe’s leading energy exchange which operates market platforms for trading in power, natural gas, CO2 emission allowances and coal. E:
Tobias.Paulun@eex.com www.eex.com
worldPower 2010
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