Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels European Federation of Energy Traders 1 Market Based.

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Presentation transcript:

Gunnar Steck IFIEC Energy Forum Brussels, November Gunnar Steck November Brussels European Federation of Energy Traders 1 Market Based Mechanisms for the completion of the internal Gas Market

Gunnar Steck 2 September , Madrid The internal market: 25 interconnected hubs or a single European Balancing Point?

Gunnar Steck 3 September , Madrid More. Wider. Deeper. And governed by a consistent set of market rules.

Gunnar Steck 4 September , Madrid In these NW markets wholesale prices have converged already, both y+1…

Gunnar Steck 5 September , Madrid … and m+1 NBP: Current price for November 11: 65.6 p/th (25.7 €/MWh) TTF: Current price for November 11: €/MWh NCG: Current price for November 11: €/MWh PEG: Current price for November 11: €/MWh PSV: Current price for November 11: €/MWh (last trade; no market yet)

Gunnar Steck 6 September , Madrid More market based mechanisms needed in 3 dimensions: capacity use  Capacity use: overselling and buy back Flow Contractual congestion Q max tech not used Q booked Meter readings

Gunnar Steck 7 September , Madrid More market based mechanisms needed in 3 dimensions: capacity investment  Capacity investment: economic tests

Gunnar Steck 8 September , Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

Gunnar Steck 9 September , Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

Gunnar Steck 10 September , Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

Gunnar Steck 11 September , Madrid Clearing price reached as soon as volumes ≤ available quantity  Capacity investment: economic tests

Gunnar Steck 12 September , Madrid You could add unlimited price steps – or define trigger level for new investment Price step Quarter Avail. qtyS1S2   Capacity investment: economic tests

Gunnar Steck 13 September , Madrid Agreed level of market demand triggers investment of specified incremental capacity Price step Quarter Avail. qtyS1S2   Capacity investment: economic tests

Gunnar Steck 14 September , Madrid More market based mechanisms needed in 3 dimensions: balancing t Q [MW] inputs offtakes 6 6 System buy System sell Line pack  Balancing: single end-of-day cash-out

Gunnar Steck 15 September , Madrid More market based mechanisms needed in 3 dimensions: balancing Individual load curve (adjusted) t Q [MW] Network user buy Individual load curve N.u. nomination d-1 update of end of day forecast for NDM N.u. nomination d (adjusted)  Balancing: single end-of-day cash-out

Gunnar Steck September , Madrid 16 European Federation of Energy Traders Amstelveenseweg JS Amsterdam Tel: +31 (0)