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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 on theme: "Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels European Federation of Energy Traders 1 Market Based."— Presentation transcript:

1 Gunnar Steck IFIEC Energy Forum Brussels, November 22 2011 Gunnar Steck November 22 2011 Brussels European Federation of Energy Traders 1 Market Based Mechanisms for the completion of the internal Gas Market

2 Gunnar Steck 2 September 28 2010, Madrid The internal market: 25 interconnected hubs or a single European Balancing Point?

3 Gunnar Steck 3 September 28 2010, Madrid More. Wider. Deeper. And governed by a consistent set of market rules.

4 Gunnar Steck 4 September 28 2010, Madrid In these NW markets wholesale prices have converged already, both y+1…

5 Gunnar Steck 5 September 28 2010, Madrid … and m+1 NBP: Current price for November 11: 65.6 p/th (25.7 €/MWh) TTF: Current price for November 11: 25.75 €/MWh NCG: Current price for November 11: 25.80 €/MWh PEG: Current price for November 11: 25.95 €/MWh PSV: Current price for November 11: 33.30 €/MWh (last trade; no market yet)

6 Gunnar Steck 6 September 28 2010, 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

7 Gunnar Steck 7 September 28 2010, Madrid More market based mechanisms needed in 3 dimensions: capacity investment  Capacity investment: economic tests

8 Gunnar Steck 8 September 28 2010, Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

9 Gunnar Steck 9 September 28 2010, Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

10 Gunnar Steck 10 September 28 2010, Madrid Shippers bid at pre-defined price steps, starting with regulated tariff  Capacity investment: economic tests

11 Gunnar Steck 11 September 28 2010, Madrid Clearing price reached as soon as volumes ≤ available quantity  Capacity investment: economic tests

12 Gunnar Steck 12 September 28 2010, Madrid You could add unlimited price steps – or define trigger level for new investment Price step Quarter Avail. qtyS1S2  5160 41208050130 31208060140 212010080180 1120 100220  Capacity investment: economic tests

13 Gunnar Steck 13 September 28 2010, Madrid Agreed level of market demand triggers investment of specified incremental capacity Price step Quarter Avail. qtyS1S2  51608040120 4 8050130 31208060140 212010080180 1120 100220  Capacity investment: economic tests

14 Gunnar Steck 14 September 28 2010, Madrid More market based mechanisms needed in 3 dimensions: balancing. 0 + - t Q [MW] inputs offtakes 6 6 System buy System sell Line pack  Balancing: single end-of-day cash-out

15 Gunnar Steck 15 September 28 2010, 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

16 Gunnar Steck September 28 2010, Madrid 16 European Federation of Energy Traders Amstelveenseweg 998 1081 JS Amsterdam Tel: +31 (0)20 5207970 Email: secretariat@efet.orgsecretariat@efet.org www.efet.org

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