Q&A: EEX
So far, coal is primarily traded in the OTC sector. However, because of the extended cross- margining, which European Commodity Clearing [ECC] offers, clearing of the coal market will become increasingly attractive for trading participants that are already active in trading in power, natural gas and emission allowances on EEX. We are planning to strengthen our focus on this market in the future and will announce an action plan later in 2012.
GI: Market coupling is taking shape in fostering the coordinated integration of the European power markets. What can we expect this year? PR: A number of electricity markets in Europe are already integrated through market coupling projects, such as the Central Western European Market Coupling (CWE). The next step will be the price coupling of European regions. EPEX SPOT operates a leading role in the process of market integration and has considerable experience in market coupling. Moreover, market integration is achieved also through the harmonization of trading, clearing and settlement processes. Meanwhile, six energy exchanges in Europe rely on the clearing processes of ECC, and we are in talks with others. In the natural gas market, which is not yet as developed as the current market, we are looking beyond Germany and offer not only the trade in the German market areas GASPOOL and NCG since May 2011, but also for the trade for the Dutch TTF market area.
GI: How has the Transparency in Energy Markets platform delivered in the last twelve months? PR: In 2011, the “Transparency in Energy Markets” platform was further expanded and improved. The Austrian transmission system operator APG has joined as a new partner. During the implemented data from Austria, experience was gathered and processes were optimized further. In 2011, EEX has proven the platform can be expanded with data from other countries quickly and easily. Soon, the voluntary part of the transparency platform will be expanded with data from the Czech Republic. The current discussion on the harmonization of transparency standards challenges with regard to the definitions of the data to be reported as well as the required
Peter Reitz, CEO, EEX
infrastructure must not be underestimated. For the success of this European joint project we should build upon existing reporting standards and channels – in particular in Germany/Austria and Scandinavia.
GI: Finally, is European regulation of the energy trading sector moving in the right direction and what specific details would you like or expect to see embraced in proposed legislation? PR: Clear and harmonised European policy for robust, regulated and transparent markets are imperative. We welcome REMIT because it is energy market specific and fills existing regulatory gaps. A sense of proportion and appropriate regulatory guidelines are also vital. With this in mind, I think the MiFID proposal which acknowledges the need for hedging in order to minimise risk and provide exception for non- financial organisations such as utilities goes into
“ Clear and harmonised European policy for robust, regulated and transparent markets are imperative
the right direction. If the regulatory hurdles are too high, some companies could withdraw from the energy market, which is not a desired outcome. My vision for 2012 and beyond is to firmly reinforce EEX’s prime position within the European energy landscape and to remain a key influence in how energy regulation shapes future policy in a way which is truly beneficial to all participants operating within its space. •
The European Energy Exchange (EEX) is Europe’s leading energy exchange. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances and coal are traded. Clearing and settlement of all trading transactions is provided by the European Commodity Clearing (ECC).
www.eex.com March 2012 51
”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84