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CWE ATC Market Coupling and CWE-Nordic ITVC Info session for Belgian market participants Friday 8th of October 2010


Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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Agenda 1. Introduction James Matthys-Donnadieu

2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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Agenda 1. Introduction 2. Overall design of the solution and operational impacts Martine Verelst and Joris Houben

~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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Where do we come from at CWE side?

08/10/2010

Original scope of CWE MC based on Memorandum of Understanding in June 2007

Signatories agreed on the design and implementation of the flow based market coupling in the CWE region

Project Parties propose to start market coupling with an ATC based solution as a first step in the market coupling

CWE Market Coupling will replace the currently applied Trilateral Coupling (TLC) and will also be a price coupling

Dependencies between Nordic and CWE were recognized early on and dealt with accordingly

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Where do we come from at the Nordic side?

08/10/2010

On the 9th November 2009 the volume coupling of the Nordic and the German spot market was launched

The market coupling is governed through EMCC – European Market Coupling Company GmbH

The results of market coupling are in line with expectations and produced positive results in the past months

On 10th May 2010, market coupling was introduced on Baltic Cable

With the introduction of market coupling on Baltic Cable, EMCC’s market coupling is now covering all interconnectors between the Nordic market and Germany

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Price <> Volume Coupling Volume coupling • Sequential calculations • Common central calculation of the import/export flows • Local calculation of prices. PXs only receive the volume to import/export

Price coupling • Common central calculation of the import/export flows and of prices • Local PX receive both the volume to import/export and the price at which they have to clear • Preferred “European Target Model” (Florence Forum, June 2009)

08/10/2010

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CWE – Nordic ITVC

08/10/2010

TSOs and PXs of the combined CWE/Nordic region are committed to implement a price coupling model. However an interim solution is needed to deliver robust market results

Interim Tight Volume Coupling (ITVC), based on EMCC’s Nordic-German coupling, will provide implicit allocation of available capacities between the CWE and the Nordic region

The project was initiated in January, monitored by joint regulators, and will be launched in two steps: –

Step 1 covering both interconnectors between Germany and Denmark and Baltic Cable between Germany and Sweden Expected launch date: 9 November 2010

Step 2 including NorNed cable Expected launch date: 14 December 2010

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CWE â&#x20AC;&#x201C; Nordic regional electricity markets: Global picture Current day-ahead market

Interim day-ahead market

Current solutions

Intermediate solution

1. Market splitting Nordic and Estonia (one PX)

1. Interim tight volume coupling on all connections between the CWE and Nordic regions

2. Price coupling in the Netherlands, Belgium and France (TLC â&#x20AC;&#x201C; 3 PXs) 3. Tight volume coupling between Denmark Sweden and Germany through EMCC

2. Market splitting in the Nordic (NPS) 3. Price coupling in CWE

4. Explicit auctions on other borders

TLC

08/10/2010

CWE

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CWE MC: Role Model Capacity calculation

Pre-Coupling

ATCs Coupling

Net Positions Prices

Capacity allocation Post-Coupling

Flows

Cross Border Shipment

Cross Border Nominations Back-Office

Settlement of Cross Border Shipment Congestion Revenue Distribution

08/10/2010

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Coordinated ATC Calculation Today: • •

Bilateral coordination process where Net Transmission Capacities (NTCs) are shared between neighbouring TSOs Partly ‘multi-border coordination’ (e.g. Export DE-NL/FR/CH)

For CWE MC: • •

A new methodology for a regional coordinated process, based on a common grid model NTCs are shared and evaluated by all TSOs of the CWE region

From NTC to ATC: •

Coordinated ATC = Coordinated NTC

Netted Long Term nomination

Business Process Step

Deadline for submission of Long Term nominations by Market Participants at the TSOs

08/10/2010

Deadline Belgium : France : Germany : The Netherlands :

08:00 08:15 08:15 09:00

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Coordinated ATC Calculation

D-2 19:00

1. 1. NTC NTC determined determined like like today today 2. 2. NTC NTC shared shared between between all all TSOs TSOs 3. 3. Use Use of of aa common common grid grid model model 4. 4. NTC NTC verification verification

D-1 09:30 5. 5. NTC NTC coordinated coordinated adjustment adjustment 6. 6. Calculation Calculation of of ATC ATC D-1 10:30

08/10/2010

7. 7. Publication Publication of of ATC ATC

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Coordinated ATC Calculation •

To improve the security of supply in the region

Common grid model: – –

TSOs share regional data (transmission grid topology, the consumption pattern, the injection of production on the grid for the whole region) TSO coordinate on potential problems on a daily basis

Better linked to actual grid conditions: – –

NTCs are expected, where grid conditions are comparable, to be similar to today on most days (i.e. non-stressed days) NTCs can be lower in stressed cases, maintaining required security of supply

Step towards the Flow Based target: daily use of a common base case is a key element of the fine-tuning of the Flow Based method

Experimentation of this coordinated process in real operational timings during several months

Commitment by the TSOs to deliver the ATCs at that fixed target time, which is actually 1h30 before the gate closure times of the power exchanges

08/10/2010

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CWE MC: Role Model Capacity calculation

Pre-Coupling

ATCs Coupling

Net Positions Prices

Capacity allocation Post-Coupling

Flows

Cross Border Shipment

Cross Border Nominations Back-Office

Settlement of Cross Border Shipment Congestion Revenue Distribution

08/10/2010

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High Level Architecture Pre-coupling

TSOs Systems 2. ATC calculation

1. Grid forecast TSO Common System

3. ATC publication

3. ATC values PX MC System

Market Parties

08/10/2010

PXs Systems

3. ATC values

EMCC

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High Level Architecture: Coupling TSOs Systems

TSO Common System

PX MC System

7. Calculation

9. OBKs * Market Parties

PXs Systems 5. Orders aggregation

08/10/2010

6. OBKs

4. Orders

EMCC 8. MCOs

* OBKs incl. MCOs from EMCC

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High Level Architecture: Coupling TSOs Systems

TSO Common System

14. Check and confirmation of final net positions

10. Calculation PX MC System

12. Results allocation Market Parties

08/10/2010

13. Publishing preliminary individual results*

11. Check of preliminary results and confirmation of rounded final prices

PXs Systems

* Preliminary results become final after step 14

EMCC 15. TCOs

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High Level Architecture: Post-Coupling 21. Cross border nomination

17. Cross Border Exchanges Congestion Revenue Distribution System

18. Final Results

20. Trade report CCP System

08/10/2010

19. Cross border trade confirmation

TSOs Systems 17. Cross Border Exchanges TSO Common System

16. Cross Border Exchanges calculation

PX MC System

18. Final Results

17. Cross Border Exchanges

PXs Systems

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400 MW

400 MW

500 MW

Cross Border Shipment

08/10/2010

This example illustrates the scenario where there is a flow from NL to BE & from BE to FR. For simplicity Germany is excluded from this example. However the same principle applies to the borders with Germany.

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Cross Border Shipment NL - Tennet Net position: -400MW

400 MW

APX XBSHIP

APX CCP

Market participants

BE - Elia Net position: -100MW

APX XBSHIP

Belpex

Market participants

100MW

ECC XBSHIP

FR - RTE Net position: +500MW

ECC XBSHIP

08/10/2010

ECC CCP

Market participants

This example illustrates the scenario where there is a flow from BE to NL & from FR to BE. For simplicity Germany is excluded from this example. However the same principle applies to the borders with Germany.

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CWE-ITVC: Operational Processes and Timings - Overview 10:30

12:00

12:30

13:05

14:00

15:30

LT Nomination

D-2

ATC calculation MPs regular information MPs introduce bids

Normal business run Exceptional procedures Goal:Publish CWE MC results before 14:00

Fallback preparation

08/10/2010

Fallback

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Fallback = Shadow Auctions

In case of CWE decoupling

On all CWE borders

CWE Market Coupling

Backup #1

Backup #2

Shadow Auctions

Allocation by Equal Share

• Bids submitted through the Shadow Auctions Interface are default bids • They are valid for every day of the year, for a specific border, direction and an hourly period • Participants can update their default bids at any time before the freezing of the Data Base when Shadow Auctions are run • Possibility to register only for Shadow Auctions, with a ‘lighter’ status: Participant to Shadow Auctions Only 08/10/2010

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Normal process timeline after go-live

08/10/2010

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Normal process timeline after go-live

• ATC published at 10:30 on CASC website • PX gate closure time at 12:00 • Publication of market results between 12:53 and 13:05 • Cross border nomination deadline – FR, NL at 14:00 – GE, BE at 14:30

08/10/2010

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Process Delayed (slight delay) Due to technical problems in EMCC or CWE calculation, the process remains the same but actions are delayed in time

ATCs

EMCC Market Coupling Orders

OBKs 12:05

ATC values 10:30 OBKs open Bids from MPs

13:00

ITVC Process 12:00

Trade confirmation

CWE MRs BE, DE, FR, NL Calculation publi. nom. 13:05

13:30

14:30

Communication of Market Cross Border results to Nominations delay to MPs MPs

Technical problem

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Process (slightly) delayed: Impact on Market Parties

Timing

Message

13:05

Market results publication delay 1

08/10/2010

Additional actions for MPs

Market results Publication deadline

Cross border nominations deadline

13:30

14:30

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New since mid September 2012

Process Delayed (major delay) Due to technical problems in EMCC or CWE calculation, the process remains the same but actions are delayed in time

ATCs

OBKs 12:05

EMCC Market Coupling Orders

Trade confirmation

13:50 ATC values 10:30 SA MRs BE, DE, FR, ITVC Process NL nom. OBKs open CWE Calculation publi. 14:00 12:00 15:00 13:05 Bids from Market Cross Border Communication of MPs results to Nominations delay to MPs MPs Communication of Technical problem 13:30 delay to MPs SA = Shadow Auction 08/10/2010

13:00

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Process Delayed (major delay): Impact on Market Parties

Timing

Message

13:05

Market results publication delay 1

13:30

Market results publication delay 2

08/10/2010

Additional actions for MPs

Bids update in the Shadow Auction system

Market results Publication deadline

Cross border nominations deadline

13:30

14:30

14:00

15:00

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CWE Special Routine Due to thresholds detected in CWEâ&#x20AC;&#x2122;s prices after EMCC calculation, the order books are reopened to market parties and a second EMCC calculation is performed

EMCC Market Trade ATCs OBKs OBKs Coupling confirmation Orders 10:30 12:05 until13:15 ATC values ITVC OBKs ITVC CWE MRs BE, DE, FR, Process open Process Calculation publi. NL nom. OBKs open 12:00 13:15 13:40 15:00 Bids from Market Cross Border Communication of MPs results to Nominations reopening of OBKs MPs 13:05 Communication of delay for publication Thresholds reached 2nd

Communication of 13:30delay for publication 08/10/2010

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Special Routine: Impact on Market Parties Timing

Message

Additional actions for MPs

Around 12:30

Price thresholds reached: reopening of the OBKs

OBK open for 10 minutes after message

13:05

Market results publication delay 1

13:30

Market results publication delay 2

Bids update in the Shadow Auction system

Market results Publication deadline

Cross border nominations deadline

13:30

14:30

14:00

15:00

Not always 08/10/2010

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ITVC Decoupling Due to a technical problem in the ITVC process, ITVC is decoupled. Coupling between CWE and Nordic is performed through explicit allocation (by Shadow Auction)

EMCC ATCs 10:30 ATC values OBKs open

OBKs 12:05

13:00 CWE MRs BE, DE, FR, OBKs ITVC Process open Calculation publi. NL nom.

12:00 Bids from MPs

ITVC Decoupling declared 08/10/2010

13:40 14:00 15:00 Market Cross Border Communication of decoupling results to Nominations and reopening of the OBKs MPs 13:05

13:30 Communication of delay for publication 31


ITVC Decoupling: Impact on Market Parties

Timing

Message

Additional actions for MPs

13:05

ITVC decoupling, reopening of the OBKs

OBK open until 13:15

13:30

Market results publication delay

Bids update in the Shadow Auction system

08/10/2010

Market results Publication deadline

Cross border nominations deadline 14:30

14:00

15:00

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ITVC Decoupling + CWE Second Auction After an ITVC decoupling, price thresholds are reached during CWE calculation. Order books are reopened to market parties, a second CWE calculation is performed.

EMCC ATCs

OBKs

10:30 ATC values OBKs open

12:05 SA 13:00 CWE ITVC OBKs 2nd CWE MRs BE, DE, FR, Process open Calculation OBKs open Calculation publi. NL nom. 13:15 14:00 15:00 12:00 Bids from Cross Border MPs Nominations 13:05 Communication of Market Communication decoupling and results to of 2nd Auction ITVC Decoupling reopening of the OBKs MPs declared 13:30 Communication of Price thresholds delay for publication reached

08/10/2010

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ITVC Decoupling+CWE Second Auction: Impact on Market Parties Timing

Message

Additional actions for MPs

13:05

ITVC decoupling, reopening of the OBKs

OBK open until 13:15

13:30

Market results publication delay

Bids update in the Shadow Auction system

ASAP when Thresholds reached in OBK open for thresholds CWE, reopening of 10 minutes observed the OBKs

08/10/2010

Market results Publication deadline

Cross border nominations deadline 14:30

14:00

15:00

14:00

15:00

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New since mid September 2012

CWE Decoupling Due to a technical problem in CWE, no market results can be provided by 14:00 and CWE countries coupling is performed through explicit allocation (Shadow auction)

ATCs

OBKs 12:05

EMCC Market Coupling Orders

Trade confirmation

12:25

13:50 SA ITVC PXs MRs BE, DE, FR, OBKs calc. Process CWE Calculation open publi. NL nom. 12:00 14:20 14:30 15:30 14:00 13:05 Bids from Communication of MPs delay to MPs Market results Technical problem to MPs Communication of 13:30 delay to MPs CWE decoupling Cross Border Communication of Nominations 14:05 CWE decoupling SA = Shadow Auction ATC values 10:30 OBKs open

08/10/2010

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CWE Decoupling: Impact on Market Parties

Timing

Message

13:05

Market results publication delay 1

13:30

Market results publication delay 2

14:05

CWE decoupling, reopening of the OBKs

08/10/2010

Additional actions for MPs

Market results Publication deadline

Cross border nominations deadline

13:30

14:30

Bids update in the Shadow Auction system

14:00

15:00

OBK open at local PX for 10 minutes

14:30

15:30

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New since mid September 2012

CWE Decoupling + 2nd auction Belpex Due to a technical problem in CWE, no market results can be provided by 14:00 and CWE countries coupling is performed through explicit allocation (Shadow auction)

ATCs

OBKs 12:05

EMCC Market Coupling Orders 12:25

Trade confirmation

BE 13:50 SA ITVC MRs CWE gen OBKs PXs 2nd PXs XB Process CWE Calculation open calc auction calc publi. nom. nom 12:00 14:00 14:45 13:05 Bids from Communication of MPs delay to MPs Market results to MPs Technical problem Communication of 13:30 15:30 delay to MPs CWE decoupling Cross Border Communication of 14:05 CWE decoupling Nominations Price threshold reached 15:45

ATC values 10:30 OBKs open

SA = Shadow Auction 08/10/2010

BE generation 37 Nominations


New since mid September 2011

CWE Decoupling + 2nd auction Belpex: Impact on Market Parties Timing

Message

13:05

Market results publication delay 1

13:30

Market results publication delay 2

14:05

ASAP when threshold observed

08/10/2010

Additional actions for MPs

Market results Publication deadline

Cross border nominations deadline

13:30

14:30

Bids update in the Shadow Auction system

14:00

15:00

CWE decoupling, reopening of the OBKs

OBK open at local PX for 10 minutes

14:30

15:30

Threshold reached in Belpex, reopening of the OBKs

OBK open for 10 minutes

14:45

15:30*

* BE generation nomination deadline at Elia: 15:45

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Impact on Market Parties: Examples of messages Market results publication delay 1 â&#x20AC;&#x201C; message CASC

08/10/2010

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Impact on Market Parties: Examples of messages Market results publication delay 1 â&#x20AC;&#x201C; message Elia

08/10/2010

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New since mid September 2012

Impact on Market Parties: Examples of messages Market results publication delay 2 – message CASC

‘The CWE MC process has been delayed due to technical reasons or market issues. Therefore the publication of CWE market results has been delayed. In order to prepare Fallback, the shadow explicit auctions based on the ATC values for CWE Market Coupling may start in parallel as of 13:50 [link towards ATC values of MC displayed on CASC website]. As security measure, we would advise you to verify the need for updating your shadow bids at CASC EXAU platform in case this situation should end up in CWE full decoupling.’

08/10/2010

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Impact on Market Parties: Examples of messages Market results publication delay 2 â&#x20AC;&#x201C; message Elia

08/10/2010

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Impact on Market Parties: Examples of messages Reopening of the order books – threshold reached during EMCC calculation - message Belpex

‘Due to crossing the threshold during the EMCC calculation, the CWE order books will reopen again. Seller/Buyer required on XX (BE, DE, FR, or NL) markets on hour(s) Hxx, Hyy,... The order books will reopen again at 12.XX and close at 12.XX.’

08/10/2010

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Impact on Market Parties: Examples of messages Market results publication delay – reopening of CWE order books - message Belpex

‘The CWE MC process has been delayed due to EMCC decoupling. Therefore the publication of CWE market results has been delayed. As a consequence of the EMCC decoupling, the CWE order books will reopen again at 13:XX and close at 13:XX.’

08/10/2010

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New since mid September 2012

Impact on Market Parties: Examples of messages Market results publication delay – reopening of CWE order books - message CASC

‘The CWE MC process has been delayed due to EMCC decoupling. Therefore the publication of CWE market results has been delayed. Please be aware that the shadow explicit auctions based on the ATC values for CWE Market Coupling [link towards ATC values of MC displayed on CASC website] might be triggered at 13:50 if no CWE market results are published. Therefore, we would advise you to verify the need for updating your shadow bids at CASC EXAU platform.’

08/10/2010

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Impact on Market Parties: Examples of messages Market results publication delay â&#x20AC;&#x201C; reopening of CWE order books - message Elia

08/10/2010

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Impact on Market Parties: Examples of messages Reopening of the order books – threshold reached during CWE MC calculation - message Belpex

‘Please be aware that during the CWE MC calculation a peak price has been reached. Seller/Buyer required on XX (BE, DE, FR, or NL) markets on hour(s) Hxx, Hyy,... The order books will reopen again at 12.XX and close at 12.XX.’

08/10/2010

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Impact on Market Parties: Examples of messages CWE full decoupling - message CASC

‘CWE Full Decoupling Due to technical problems, the CWE Market Coupling cannot be run for delivery date: [DD/MM/YYYY]. APX, Belpex and EPEX are decoupled. Please refer to the website of CASC CWE to get the auction specifications and results of the CWE Shadow Auctions.’

08/10/2010

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Update since mid September 2011

Impact on Market Parties: Examples of messages CWE full decoupling - message Elia

08/10/2010

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Update since mid September 2011

Nomination deadlines at ELIA Nomination deadlines @ Elia for normal business run: • HUB1: 14:00 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00 Nomination deadlines @ Elia in case no MR before 13h05: • HUB1: 14:15 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00 Nomination deadlines @ Elia in case no MR before 13h30: • HUB1: 14:45 • cross-border + load + injection + HUB2: 15:00 • generation: 15:30 Nomination deadlines @ Elia in case no MR before 14h00  full decoupling during daily session: • HUB1: 15:15 • cross-border + load + injection + HUB2: 15:30 • generation: 15:30* * In case of second auction Belpex, Elia generation nomination deadline becomes 15:45

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Rollback Overview of the downgraded modes:

In case of CWE decoupling

In case of Rollback Mode

08/10/2010

Backup #1

Backup #2

CWE Market Coupling

Shadow Auctions

Allocation by Equal Share

FR-BE and BE-NL borders

TLC with CWE MC timing

Shadow Auctions

Allocation by Equal Share

FR-DE and DE-NL borders

Shadow Auctions

Allocation by Equal Share

On all CWE borders

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Rollback If after CWE decoupling if it is not possible to return to a normal situation within a reasonable timeframe, we can revert to TLC and explicit allocation on the German borders. 1. Who decides? Joint decision by the Project Partners 2. Activation period? 2 months after launch 3. Time needed to Rollback? 5 to 7 days to setup, during this period the daily explicit auctions will be held with the Shadow Auction System 4. Three main differences compared to current processes : • GCT remains at 12:00 • No negative prices • Shadow Auctions for GE borders 08/10/2010

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New since mid September 2012

Shadow auctions •

In special cases we can have decoupling of CWE-MC

Reasons for decoupling: – CWE is not able to calculate the results before 14:00 due to technical failure

This means that there will be no market coupling

The shadow auction system is a parallel daily process, ready to be run everyday in case CWE-MC, due to technical reasons, cannot deliver results by 14:00. – CASC-CWE will perform the shadow auction – It runs a parallel explicit auction system (shadow auction), based on bids sent by Market parties – Shadow auctions are triggered at 13:50 if no market results are available – Market Parties may send default bids – Compliant with each TSOs rule, market parties will send their cross-border nominations

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Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

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Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts Martine Verelst

4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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ARP-contract: Nomination deadlines

OLD Nomination deadlines @ Elia for normal business run: • Wind generation: 10:30 • HUB1: 13:00 • cross-border + load + injection + HUB2 + generation: 14:00

NEW Nomination deadlines @ Elia for normal business run: • Wind generation : 11:30 • HUB1: 14:00 • cross-border + load + injection + HUB2: 14:30 • generation: 15:00

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ARP-Contract: Shipping Agent New definition: ‘Shipping Agent’: a company responsible for the treatment of Nominations in the framework of Market coupling May obtain a seperate balance perimeter if the participant has already other activities at Elia Example: ‘ECC’ and ‘ECC CWE’

08/10/2010

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CWE auction Rules Version 2.2 Improvements brought to the Auction Rules: – – – – –

Evolution of the auction rules modification procedure and modalities for Market Parties consultation Review of the suspension conditions and procedure Compensation at market spread on the France-Belgium border Clarification of the firmness article Balanced conditions for payment incident

Compulsory changes due to the launch of Market Coupling: – – – – – – – –

Suppression of the Daily Auctions Modification of the Use It or Sell It valuation for the German borders New downgraded Mode for daily capacity allocation: Shadow Auctions Focus on Rollback Mode Timing details Bids submission modalities - an improvement for Market Parties Possibility to register only for Shadow Auctions, with a specific status Payment modalities and financial aspects

This new version of the Auction Rules will enter into force with the launch of CWE MC 08/10/2010

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Registration and Entitlement • Participants already registered at CASC, with a business account, willing to participate to CWE LT Auctions, CWE MC, Shadow Auction, Rollback: 

08/10/2010

Complete and send Appendix 5 of CWE Auction Rules to indicate on which borders you want to participate in Shadow Auctions and for Rollback mode. The «Declaration Of Acceptance» remains valid (Appendix 1 of CWE Auction Rules)

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Registration and Entitlement • Participants already registered at CASC, only willing to participate in fallback situations of Market Coupling: 

Option 1:  Keep your business account  Complete Appendix 5 to indicate on which borders you want to participate in the Shadow Auctions and for the Rollback mode. The ‘Declaration Of Acceptance‘ remains valid

Option 2:  Close the business account and terminate the ‘Participant’s Financial Agreement’.  Sign a new ‘Declaration of Acceptance’ to register as Participant to the Shadow Auctions Only.

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Registration and Entitlement • Participants which are not registered at CASC, depending on the status chosen: - Participant: sign the ‘Declaration of Acceptance’, the ‘Participant’s Financial Agreement’ and open a business account - Participant to Shadow Auctions Only: Sign the ‘Declaration of Acceptance’

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Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts Rob Loos

4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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Belpex Market Rules & Procedures Market Rules • Ministrial Decree • 4 March 2010: updated for CWE MC – Possibility to have profiled block orders – Possibility to publish preliminary results of the MC – Possibility to have negative prices – Generalization of the “Request for Quotes” procedure

Market Procedures • More detailed, within framework set out by MR • Aligned with MR (30 April 2010) • Updates with concrete info for CWE: October 2010 - Contents: next slide

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Belpex Market Procedures Recent changes • Alignment with MR – Procedures version 30 April 2010 • Inclusion of daily settlement – Start 26 October 2010 – Communicated 4 October 2010

Future changes • Inclusion of CWE MC practicalities – Start 9 November 2010 – Communication at the latest two weeks before launch – Changes » Gate Closure Time » Rollback » ...

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Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex Rob Loos

5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

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Negative prices: intro Day-ahead market – Hourly bids with price limits: supply & demand curve – Currently 0.01 €/MWh - 3000 €/MWh – Intersection curves = Market Clearing Price

Market Clearing Price

08/10/2010

Demand Offer

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Negative prices: intro Day-ahead balance obligation for ARPs • May lead to sales/purchases ‘at any price’ • 0.01 €/MWh for seller; 3000 €/MWh for buyer

Low demand  possibly not all offers at any price accepted • Curtailment because of technical constraint  Floor of 0.01 €/MWh leads to ‘wrong’ results

Demand Offer 08/10/2010

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Negative prices: intro Introduction of negative prices • Absence of curtailment: no offers at any price rejected • Leads to correct price • Better price signal to the market

Demand Offer 08/10/2010

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Negative prices: intro Offer at negative price • Supplier willing to pay to inject electricity

Why? • Generation cost structure, e.g. oversupply of baseload units • Green energy support  marginal production costs negative

Potential impact of negative prices • Curtailment at 0.01 €/MWh occured in 31 hours in 2009 on Belpex DAM • = 0.35 % of hours in 2009

08/10/2010

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Negative prices: intro Neighbouring countries: • Germany: – Negative prices exist already – [-3000 €/MWh – 3000€/MWh] • France and The Netherlands – Will adopt negative prices as of CWE launch – [-3000 €/MWh – 3000€/MWh] • CWE Market participant survey – Preference for harmonization at -3000 €/MWh

Negative prices available on CWE MC launch date  Belpex’ adoption of negative prices ensures harmonized price boundaries in CWE Region

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Negative prices at Belpex Contractual impact • Market Rules & Procedures ready for negative prices • New price boundaries will be announced by means of a binding Communication

Practical impact • Memo containing today’s explanation will be made available • CSD available to answer questions regarding invoices/selfbills with negative prices

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Negative prices at Belpex Invoicing process 1

Qualify each transaction realized on Belgian Hub

08/10/2010

Aggregate transactions per qualification

3

Determine process for billing

Identify case based on MCP

Aggregate transactions per qualification including variable fee

Based on sign of TB and type of participant  “Invoice” process or “Selfbill” process

4 qualifications: offtake/delivery at positive/negative price

Taxable Basis (TB) calculated based on aggregated values: + or -

Documents justifying the payment to/to be received from Participant

Process

Output

2

72


Negative prices at Belpex Invoicing process Step 1: Qualify each transaction realized on Belgian Hub

Demand side

Offer side

MCP >/= 0

Offtake at positive price

Delivery at positive price

MCP < 0

Offtake at negative price

Delivery at negative price

VAT reasons: no netting of sales (or purchases) at positive and negative prices 08/10/2010

73


Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Offtake Participant A – Positive price Transaction 1:

100 MW @ 1 €/MWh

+100 €

Associated fees:

100 MW * 0.14 €/MWh

+14 €

Transaction 2:

50 MW @ 0.10 €/MWh

+5 €

Associated fees:

50 MW * 0.14 €/MWh

+7 €

Delivery Taxable Basis:

Participant A – Negative price Transaction 1:

10 MW @ -1 €/MWh

Associated fees:

10 MW * 0.14 €/MWh

-1.4 €

Transaction 2:

50 MW @ -10 €/MWh

-500 €

Associated fees:

50 MW * 0.14 €/MWh

-7 €

Taxable Basis:

08/10/2010

-10 €

+126 €

 Invoice

EXAMPLE

-518.4 €

 Invoice

74


Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Delivery Participant A Transaction 1:

100 MW @ 1 €/MWh

+100 €

Associated fees:

100 MW * 0.14 €/MWh

-14 €

Transaction 2:

50 MW @ 0.10 €/MWh

+5 €

Associated fees:

50 MW * 0.14 €/MWh

-7 €

Delivery Taxable Basis:

Participant B Transaction 1:

1 MW @ 1 €/MWh

Associated fees:

1 MW * 0.14 €/MWh

Transaction 2:

50 MW @ 0.10 €/MWh

+5 €

Associated fees:

50 MW * 0.14 €/MWh

-7 €

Taxable Basis:

08/10/2010

+1 €

84 €

 Selfbill

-0.14 €

EXAMPLE

-1.14 €

 Invoice

75


Negative prices at Belpex Invoicing process Step 2: Aggregate transactions per qualification Offtake Participant A Transaction 1:

100 MW @ -1 €/MWh

-100 €

Associated fees:

100 MW * 0.14 €/MWh

+14 €

Transaction 2:

50 MW @ -0.10 €/MWh

-5 €

Associated fees:

50 MW * 0.14 €/MWh

+7 €

Offtake Taxable Basis:

Participant B Transaction 1:

1 MW @ -1 €/MWh

Associated fees:

1 MW * 0.14 €/MWh

Transaction 2:

50 MW @ -0.10 €/MWh

Associated fees:

50 MW * 0.14 €/MWh

Taxable Basis:

08/10/2010

-1 €

-84 €

 Selfbill

+0.14 € -5 € +7 €

EXAMPLE

+1.14 €

 Invoice

76


Negative prices at Belpex Invoicing process Step 3: Determine process for billing

No

Invoice

08/10/2010

Taxable Basis >/= 0?

Yes

Selfbill

77


Negative prices at Belpex Invoicing process Step 3: Determine process for billing

No

Invoice

08/10/2010

Taxable Basis < 0?

Yes

Selfbill

78


Negative prices at Belpex Invoicing process Step 3: Determine process for billing

MCP >/= 0

Demand side

Offer side

Offtake at positive price

Delivery at positive price

MCP < 0

08/10/2010

Offtake at negative price TB>/= 0 Invoice

TB < 0 Invoice

TB>/= 0 Selfbill

Invoice

TB < 0 Self bill

Delivery at negative price Invoice

79


Negative prices at Belpex Invoicing process In practice: • Offtake at negative prices: ‘invoice’ converted to selfbill • Delivery at negative prices: ‘selfbill’ converted to invoice

Conversion by means of offsetting on the ‘original’ invoice/selfbill • Creating new chargeline making the sum of the original invoice/selfbill zero • Adding the opposite chargeline to the new selfbill/invoice

Two documents created! • Original selfbill + converted invoice or • Original invoice + converted selfbill

08/10/2010

80


Negative prices at Belpex Invoicing process Example case 1: 1 participant buying at positive prices and selling at negative prices Offtake Participant A – Positive price Transaction 1:

100 MW @ 1 €/MWh

+100 €

Associated fees:

100 MW * 0.14 €/MWh

+14 €

Transaction 2:

50 MW @ 0.10 €/MWh

+5 €

Associated fees:

50 MW * 0.14 €/MWh

+7 €

Delivery Taxable Basis:

Participant A – Negative price Transaction 1:

10 MW @ -1 €/MWh

Associated fees:

10 MW * 0.14 €/MWh

-1.4 €

Transaction 2:

50 MW @ -10 €/MWh

-500 €

Associated fees:

50 MW * 0.14 €/MWh

-7 €

Taxable Basis:

-10 €

+126 €

 Invoice

-518.4 €

08/10/2010 “Selfbill”, converted to Invoice

81


Negative prices at Belpex Invoicing process Example case 1: 1 participant buying at positive prices and selling at negative prices Invoice: • • • •

Energy Purchases: 105 € Transaction Fee Energy Purchases: 21 € Negative Energy Sales: 510 € Transaction Fee Negative Energy Sales: 8.4 €

‘Selfbill’: • • • •

Energy Sales: 0 € Transaction Fee Energy Sales: 0 € Results from offsetting the original selfbill by an opposite transaction Detailed info on Back-office Website

08/10/2010

82


Negative prices at Belpex Invoicing process Example case 2: 1 participant buying at positive and negative prices Offtake Participant A – Positive price Transaction 1:

100 MW @ 1 €/MWh

+100 €

Associated fees:

100 MW * 0.14 €/MWh

+14 €

Transaction 2:

50 MW @ 0.10 €/MWh

+5 €

Associated fees:

50 MW * 0.14 €/MWh

+7 €

Offtake Taxable Basis:

Participant A – Negative price Transaction 1:

10 MW @ -1 €/MWh

Associated fees:

10 MW * 0.14 €/MWh

+1.4 €

Transaction 2:

50 MW @ -10 €/MWh

-500 €

Associated fees:

50 MW * 0.14 €/MWh

+7 €

Taxable Basis:

-10 €

+126 €

 Invoice

-501.6 €

 ‘Invoice’, converted to Selfbill 08/10/2010

83


Negative prices at Belpex Invoicing process Example case 2: 1 participant buying at positive and negative prices Invoice: • Energy Purchases: 105 € • Transaction Fee Energy Purchases: 21 € → Results from offsetting the original invoice containing [105 € - 510 €] by an opposite transaction for 510 € → Detailed info on Back-office Website

“Selfbill”: • Negative Energy Purchases: 510 € • Transaction Fee Negative Energy Purchase: -8.4€

08/10/2010

84


Negative prices: Summary Invoices and selfbills: aggregated info • • • •

Energy Purchases Transaction Fee Energy Purchases Energy Sales Transaction Fee Energy Sales

• • • •

Negative Energy Purchases Transaction Fee Negative Energy Purchases Negative Energy Sales Transaction Fee Negative Energy Sales

Results of offsetting chargeline

All detailed info on transactions available via Back-office website

08/10/2010

85


Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex Eliaâ&#x20AC;&#x2122;s Balancing :Thomas Yseboodt

5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

86


Need for Negative Imbalance Prices (1/2) Ensure that imbalance price is always worse than Belpex prices for both long and short positions Present mechanism – Example with Belpex = -50€ Elia long ARP Long

ARP => Elia 46€ or more

ARP Short

Elia => ARP 54€

Elia short Better than Belpex

ARP => Elia 46€ Elia => ARP 54€ or less

With energy available at negative prices in neighbouring countries Europe: risk that ARPs import long imbalances in Belgium

08/10/2010

87


Need for Negative Imbalance Prices (2/2)

In case of large positive zone imbalance, imbalance tariffs need to provide adequate incentives â&#x20AC;˘ (see 21/3)

08/10/2010

88


Change For hours with positive prices •

No change needed

For hours with negative prices •

Change of formulas

 Via a parameter change  Within the current philosophy of imbalance tariffs

08/10/2010

89


New Imbalance Tariffs

ARP long

Elia long NRV < 0

Elia short NRV >0

Elia -> ARP Min[*WADP;WADP+*(LDP-WADP)] (1)

Elia -> ARP

ARP -> Elia ARP short

θ

1,08 * market price

0,92 * market price

ARP -> Elia Max[*WAUP;WAUP+*(HUP-WAUP)] (2)

(1) the price (0,92 * market price if this one is positive and 1,08 * market price if this one is negative) is an upper bound for the price for imbalance (2) the price (1,08 * market price if this one is positive and -1,08 * market price if this one is negative) is a lower bound for the price for imbalance  = 0,92 if WADP > 0 and  = 1,08 if WADP < 0  = min (1;GDV/450)  = 1,08  = min (1;GUV/450) η = 0,92 if market price is positive, η = 1,08 if market price is negative θ = 1,08 if market price is positive, θ = 0,92 if market price is negative

08/10/2010

90


New Imbalance Tariffs Numeric example

Belpex DA = 50€

Belpex DA = -50€

Elia long

Elia short

ARP Long

Elia => ARP* 46€ or less

Elia => ARP 46€

ARP Short

ARP => Elia 54€

ARP => Elia 54€ or more

Elia long

Elia short

ARP Long

ARP => Elia 54€ or more

ARP => Elia 54€

ARP Short

Elia => ARP 46€

ARP => Elia 54€ or more

*In general. If regulation prices go negative, ARP=> Elia.

08/10/2010

91


Impacts of the New Imbalance Tariffs

• New imbalance tariffs in application on 1 November 2010 • Will have potential effects from the start of negative Belpex prices • Will have concrete effects only during hours with negative Belpex prices

08/10/2010

92


Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing Thomas Oldenhove

6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

93


Transparency Data

Regulatory Report

Published on

Description

Daily NTC

Yes, ERGEG GL 2010

CASC website

NTC values for each hour, on each border and for each direction

Daily ATC

Yes, CWE TR ref 4.2.6

CASC website

ATC values for each hour, on each border and for each direction.

Allocated Capacity (Coupling)

Yes, CWE TR ref 4.2.9

CASC website

Bilateral Exchanges between TSOs for each hour (commercial flows in implicit allocation schemes)

Shadow auctions (decoupling

Yes, CWE TR ref 4.2.13

CASC website

Shadow auctions: results of auctions; programming authorizations per market participants;

Total Congestion Income

Yes, CWE TR ref 4.2.13

CASC website

Gross hourly congestion income of the CWE ATC MC (including UIOSI)

C. Revenues Shared by TSOs

Yes, CWE TR ref 4.2.13

CASC website

Hourly Congestion income of the CWE ATC MC by TSOs

08/10/2010

94


Transparency

08/10/2010

95


Transparency

08/10/2010

96


CWE ATC MC – Member testing Dates

Scenarios

Remark

25/10/10

Normal day (Nordic and CWE coupling)

Test Contact: BELPEX

26/10/10

Special day simulated by PEXs (CWE second auction)

Test Contact: BELPEX

27/10/10

Decoupling of Nordic and CWE areas. Coupling of CWE area

Test Contact: BELPEX

28/10/10

Normal day (Nordic and CWE coupling)

Test Contact: BELPEX

29/10/10

CWE decoupling – Shadow auctions

Test Contact: CASC

08/10/2010

97


CWE ATC MC â&#x20AC;&#x201C; Member testing Normal Day Description

System

Production time

Simulation time

ATC publication (CWE interconnectors)

Delta*

CASC-CWE website

10:30

13:30

03:00

ATC publication (DK1, DK2, Baltic cable)

EMCC website

10:30

13:30

03:00

OBK opening

PX Trading System

NA

14:00

03:00

Gate Closure Time

PX Trading System

12:00

15:00

03:00

CWE Market Results publication

PX Trading System

around 12:55

around 15:55

03:00

Publication of cross-border exchanges, capacity values

CASC-CWE website

around 13:05

around 16:05

03:00

Publication of CBF (DK1, DK2, Baltic cable) and price deviation (DE-DK)

EMCC website

around 13:05

around 16:05

03:00

* difference between simulation time and production time 08/10/2010

98


CWE ATC MC â&#x20AC;&#x201C; Member testing CWE Decoupling (1/2) Delta (difference between

Production time

Simulation time

CASC-CWE web site

10:30

13:30

03:00

ATC publication (DK1, DK2, Baltic cable)

EMCC web site

10:30

13:30

03:00

OBK opening

PX Trading System

NA

14:00

03:00

Gate Closure Time

PX Trading System

12:00

15:00

03:00

External Communication - information on Market Results publication delayed, reminder to update Shadow bids

Email

13:05

15:05

02:00

External Communication - information on Market Results publication delayed, reminder to update Shadow bids

Email

13:30

15:30

02:00

Start parallel run of Shadow Explicit Auctions

CASC-CWE EXAU platform

13:50

15:50

02:00

14:00

16:00

02:00

Description

System

ATC publication (CWE interconnectors)

CWE Decoupling

08/10/2010

simulation time and production time)

99


CWE ATC MC â&#x20AC;&#x201C; Member testing CWE Decoupling (2/2) Delta (difference System

External Communication information on CWE decoupling and OBK reopening

Email

14:05

16:05

02:00

Shadow Explicit Auction results publication

CASC-CWE EXAU platform

14:05

16:05

02:00

Gate Closure Time

PX Trading System

14:15

16:15

02:00

CWE Market Results publication

PX Trading System

around 14:30

around 16:30

02:00

Publication of cross-border exchanges, capacity values

CASC-CWE web site

around 14:40

around 16:40

02:00

Publication of CBF (DK1, DK2, Baltic cable) and price deviation (DE-DK)

EMCC web site

around 14:40

around 16:40

02:00

08/10/2010

Production time

Simulation time

between simulation time and production time)

Description

100


Persons to contact Member Testing: Belpex Customer Service Desk Phone: +32 2 546 7040 E-Mail: CSD@dam.belpex.be CASC-CWE Operations Team Phone +352 27 62 38 38 E-Mail: Operations@casc-cwe.eu

CWE Market Coupling Project: Key Account Manager Belpex: Rob Loos Key Account Manager Elia : Erik De Schrijver

08/10/2010

101


Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling RaphaĂŤl Bourgeois

7. Conclusion

08/10/2010

102


Flow Based MC - Context

MoU: 6 June 2007

Signed by CWE partners: TSO, PEX, REG,â&#x20AC;Ś

Commitment to: 1) Enhance Security of Supply 2) Launch a Flow-Based Market Coupling

08/10/2010

103


Philosophy ATC - FB Capacity by Border

NTC

Margin by electrical branch

TRM : Transmission Reliability Margin

08/10/2010

Fmax

FRM : Flow Reliability Margin

Available Transfer Capacity

Margin available to the market

LT Nom

Fref (incl. LT)

104


FB Principles

• Every import/export bid must be translated in a physical flow on the electrical branches • Exchange bids will be accepted by the algorithm until a CB reaches the Fmax value (N-1 principle) • Available remedial actions are taken into account! (// ATC) • Only real physical congestions will limit the market domain…

08/10/2010

105


CB: Critical Branches Need for selections of Critical Branches

Each TSO selects the critical branches in its system, based on harmonised principles CB if significantly impacted by the source to sink (cross-border) trade TSO B

TSO A

N-1 N 08/10/2010

TSO C

106


D2CF Need for a common grid model at CWE level

D-2 Congestion Forecast => 24 merged files/day

Each TSO makes 24 base cases/day containing the best estimate for 2 days ahead – – – –

Topology Load distribution Generation distribution Wind generation

Agreement on the reference day – –

08/10/2010

Usually D-1 Gives exchange programs assumption

107


GSK: Hub to Node ~

Need to translate an incremental cross-border exchange into incremental nodal injections

TSO B

TSO A

~

~

25 MW ~

5 MW

10 MW ~

~

15 MW

~

~

GSK: Generation Shift Keys

~ ~

20 MW

25 MW

Each TSO determines the key which maps an import / export position to an generation pattern

~

TSO C

+100 MW

08/10/2010

~

-100 MW

108


PTDF: Node to CB Need to translate a nodal injection into flows on the Critical Branches

PTDF: Power Transfer Distribution Factors Calculated by Load Flows: 100 MW

a.o. ...

Additional Flow 20 MW

10 MW 16 MW

Fref

08/10/2010

109


Resulting Flow-Based Domain Exchange (A>C) 400

300

=> FB offers more trading opportunities with the same level of security of supply

200

100

Exchange (A>B) 0 -400

-300

-200

In FB, capacity split is not a choice of the TSO, but is market driven (at the time of allocation)

-100

0

100

200

300

400

-100

-200

-300

-400

08/10/2010

constraints polyhedron

security domain

NTC/ATC

Flow-based 110


Market Coupling Algorithm Order books + 24 D2CF + CB list + GSK + PTDF

t Op

Individual bid

im isa n tio

Impact on Nodes

by sm Co os 08/10/2010

Impact on Flows Impact on each Critical Branch

111


Flow-Based main advantages • FB offers more trading opportunities with the same level of security of supply • Closer to the reality of the grid: – inter-dependency of cross-border exchanges are reflected

• Direct allocation to the physical margins available on the grid – The congestions in the grid are clearly identified, allowing enhanced use and development of grid infrastructures

• Increased coordination and information exchange: – transparency on capacity calculation

• For some TSO, FB simplifies the capacity computation process since no more capacity split between borders is necessary

08/10/2010

112


Project Status TSO-Experimentation restarted since end of 2009 => monthly ex-post process with detail analysis and improvement loops Positive results => improvements in terms of market domain space (remedial actions), detailed process description, FB calculation prototype,…

Next steps: • Confirmation of relevance of the model for market by using realistic order books (// run, after ATC launch) • Statistical analysis to further tune the model and the process 08/10/2010

113


Agenda 1. Introduction 2. Overall design of the solution and operational impacts ~~ Lunch ~~ 3. Contractual impacts 4. Negative prices at Belpex 5. Transparency and Member Testing 6. CWE flow based Market Coupling 7. Conclusion

08/10/2010

114


Abbreviations + definitions Abbreviation

Term

Definition

ACK

Acknowledgement

Technical acknowledgement materialized by a message sent by the "receiving" system to the "sending" system.

ATC

Available Transfer Capacity

BUP

Backup procedure

BRP

Balance Responsible Party

Entity engaged in a contract with the national TSO(s) for the balancing of the network;

BEC

Bilateral exchange Calculation

Cross-border physical flow calculated by the CWE TSO Common System (Post Coupling module) and used as input for the Programming authorizations;

CCP Systems

Systems hosted and maintained by the Clearing houses (APX & ECC CWE). These systems are used to process the nominations;

CASC

Capacity Allocation Service Company

Capacity Allocation Service Company for the Central West European Electricity market. CASC-CWE is a service company which, on behalf of the Transmission System Operators involved, will act as a single point to implement and operate services related to the auctioning of power transmission capacity on the common borders between the five countries;

CRDS

Congestion Revenue Distribution System

CPCS

Cross PX Clearing Systems

08/10/2010

115


Abbreviations+definitions Abbreviation

Term

CWE TSO CS

CWE TSO Common System (Pre + Post Coupling module)

EMCC PP

EMCC Performing Party

EMCC Performing Party will be responsible for the operations of the EMCC System. This party will inform the CWE parties in case an issue has been identified at EMCC side which could potentially delay the publication of results at CWE side;

ECP

Energy Communication Platform

Communication platform designed and built by the TSOs to communicate with the MC System;

ETS

European Trading Platform

European Trading platform is the trading platform used by EPEX SPOT to operate the French and the German markets within the CWE MC;

Eurolight

The trading platform used by APX-Endex to operate the Dutch and the Belgian markets within the CWE MC;

CWE CASC participant

Member of CASC taking part of the Shadow Explicit Auction. This includes BRPâ&#x20AC;&#x2122;s being participant or not on the Exchange(s);

FSO

Functional System Operator

Operator responsible of the operations of the MC System. This role will be shared between EPEX SPOT and APX-Endex.

GCT

Gate Closure Time

Time identified for the closure of the order book. This is the last moment for a participant to enter a bid in the trading platform (Eurolight or ETS);

08/10/2010

Definition

116


Abbreviations+definitions Abbreviation

Term

MCO

Market Coupling Order

MC System

Market Coupling System

NTC

Net Transfer Capacity

OBK

Definition

Nominating Agent

Entity engaged in a contract with the national TSO(s) for the balancing of the network having another type of contract than a BRP;

Nomination deadline

Last time possible to enter the daily nomination. The deadline could be different per Hub and per type of nomination (Hub or Crossborder);

Order Book PX Trading Systems

Systems hosted and operated by EPEX and APX for the Hubs involved in the CWE Market Coupling (namely ETS and Eurolight for EPEX and APX respectively). APX will be responsible for the Belgian and Dutch markets where EPEX will be responsible for the French and German markets;

PX SO

PX System Operator

Person responsible of the operations of the PX Trading Systems. Thisoperator will be the SPOC in case of technical problem in the MC process;

SA DB

Shadow Auction DB

Database being part of the Shadow Auction System. This database is accessible until the decoupling declaration for the CWE CASC participant registered at CASC;

TCO

Trade Confirmation

08/10/2010

117

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