Commercial Round Table - Snam · 2019. 7. 15. · • We provide consultancy with the Foreclosure Creditor Requisites FAQ Deposit Service Agreement: Ch. 7 - Par. 3.4 12. Upper bound

Commercial Round TableFocus on the TY 19/20

San Donato Milanese, 11 July 2019

Access Contract Team

Agenda

RegasificationAnnual and multi-annual auctions

Focus on the starting price criteria

Multi-starting price ascending clock auction criterion

JARVISLogin

Contracts

CLB monitoring

TransmissionPRISMA Yearly Auction Results

CAM Calendar

StorageBooking overview & Injection Campaigns

Deposit Agreement

Out of Bound

Agenda




JARVISLogin

Contracts

CLB monitoring


CAM Calendar


Deposit Agreement

Out of Bound

4

Auctions frequency Publication of Offered Capacity Start of the auctionPublication of Assigned

CapacityAssignment Mechanism

Firm Capacity Auction Calendar

Yearly1 month before the start of the

auction1st of July

Within the next working day Ascending Clock

Quarterly(Q1-Q2-Q3-Q4)

2 weeks before the start of theauction

5th of August

Quarterly(Q2-Q3-Q4)

4th of November

Quarterly(Q3-Q4)

3rd of February

Quarterly(Q4)

4th of May

Monthly1 week before the start of the

auction3rd Monday of month M-1

Daily Day D-1 At 16:30 of day D-1 Within 17:30 Uniform Price

Within-day10 minutes before the start of the

auctionHourly

10 minutes after the end of the auction

Uniform Price

Interruptible Capacity Auction Calendar

Yearly

The day after the end of the Firm auction

15th of July

Within the next working day Ascending Clock

Quarterly(Q1-Q2-Q3-Q4)

2nd of September

Quarterly(Q2-Q3-Q4)

2nd of December

Quarterly(Q3-Q4)

2nd of March

Quarterly(Q4)

1st of June

Monthly 4th Monday of month M-1

Daily At 17:30 At 17:30 of day D-1 After 17:30 Uniform Price

CAM Calendar

CAM Auction calendar – Gas Year 2019/2020

5

52,09

85,69

98,74

1,80

29,07

2,10

66,92

- -

7,26

-

20

40

60

80

100

Passo Gries Tarvisio Mazara del Vallo Gorizia Gela

MS

cm/d

Offer vs Purchase – Yearly Auction on the 1st of July

Capacity Offer Capacity Purchase

Yearly auctions - overview

6

88,01

77,53

10,94

3,11

14,72

18,19

29,85

0,00 0,00 0,00 -

10

20

30

40

50

60

70

80

90

Tarvisio 18/19 Tarvisio 19/20 Passo Gries18/19

Passo Gries19/20

Gela 18/19 Gela 19/20 Mazara DelVallo 18/19

Mazara DelVallo 19/20

Gorizia 18/19 Gorizia 19/20

MS

cm/d

Gas Year 19/20 vs Gas Year 18/19

Yearly auctions - overview

Capacity booking - trend

7

Tarvisio 18/19 Tarvisio 19/20Passo Gries

18/19Passo Gries

19/20Gela 18/19 Gela 19/20



Gorizia 18/19 Gorizia 19/20

Capacity booked in Yearly Auction 18.322.367 66.924.682 3.662.323 2.097.195 3.764.895 7.260.906 19.285.031 - - -

Multiannual capacity 69.688.539 10.606.736 7.278.164 1.010.000 10.958.902 10.928.959 10.563.415 - - -

18,32

66,92

3,66 2,103,76

7,26

19,29

- - -

69,69

10,61

7,28

1,01

10,96 10,93 10,56

- - - -

10

20

30

40

50

60

70

MS

cm/d

Capacity booking trend

Capacity booked in Yearly Auction Multiannual capacity

Short term booking in the last three Gas Years

8

Agenda




JARVISLogin

Contracts

CLB monitoring


CAM Calendar


Deposit Agreement

Out of Bound

2,62

1,20

1,58

0,97

0,74

3,01

0,50

1,00

1,50

2,00

2,50

3,00

3,50

TY 14/15 TY 15/16 TY 16/17 TY 17/18 TY 18/19 TY 19/20

Spread summer-winter last TY’s

€/M

Wh

Note: in Thermal Year 2018/2019 the percentage

between the Assigned Price and the Regulated Tariff was ≈ 10%

ProductRequested

capacity [MWh]Booked

capacity [MWh]Tariff

[€/MWh]Ass. Price [€/MWh]

% Cpa/Tariff

MULTI-YEAR FLAT 33.921.280 3.349.116 2,39 2,14 89,46%

SEASONAL PEAK from April 104.202.230 54.445.130 2,81 2,78 99,08%

SEASONAL FLAT from April 66.300.742 39.843.191 2,39 2,81 117,40%

FAST CYCLE 32.965.240 4.902.939 2,17 3,06 141,22%

MONTHLY PEAK of April 27.069.878 4.460.458 2,81 2,61 93,02%

MONTHLY FLAT of April 10.735.213 1.532.023 2,39 2,76 115,26%

SEASONAL PEAK from May 36.178.438 12.071.086 2,81 3,30 117,72%

SEASONAL FLAT from May 8.010.048 599.036 2,39 2,78 116,19%

MONTHLY PEAK of May 6.593.214 100.000 2,81 3,31 118,04%

MONTHLY FLAT of May 2.360.583 402.146 2,39 3,22 134,80%

SEASONAL PEAK from June 15.017.499 0 2,81 - 0,00%

MONTHLY PEAK of June 8.907.699 0 2,81 - 0,00%

SEASONAL PEAK from July 9.198.548 500.000 2,81 5,27 187,82%

MONTHLY PEAK of July 7.555.284 492.077 2,81 5,47 195,01%

SEASONAL PEAK from August 7.567.205 814.000 2,81 6,06 216,13%

MONTHLY PEAK of August 2.556.648 108.954 2,81 6,99 249,40%

Weighted average price: 2,87 €/MWh

Note: Numbers are the average evaluation of the product of the past 30 days before the closing of the actual auction. The graphic takes the data of the auctions done in each march.

Fonte ICIS

Booking overview 2019/2020

10

2,00

3,00

4,00

5,00

6,00

7,00

8,00

01/04/2019 01/05/2019 31/05/2019 30/06/2019

Spread Winter vs PSV DA [€/MWh]

€/M

Wh

99,5 % Capacity booked: 134.986.645 MWh

Injection campaigns – TY 18/19 vs TY 19/20

0

100

200

300

400

500

600

700

800

900

1.000

0

20

40

60

80

100

120

140

1-a

pr

11

-ap

r

21

-ap

r

1-m

ag

11

-ma

g

21

-ma

g

31

-ma

g

10

-giu

20

-giu

30

-giu

10

-lu

g

20

-lu

g

30

-lu

g

9-a

go

19

-ag

o

29

-ag

o

8-s

et

18

-se

t

28

-se

t

8-o

tt

18

-ott

28

-ott

GW

h/g

TW

h

GAS IN STOCK 18/19 MINIMUM FILLING 18/19GAS IN STOCK 19/20 MINIMUM FILLING 19/20PRE-AUCTION CAPACITY 18/19 PRE-AUCTION CAPACITY 19/20

Start of injection campaign (2018 vs 2019)2018 15,9 TWh

2019 24,6 TWh

In 5 Working days, the gas can be unblocked by receiving a form signed

by the SU and the FC

SEND DEPOSIT CONTRACTSubscribe by Storage User and

Foreclosure Creditor

Within 5 Working DaysACCEPTANCE BY STOGIT

Confirmed by PEC

Next Working DayGAS LOKED BY STOGIT

Active storage contract for each TY

Gas blocked in storage

All past TY invoices paid

http://www.snam.it/en/storage /Online_Processes/Capacita/procedure-module/capacity-booking-transactions/index.html DEPOSIT SERVICE AGREEMENT

You can block for the creditor: 26% of your total space in gas

• Cost for the user 1.000 €

• The blocked gas is considered in the capacity calculation

• We provide consultancy with the Foreclosure Creditor

Requisites FAQ

Deposit Service Agreement: Ch. 7 - Par. 3.4

12

Upper bound

Lower bound

Out of bound

Month M

Every month Stogit offers

this flexibility

It’s the possibility of reducing the minimum monthly filling profile for the application of balancing charges.

Month M-1≈ Day 15Auction

Out-of bound managed through a

monthly auction (≈ 15° day of M),

taking into account technical

constraints of filling and the

progress of the injection phase

Out-of-bound Flexibility Overview

13

15 of July

NEXT AUCTION: 15 of July 2019

ASSIGNATION MECHANISM: Pay-as-bid

DEAD LINE FOR BID PRESENTATION: from 10 to 15 of July 2019 - 12:00 A.M.

VALIDITY: July

CAPACITY OFFERED: 544.771.000 kWh (50 MScm)

MINIMUM PRICE: 0,04 c€/kWh

Out-of-bound Flexibility

Forms and Procedure published on the Snam web site

Forms must be stent to email address [email protected] by the 12:00 of the auction day

Pay-as-bid mechanism

No financial warranties needed

Only for the lower bound

Under Injection Penalty : 1,112 €/MWh

The penalties are applied considering the sum of the stocked gas in the booked Peak and Flat space

Out-of-bound Flexibility Detailed Information

14

mailto:[email protected]

Elimination of the Ruk term for the injection phase11

Adjustment of the maximum daily renomination

limit of the injection capacity

12

13Optimization of Within Day products

aligning with the existing transmission mechanism

14Fine tuning of the existing products

(fortnightly capacity & capacity in advance [daily])

Storage Services Optimization

15

16

Optimization of IT Storage Products

COLLECTION

REQUIREMENTS

• Impacts analysis with

systems in place

• Identification of the

technical requirements

• Definition of data’s type

SHORT TERM AUCTION LONG TERM AUCTION

May - September 2019 November 2019 January 2020

• Flat Modulation Auctions(Seasonal and Monthly product)

• Peak Modulation Auctions(Seasonal and Monthly product)

• Fast Cycle Auction

• Secondary Market

• Monthly Auction

• Weekly Auction

• Day Ahead Auction

• Day Ahead Auction

• Within-Day Auction

• Fortnightly Auction

Agenda




JARVISLogin

Contracts

CLB monitoring


CAM Calendar


Deposit Agreement

Out of Bound

-5 Working Days(before auction)

Mo

nth

M+

1

-2 Working Dayswithin 2 p.m. (before auction)

De

liv

ery

Da

te

25 July 2019

GY+1

AuctionGY+2 ÷ GY+33

Auctions

Regasification Contract

submission

Guarantees submission

Auction starts on PAR Platform ascending clock

July 2019

Annual and multi-annual auctions

In order to participate in PAR auctions GNL Italia requires a guarantee: Bank guarantee Cash deposit

The guarantee shall cover the highest value between:

100% of the commitments associated with the 3 slots with the highest economic value + 100% of the related transportation costs

36% of the total commitments for the Thermal Year + 100% of the transportation costs

26 July 2019 29 July 2019

Slot binding GY+1Auctions start on PAR Platform ascending clock

January 2020

CV variable cost

CVfg variable cost

CPe only

18

GNL Italia: focus on the starting price criteria

α = 0,9TY 2019/2020 α = 0 TY 2020/2021÷2033/2034

PSVp = average of the PSV prices (ICIS HEREN) of the last 10 gas-days before the start of the auction referred to period P

Period P = LNG delivery period

NEUp = Highest value between: average of the TTF prices (ICIS HEREN) of the last 10 gas-days before the start of the auction referred to period P average of the NBP prices (ICIS HEREN) of the last 10 gas-days before the start of the auction referred to period P

Ct = CPe + CV + CVfg + Crs + [(LNG and Transportation consumptions + losses) x PSVp] ~ 0,80 €/MWh

DeITp = average of the following: Q4 2019 Argus GulfCoast (AGC) fob prices Q1 2020 LNG Des North East Asia (ANEA) Q2 2020 LNG Des North East Asia (ANEA) Q3 2020 LNG Des North East Asia (ANEA)

RCI = 0,34 €/MWh

T = Cqs ~ 0,67 €/MWh

P = 0,54 €/MWh

β = annual auction: 1 ÷ 12 slots: 1 12 ÷ 24 slots: 2 24 ÷ 82 slots: 5

Banca d’Italia exchange rates

𝑃𝑅𝑝 €/MWh19

4


A

12 slots

n. of slots demanded by the marketPRp 1

Clearance after first bidding round

LP step 1

Price

12 slots

12 slots


Undersell after the 2nd LP step

LP step 2

Price

B

14 slots

13 slots

10 slots

LP step 1

SP step 1

10 slotsSP step 2

13 slots

82 slots


Oversell at the last LP step

LP step 3

LP step 2

Price

C.2

70 slots

18 slots

LP step 1

LP step 4

16 slots

14 slots

Players

A,B,C

Last LP step

12 slots


Oversell at the last LP step

LP step 3

LP step 2

Price

C

22 slots

20 slots

18 slots

LP step 1

LP step 4

16 slots

14 slots

Players

A,B,C,D,E,F

A,B,C,D,E,F

A,B,C,D,E

A,B,C,D

A,B,C

Last LP stepA,B,C

Agenda




JARVISLogin

Contracts

CLB monitoring


CAM Calendar


Deposit Agreement

Out of Bound

Public page and access

Link to the

news reported

on the Snam

institutional

pageIntuitive and

secure access to

the application

22

Burger menu and User menu

Intuitive Burger

Menu containing

activity of the

macro areas

User menu

containing

company information

and profile settings

23

Profile management

Possibility to

manage

independently

your own profile

Clear information

on reading and

writing rights on the

burger menu items

24

Contracts

Centralized contract

information for all

managed businesses

Focus on the status of the

contract and the guarantees

to facilitate the user in the

activities connected to it

25

Contracts on Jarvis

26

Contracts on Jarvis

27

Contracts on Jarvis

28

Contracts on Jarvis

29

Contracts on Jarvis

30

Contracts on Jarvis

31

Contracts on Jarvis

32

Possibility to

download data

relating to all

the operations

carried out on gas day

Summary of

main

information

Information on the

acceptance or

rejection of an operation

exposed in an intuitive way

All the

operations

of the different

businesses that

contribute to the

calculation of the

CLB are clearly

exposed

33

Exposure monitoring (CLB)

Contacts:

Access Contracts Office (CONT)

Email: [email protected]

Telephone: +39 02.3703.9043

Thank you for your attention!

Commercial Round TableFocus on the TY 19/20

mailto:[email protected]

Documents

Commercial Round Table - Snam · 2019. 7. 15. · • We provide consultancy with the Foreclosure Creditor Requisites FAQ Deposit Service Agreement: Ch. 7 - Par. 3.4 12. Upper bound