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Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

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Page 1: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Nord Pool��������+%

2018�3�19�84���$!�������-,')

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Page 2: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

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Page 3: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n *@2+�Financial market�• CH' ��$!�

n /)2+�Day Ahead market, Elspot�• /)12-[G→� "%CH �'�CH�31�*@2+�L\CH�DT�• 7�����OANER�;)2+�J�;�

n ;)2+�Intraday market, Elbas�• 6ZU��:W�1-0/���P-9>�MF

n 8Q42+�Balancing market�• TSO�<V��,-,R�Y?����8Q4�8S

n �(#&( XI�Imbalance settlement�• 6ZU�.�TSO�K<5�6Z=�6TU�B�XI

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Page 4: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

$�&!�/�&! 3

8:00�12:00"I

10:00�TSO �����%D6C:E�-,

12:00"IL<

12:00�&!A2 JF5K

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Page 5: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n Single Hourly Ordershttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Hourly-bid/

n Block Orders• Regular Block Orders• Profile Block Orders• Curtailable Block Orders; Minimum Acceptance Ratio• Linking of Block Orders

http://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Block-bid/

n Exclusive Groupshttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/exclusive-group/

n Flexible Hourly Ordersn Flexible Ordershttp://www.nordpoolspot.com/TAS/Day-ahead-market-Elspot/Order-types/Flexi-order/

�������� 4

Page 6: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Single Hourly Orders 5

} Order to buy and/or sell electricity for the 1-24 hours on the following day:– 0,1 MWh resolution– An order consists of both price and volume

} One order may have up to 200 price steps:– All orders must contain at least the minimum price

(-500 €/MWh) and the maximum price (3000 €/MWh)

– In addition, an order may contain up to 198 price steps

– Volume between two price steps is linearly interpolated

} One order per price area

} Submitting illogical orders is prevented

} Orders are created anonymously without any knowledge about others traders’ orders

��Nord Pool������

Page 7: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Regular Block Order 6

} “Fill or kill” order that can complement an hourly order:– Increases liquidity and flattens out the sell and

buy curves– One trading portfolio can contain up to 50 block

orders

} Trader must define three attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)– Duration (min. 3 hours)

} Originally designed for thermal power producers but can be applied for other purposes as well

} Delivery price for an accepted block order is the area price per hour of the respective bidding area

23 241 11 12 13 14 15 16100,0

2 3 4

110,0

120,0

130,0

140,0

19 20 21 2217 187 8 9 105 6

Block A(spot avg. 122,0)

Block B(spot avg. 130,0)

Block C(spot avg. 130,0)

126,0

132,0

121,0

Spot-pricePrice

Time

Block order acceptance price(minimum price for sell block)

Not accepted Not accepted

Accepted

��Nord Pool������

Page 8: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Profile Block Order 7

��Nord Pool������

} A profile block order is a block order where volume can differ over the entire time span of the block:– Order must be uniform, zero volume is not allowed

} Block duration is minimum three hours:– Volume can change hourly

} The weighted average price over the duration of the order is used to determine acceptance

} Price of an accepted block order is always the same as area price of the respective bidding area

Time

Volume

Time

Volume

CHILDGRAND CHILDPARENT

Example

Page 9: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Curtailable Block Orders 8

} Curtailable block orders can be partially filled according to a user-defined Minimum Acceptance Ratio (MAR):– A block with minimum acceptance ratio of 1

(100%) is said to be fill-or-kill: it is either fully accepted of fully rejected.

– A block with a minimum acceptance ratio of 0.5 (50%) may be curtailed up to 50%.

– A block with a minimum acceptance ratio of 0 (0%) is fully curtailable.

} The same minimum acceptance ratio will be used for all hours of the block order (also on profile block orders)

Example:Block order with ‘MAR’

DURATION: 00:00 – 10:00 VOLUME: -50 MWPRICE: 200 EURMAR(%): 80 %

In the example, the trader allows the block order to be curtailed down to 40 MW (80%) and still be accepted. This will apply for all

hours.

��Nord Pool������

Page 10: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Block Order� ��Linking� 9

Child

} Block orders can be linked together:– Normal block orders– Profile block orders– Curtailable block orders

} Linked blocks are evaluated as a group:– The whole group can be accepted although the

first block would create a loss, as long as the group as a whole is profitable

– Linked blocks are always executed in the original order: it is not possible to ‘jump over’ a block

} Possible to link altogether 13 block orders:– One parent can have three children– Each child can have three grand-children

} Since June 2016 onwards, it is possible to link buy and sell block orders

Parent

Time

Price

Spot price

loss

gain

Overall principle: maximize social

welfare

Example

���Nord Pool�����

Page 11: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Exclusive Group 10} An Exclusive Group is a cluster of buy and/or sell blocks which are entered with varying

volumes, prices, and periods, and out of which maximum one block can be activated (It is possible that none of the blocks is activated):– Acceptance rules are the same as for regular blocks– If several blocks in an exclusive group are within the user-defined price limit, the block giving the

highest social welfare will be accepted– One portfolio may contain a maximum three exclusive groups and each exclusive group can contain

a maximum 15 block orders– An exclusive group can have both profile blocks and blocks with a defined MAR– Linking of block orders within an exclusive group is not possible

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Block A

Block B

Block C

Block D

Illustrative example of an exclusive group consisting of two four-hour block orders and two six-hour block orders

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A�D�������������� ��1�����

Page 12: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Flexible Hourly Order 11

} A one hour sell or buy order without a time restriction:– Flexible hourly order is activated for the hour

that gives the highest social welfare

} Trader must define two attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)

} Each market participant can have a maximum number of five flexible hourly orders per bidding area

} Order of acceptance:1. Price2. Time

Example

01 3 5 7 9 11 13 15 17 19 21 23

Time

25

50

75

100

Price

Flexible hourly order:50 EUR, 50 MW

Elspot price

Flexible hourly order activates on the hourthat gives highest social welfare.

��Nord Pool������

���1� ���������

Page 13: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Flexible Order 12

} A sell or buy order with a length of one or more hours without a mandatory time restriction:– Flexible order is activated for the period it creates highest social welfare

} Trader must define following attributes: – Volume (max. 500 MW)– Price (-500 ≤ X ≤ 3000 €/MWh)– Duration (1 ≤ X ≤ 23 hours)– Time interval (must be at least Duration + 1)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30 -30 -30 -30

-30 -30 -30 -30-30 -30 -30 -30

-30 -30 -30 -30-30 -30 -30 -30

-30 -30 -30 -30-30 -30 -30 -30

-30 -30 -30 -30-30 -30 -30 -30

Flexible order activates on the period that gives highest social welfare.

��Nord Pool������

���� ����������

Page 14: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

EU������������ 13

TURKEY

BULGARIA

ROMANIA

MOLDOVA

UKRAINE

BELARUS

LITHUANIA

LATVIA

ESTONIA

RUSSIA

GREECE

ALBANIA

MACEDONIA

KOSOVOMONTE-NEGRO

SERBIABOSNIA & HERZEGOVINA

CROATIASLOVENIA

HUNGARY

ITALY

AUSTRIASWITZERLAND

PORTUGAL SPAIN

ANDORRA

FRANCE

SLOVAKIACZECH REPUBLICLUXEMBOURG

BELGIUM

IRELAND

UK

NETHER-LANDS

POLAND

GERMANY

DENMARK

FINLANDSWEDEN

NORWAY

Part of PCR initiative today4 MMC

Independent

PCR�Price Coupling Regions23�������������EU��! 90��"�

4M Market Coupling

���Nord Pool� �����

Page 15: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n (%?0$• +/�B3A9C�51�Nord Pool�8D

n Nord Pool• (%?0$���51�=*• 6;�L@2<�4:�(%?0$��������

n PCR Matcher Broker• Nord Pool� �PCR�?0���(%���51�=*

• Euphemia��&)���7-�")���K�+��>(%���������

n Euphemia• JE�#I�6;�,G�L@�2<

.FH!����' (%�6;2< 14

Page 16: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

6?�������EUPHEMIA 15

} EUPHEMIA: EU + Pan-European Hybrid Electricity Market Integration Algorithm

} It maximizes the welfare of the solution:– Most competitive price will arise– Overall welfare increases– Efficient capacity allocation

} Utilized by six power exchanges (PX) each operating several bidding areas:– All bidding areas are matched at the same

time– Each bidding area can obtain a different

price. Price must respect maximum and minimum market price boundaries

������� ��������#� �!���

!2�Nord Pool�����)>

EUPHEMIAEU + Pan-European HybridElectricity Market Integration Algorithm

��"��������9�?!�/�HF&�:=�,(�K"�8��E7C<I�JB&�@�0

EU�6�.42 ��;+A.42�M5�����G*�,�����#$ :=6?����N L��:= �����:=�A����3%��� D:=�'D:= ��1-

Page 17: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n ����

n �� ���������C9@<D�.*

n TSO�%��FH������• 2 -" 14�C9=0 :8����;0

n 2 -" G�')�?TSO�.*• DNK, LVA, LTU, NOR, SWE, GBR�1��• FIN, EST�30��•DEU�20���#!TSO���,�B�0���

Nord Pool 2 -"36 16

�/(�2 -"�������&>�E5+�A$7*< https://www.nordpoolgroup.com/message-center-container/newsroom/exchange-message-list/2017/q4/nord-pool-to-launch-new-cross-border-intraday-auctions-concept/>

Page 18: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n����������• +!-(SD*�RM4$Q�N=

n��� ��������• ��7B�?P��L�O���• ;F�6!-(����2���� ���",� )?&%'�>.#A�� ��35T�

• /*�I?H@9�XBID�0;���E)1�� GC:�

&%'K<��6!-(�8J 17

Page 19: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

XBID: Cross Border Intraday 18

TURKEY

BULGARIA

ROMANIA

MOLDOVA

UKRAINE

BELARUS

LITHUANIA

LATVIA

ESTONIA

RUSSIA

GREECE

ALBANIA

MACEDONIA

KOSOVOMONTE-NEGRO

SERBIABOSNIA & HERZEGOVINA

CROATIA

SLOVENIA

HUNGARY

ITALY

AUSTRIA

SWITZERLAND

PORTUGAL SPAIN

ANDORRA

FRANCE

SLOVAKIACZECH REPUBLICLUXEMBOURG

BELGIUM

IRELAND

UK

NETHER-LANDS

POLAND

GERMANY

DENMARK

FINLAND

SWEDEN

NORWAY} EU target model for a

Common European Cross-Border Intraday Market

} 4 Power exchanges and 17 TSOs

} Go live target date:Q3 2017

} Equal treatment

} Shared Order Book

TSOs and PXs participating f or developing and implementing the XBID Solution

PXs participating; TSO observ er

PXs participating, adherence to joint project ongoing

%0�Nord Pool��� �+8

���������� ��#7/!)'@1�*6-�

�4��.30 17�TSO�:9

�2018"6&12!�*>��������=?�2017";(2�

)'�TSO �:9

)'�:9TSO�������:5)'�:9TSO�:5�4�,<$

Page 20: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

XBID� ��� 19

TSOs

Other Powerexchanges

Nord Pool Members

Shipping agents

Central Counter Parties

Shared Order Book

Capacity Manage-

ment

Shipping

§ Intraday Web§ API§ TSO Nomination

§ 1st line support§ Clearing§ Remit reporting§ UMM§ Local products§ Market data

Local Platforms

��Nord Pool������

Page 21: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n .$��������� �������03����

n .$6,# ���*1������ /-!)������������

n # �"���������03��

n &�'+�54�� ���������

Nord Pool������ 20

�(�Nord Pool�����%2

Page 22: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

/!(5�Annual Report� 21

’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09

Transparency � � � � � � � �

Innovation � � � � �

‘10 ’11 ’12 ’13 ‘14 ’15 ‘16

Transparency � � � � � � �

Innovation � � � � �

����������������

���������������20���������/!�;!2�:7�8!'15.:7��$+ 10*���:7� #43�%" &���������16��)�-��<https://www.nordpoolgroup.com/message-center-container/newsroom/exchange-message-list/2017/q4/nord-pool-provides-free-market-data-for-startups/>

��Annual Report�,9��

Page 23: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Nord Pool����� 22

Statnett – Norway – 28.2% Elering – Estonia – 2%

Svenska Kraftnät – Sweden –28.2% Litgrid – Lithuania – 2%

Energinet – Denmark – 18.8% AST – Latvia – 2%

Fingrid – Finland – 18.8%���Nord Pool������

��� �����TSO������������

�������� �������������

Page 24: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n ’60�’80������������!���→���������������

n ��� �����������

������������ �����������

Nord Pool ���" 23

Page 25: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Nord PoolF��1� 24

1992 �"����)@8'E1993 Statnett Marked�Nord Pool+A�I31996 ����������

�����������Nord Pool��1998 � %!%��Nord Pool>61999 �$������?*2000 �%����Nord Pool>6

Leipzig Power Exchange�+&,(90.<�Nord Pool�35.4%/;�

2001 �%$%BK�%$%15��� %�G�#���C���=DJ-2�H��…:74

Page 26: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Nord Pool�+�2� 25

2006 ���������)�2010 ������Nord Pool�(#

Nord Pool�&%�*����N2EX�,"2012 Statkraft���������!'

�� ������%$ ��2013 �����������Nord Pool�(#

Page 27: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n �(��������+<�58��6%→���*3��7.�

n �-,&����� �����,&58� �!�$�

n EU���� ���0���$!→��0��"9����������������

n )'�#/2��4

��:���9�;1 26

Page 28: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

Nord Pool� $%�) 27

��400TWh����#*,�+���3��

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90.0%

100.0%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

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��� ���TWh� ��� ���TWh� ��������������

�!�Nord Pool Annual Report+�IEA <https://www.iea.org/statistics/statisticssearch/>&"

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Page 29: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

n 0I�:A�N4Q�E�,+-��� • 0I4Q�;R�5.�AI• :A4Q�;R�5.��U1• 0I�:A���PM�Nord Pool�<@

n ,+-��/�&' #• 0I�:AN4Q���CS=*9� �����D8F�2� O7����

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������������� �!����������win-win�������

Page 30: Nord Pool - 京都大学 · latvia estonia russia greece albania macedonia monte- kosovo negro bosnia & serbia herzegovina croatia slovenia hungary italy austria switzerland portugal

������������� 29

1,2

0,8

Net volume 0,4 TWhNormal trading fee

0,04 €/MWh

Gross trading volume(0,8 + 0,8 = 1,6 TWh)

Gross volume fee0,0035 €/MWh

Net volume fees per year: 0,4 TWh * 0,04 €/MWh = 16 000 €Gross volume fees per year: 1,6 TWh * 0,0035 €/MWh = 5 600 €Clearing fees per year: 2,0 TWh * 0,006 €/MWh = 12 000 €Total annual trading fees 33 600 € 13

SalesTWh

ProductionTWh

Total trading 2,0 TWh

0,8 + 0,8

0,4

���Nord Pool�� ����