TGE´s involvement in the PCR and its status as a full MRC project member are sound evidence of TGE´s determination to engage in both regional and as well as Pan-European integration activities. OPCOM´s participation in the successful launch of regional coupling project 4M MC and now the full involvement in the PCR, illustrates its dedication to contribute to the consecutive development of the single European energy market.
PCR was established to provide a single price coupling solution for the day-ahead power markets using a unique algorithm for the calculation of electricity prices across Europe (Euphemia), and an efficient allocation of cross-border capacity. This is crucial in order to achieve the overall EU target of a harmonised European electricity market; expected to increase liquidity, efficiency and social welfare.
PCR is based on three main principles: the use of a single algorithm, robust operation and individual Power Exchange accountability. The use of a single algorithm provides a fair and transparent determination of day-ahead electricity prices across Europe and has been developed by respecting the specific features of the various power markets across Europe. Consequently it optimises the overall welfare and increases transparency.
The PCR system service enables the exchange of anonymous orders and area-to-area transmission capacities among the Power Exchanges in order to calculate area prices as well as other reference prices and area-to-area cross border-transmission flows for all involved bidding areas.
PCR has created a governance structure based on a PCR Co-ownership Agreement and a PCR Cooperation Agreement which together provide a well proved contractual framework for the management of the cooperation among the PCR Exchanges.
By jointly developing a Pan-European market coupling algorithm and coordinating the governance structures between Power Exchanges, the Price Coupling of Regions initiative is a concrete and already operational solution for the achievement of the European Day-Ahead Target Model compliant with Regulation (EU) 2015/1222 of 24 July 2015 (establishing a guideline on capacity allocation and congestion management - CACM).
Aiming at the development of a full cooperation across Europe, the PCR initiative is open to any European Power Exchanges wishing to join.
For further information please contact:
EPEX SPOT, Sanna-Maaria Mattila, Corp. Communications and Press, +31 20 305 4060
GME, Matteo De Santis, Institutional Relation & Communication, +39 06 80 12 4549
Nord Pool Spot, Stina Johansen, Head of Communications, +47 916 50 603
OMIE, Gabriel Menchén Iglesias, Communications & Press, +34 91 659 89 00
OPCOM, Cristina Şetran, Programme Director Development and Implementation, +40 21 307 1447
OTE, Radka Maňurová, Integration and Communication, +420 296 579 197
TGE, Agata Samcik, Director Department of Market Relations, +48 885 885 645
About the partners:
The European Power Exchange EPEX SPOT SE and its affiliates operate organised short-term electricity markets for Germany, France, United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg; markets representing 50% of European electricity consumption. Striving for the well-functioning European single market for electricity, EPEX SPOT shares its expertise with partners across the continent and beyond. EPEX SPOT is a European company (Societas Europaea) in corporate structure and staff, based in Paris with offices or affiliates in Amsterdam, Bern, Brussels, Leipzig, London and Vienna. More than 280 companies have traded over 500 TWh of electricity on EPEX SPOT and its affiliates in 2015. EPEX SPOT is held by EEX Group, part of Deutsche Börse, and HGRT, a holding of European electricity transmission system operators.
GME is the company which organizes and manages the wholesale electricity market in Italy under principles of neutrality, transparency, objectivity and competition. Moreover, GME is directly committed to supporting the implementation of environmental protection policies, by organising and managing Environmental Markets. Law no. 99 of 23 July 2009 also assigned GME, on an exclusive basis, with the organisation and economic management of natural-gas markets, which consist of the Platform for the trading of natural gas, the Spot Gas Market and the Gas Balancing Platform. Additionally, art. 32 of Legislative Decree no. 93 of 1 July 2011 entrusted GME with the task of managing physical forward gas markets.
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 380 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2014 the group had a total turnover of 501 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. Nord Pool Spot strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Operador del Mercado Ibérico, Polo Español S.A. (OMIE) is an Iberian company created with the purpose of managing markets in underlying energy assets. As its main function, OMIE is the responsible for the management of the Iberian electricity spot market, running every day the day-ahead and six intraday markets encompassing all Iberian electricity. In addition to this core function, OMIE is responsible for the management of several energy-related product auctions, including both physical and financial products.
OPCOM SA The Romanian Electricity and Gas Market Operator - OPCOM SA was established in 2000 as a joint stock company and subsidiary of CNTEE Transelectrica SA. The responsibilities derive from its role as organizer and administrator of the centralized electricity and gas markets and settlement operator in the wholesale electricity market according to in force ANRE regulations and Conditions of the Licenses no. 407 and 1798. Main activities deployed by OPCOM are the following: spot trading of the electricity in the day-ahead market (DAM) and intraday market (IDM); term contracting through the centralized market for electricity bilateral contracts (CMBC and CMBC-CN); environmental certificates trading on the green certificates market as well as on the trading platform for greenhouse gases emission certificates; settlement of the transactions concluded on Day-Ahead Market, Intraday Market and Centralized Green Certificates Market; settlement of the electricity transactions concluded on the Balancing Market organized by CNTEE Transelectrica SA and the Imbalances of the Balancing Responsible Parties; market surveillance and reporting to ANRE; providing relevant information to market participants, mass-media and general public. In 2013 OPCOM was licensed for performing the administration activities of the centralized gas markets.
OTE, a.s., the Czech electricity and gas market operator, (OTE) is a joint stock company established in 2001. OTE provides comprehensive services to individual electricity and gas market players. OTE commenced organizing trading in the day-ahead electricity market in 2002 and the intra-day and block electricity markets in later years. OTE has been the market operator on the gas market since 2010 including operation of day-ahead gas market and intraday gas market. Continuous data processing and exchange required for the accounting and settlement of imbalance between the contractual and actual volumes of electricity and gas supplied and received are among services offered by the OTE to players in the Czech electricity and gas markets, as well as administrative procedures associated with a switch of supplier. The OTE also administers the National Register of Greenhouse Gas Emissions. OTE is the holder of the license for market operator´s activities, which includes activities in the electricity and gas market in the Czech Republic and was appointed by the Czech Energy Regulatory Office as a Nominated Electricity Market Operator (NEMO) as a responsible entity for Day-Ahead and Intraday market coupling processes. Based on the registration as a Registered Reporting Mechanism (RRM) by ACER OTE is providing trade data reporting services to the Market Participants according to REMIT Regulation.
TGE S.A. (Polish Power Exchange) was founded at the end of 1999 and started its operations on 30 June 2000. The launch of TGE was one of the first steps towards the liberalisation of the Polish electricity market and the privatisation of the power sector. TGE is the only licensed commodity exchange in Poland, institution of public trust, controlled by a stable shareholder – the Warsaw Stock Exchange. Facts about TGE:
• Member of the European Multi-Regional Coupling (MRC)
• The only one institution to aggregate a full range of products related to the domestic energy market, i.e. electricity, natural gas, certificates of origin, guarantees of origin, CO2 allowances
• From November 2015 operates Financial Instruments Market
• The fastest-growing commodity exchange in the region – a member of EUROPEX, APEx and AFM. In 2014, the total volume of trade in TGE's electricity markets with physical delivery reached 186.8 TWh, which corresponds to 119.4 per cent of the domestic electricity production and 117.7 per cent of domestic consumption
• TGE is featured on the ACER's list of platforms for reporting transaction information according to REMIT requirements (RRM TGE)
• Since December 2010 TGE and Nord Pool Spot operate joint day-ahead markets on a market coupling basis for the Swe-Pol Link between Sweden and Poland; in 2016 an interconnection with Lithuania will be put into operation
Lysaker, 5 January 2016