Exchange Council holds extraordinary meeting to discuss Covid-19 measures
Market continuity secured as Exchange proceeds with projects
Paris, 08 April 2020. The EPEX SPOT Exchange Council held an extraordinary meeting to discuss the implications of the Covid-19 pandemic on EPEX SPOT markets and services.
EPEX SPOT has taken the necessary measures to secure market continuity and confirmed that markets have been running as usual while services are performed in a regular manner. National regulatory authorities are being kept informed about the detailed contingency measures taken by the Exchange. The measures include extended working from home arrangements for all staff, daily reportings on staff capacity and safeguarding of backup processes. Markets continue to be operated from France, Germany and the Netherlands, with alternating shifts for Market Operators. Measures are regularly reviewed for suitability in close cooperation with the Transmission System Operators and likewise with regard to the service providers of EPEX SPOT.
Despite the organisational constraints of the Covid-19 Pandemic on the daily work, EPEX SPOT has also maintained its resources and focus on the preparation of all project launches already announced for 2020. “This is particularly valid for the ongoing projects with a European scope, where our commitment and our investment of resources remains unchanged, despite the Covid-19 crisis,” confirms Ralph Danielski, Chief Executive Officer of EPEX SPOT. “The Exchange Council members are pleased to hear that the EPEX SPOT markets function in a reliable manner, and that the Exchange continues to drive forward the various ongoing projects,” adds Bernhard Walter, Chairman of the Exchange Council.
This extraordinary Exchange Council meeting was held on 8 April 2020 via video conference and chaired by Bernhard Walter, Head of Market Design and Regulatory Affairs at EnBW AG.
The Exchange Council of EPEX SPOT is an official body of the Exchange. 26 members and 4 permanent guests represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: producers, power trading companies, transmission system operators, regional suppliers and financial service providers, as well as commercial consumers and academics. Its missions include in particular the adoption of the Exchange Rules and the Code of Conduct of EPEX SPOT and their amendments. The Exchange Council approves new trading systems as well as new contracts or market areas and approves the appointment of the Head of the Market Surveillance Office. It meets up quarterly.
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in Central Western Europe and the United Kingdom. As part of EEX Group, a group of companies serving international commodity markets, EPEX SPOT is committed to the creation of a pan-European power market. In 2019, its 302 members traded 593 TWh – a third of the domestic consumption in the eight countries covered. 49% of its equity is held by HGRT, a holding of transmission system operators. For more information, please visit www.epexspot.com.
In 2019, EPEX SPOT celebrated 10 years of power, the company’s tenth anniversary. Curious to learn more? Click here: https://www.epexspot.com/en/10years