EPEX SPOT's Exchange Council approves 15-minute products on German Intraday market
Rome/Paris, 14/09/2011 – The ninth meeting of the EPEX SPOT Exchange Council was held on 13 September 2011 in Rome and chaired by Peter Heydecker, member of the Executive Board of Alpiq. The main topics discussed were:
- the planned introduction of 15-minute products on the German Intraday Market
- the ongoing consultations EPEX SPOT is participating in.
The members of the Exchange Council welcomed the planned introduction of 15-minute products on the German Intraday Market. The new product, a reaction to the demand of the members of the exchange, will provide more flexibility, especially when power delivery time comes closer and generation forecasts are more accurate. It improves in this way the marketing and integration of renewable energy into the power system. With the introduction of 15-minute products, planned for the end of 2011, EPEX SPOT contributes to facilitate the German energy transition.
For the time being, the smallest time periods traded on the German and French Intraday Markets are hours. While hourly contracts are satisfying for most of EPEX SPOT’s customers, especially the Transmission System Operators (TSOs) were asking for this refinement of the Intraday Market. Due to the growing influx of renewable in Germany, the production of power varies more and more within one hour. As they are obliged to sell most of the power produced by renewable energy sources in Germany on the spot exchange, the TSOs are in need of highly flexible instruments.
15-minute products will also allow a better handling of strong variations of consumption, as is the case in the morning and in the evening. In so doing, the new product will help to optimise grid stability.
The Exchange Council took note of the ongoing consultations EPEX SPOT is taking part in. The consultation on electricity transparency data was of special interest, as questions of an efficient transparency and integrity infrastructure have been largely discussed.
* * *
The Exchange Council of EPEX SPOT is an official body of the exchange. 16 members represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: power trading companies, transmission system operators, regional suppliers, brokers and financial service providers, as well as commercial consumers and academics. The missions of the Exchange Council include in particular the adoption of the rules and regulations of the exchange and their amendments. Its task also comprises the appointment of the head of the Market Surveillance Office and the approval of the new trading systems.
EPEX SPOT SE operates the power spot markets for France, Germany, Austria and Switzerland (Day Ahead and Intraday). Together these countries account for more than one third of the European electricity consumption. EPEX SPOT is a Paris-based company under European law (Societas Europaea) with a branch in Leipzig. 204 TWh have been traded during the first eight months of 2011 on the EPEX SPOT power markets.