Exchange Council supports EPEX SPOT's commitment to deliver the European and Intraday target models in North West Europe through joint venture with Nord Pool Spot
Fast implementation of Austrian Intraday segment welcomed
Vienna/Paris, 01/12/2011 – The fourth meeting in 2011 of the EPEX SPOT Exchange Council took place on 30 November 2011 in Vienna and was chaired by Dr. Günther Rabensteiner, member of the Executive Board of Verbund AG. The subject of the meeting was the commitment of EPEX SPOT for further harmonization of European day-ahead and intraday markets.
The Exchange Council fully supports the steps taken by EPEX SPOT towards a joint venture with the Nordic Power Exchange Nord Pool Spot. The goal of this joint venture is to create common trading platforms for the day-ahead and intraday market. In a second step, these platforms shall be operated together. Both EPEX SPOT and Nord Pool Spot will stay independent exchanges, responsible for their local markets.
This creation of harmonised transnational trading platforms in North West Europe (NWE) by two main drivers of the integration of the European electricity market will set standards for the road to the day-ahead and intraday target models of the European Commission (EC). EPEX SPOT is fully committed to accomplish these goals by 2014 in accordance with the EC.
Moreover, the Exchange Council welcomed the concept of an Austrian intraday market. The concept was elaborated in cooperation with the Austrian transmission system operator APG, Austrian Power Grid. Austria, whose day-ahead market is already integrated with neighbouring countries, will likewise benefit from an organised intraday market which will facilitate the integration of renewable energy into the power system.
EPEX SPOT is now planning to offer an Austrian intraday market, pragmatically using existing infrastructure for the moment, in anticipation of the migration to the new ELBAS-like intraday system. In addition, easy and secured access to the Franco-German intraday liquidity pool via cross-border trading can promote the future Austrian intraday market. Its implementation is scheduled for the second quarter of 2012, but still subject to testing and regulatory approvals. This project is seen as a first step of a deeper cooperation amongst Austrian market actors with EPEX SPOT.
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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. The Exchange Council of EPEX SPOT meets up quarterly.
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. 258 TWh have been traded from 1 January to 31 October 2011 on EPEX SPOTs power markets. EPEX SPOT has currently 201 exchange members.