EPEX SPOT's Exchange Council welcomes study about green power product
Leipzig/Paris, 15/06/2011 – The eighth meeting of the EPEX Spot Exchange Council was held on June 8th, 2011 in Leipzig and chaired by Dr. Günther Rabensteiner, Verbund AG. The main topics discussed were:
- A prospective study on a Green Power product
- The shortening of lead-time to 45 minutes on the Intraday Market
A prospective study about the possible trade with labelled Green Power on EPEX Spot’s markets was presented to the members of the Exchange Council, who welcomed this initiative of EPEX Spot. For some months now, EPEX Spot is working on the internal study which will lead to a Green Power product.
The need for a Green Power product, by which labelled energy from exclusively renewable energy sources can be traded, becomes highly visible. Multiple market participants demanded such a tool. At the same time, the 2012 amendment of the German law on renewable energies promotes the market-based sale of Green Power: Renewable energy sources are to be integrated progressively into the market. EPEX Spot is studying several ways of integrating labelled Green Power through the exchange into the power spot market.
The Exchange Council showed particular interest in the future market design of the Green Power product, as the members discussed details of how the certification process could be implemented. Facing the increasing demand of renewable energy sources in European societies, a Green Power product is another step EPEX Spot is taking to further integrate the European power market.
The members of the Exchange Council also took note of the shortening of the lead-time from 75 to 45 minutes on the Intraday Market. Since 29 March 2011, this shortening optimizes trading procedures.
The Exchange Council discussed the ongoing consultations EPEX Spot is participating in. The ERGEG Consultation on Regulatory Oversight on Energy Exchanges was of particular interest as it seeks to put energy exchanges under a unique oversight regime and to harmonise entry barriers for energy exchanges in Member states. The members of the Exchange Council confirmed their support for the participation in the consultations.
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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. In 2010, 279 TWh were traded on the EPEX Spot power markets.