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Athens, 10.05.2018
Independent Bulgarian Energy Exchange EAD (IBEX)
Content
Structure of the Bulgarian power marketCurrent structure, market concentration, share of the liberalized market, forthcoming changes.
IBEX presentation and role on the Bulgarian power marketCompany structure, ownership structure and market position.
DAM and IDM model in charts and figuresDAM and IDM set up, development and offered services.
CMBC model in charts and figuresCMBC set up, development and offered services.
Market coupling and cooperation possibilitiesDay ahead and intraday market perspectives in SEE region
CMBC +IDM + DAM
=IBEX
Athens, 10.05.2018
HV clients
NPP
TPP MI2
TPP AES
TPP Contur Global
RES
CHPs
NEK’s HPPs
Market
pric
e
Market price
Energy traders
MV clients
HV clients
LV clients
LV clients
End suppliers
Reg
ula
ted
p
ric
e
Reg
ula
ted
p
ric
e
Regulated market Liberalized market
Network
services
Mixed price of the NEK (PS)
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Power market design
Energy ActPlanned changes as
from 01.07.2018
IBEX as a market operator (the NEMO) has a legal monopoly – there could be only one license for the territory of Bulgaria.
RES production could be sold on the free market only in Q4 – after the defined by the NRA number of allowed production hours with feed-in tariff have been completed.
As per the last amendments in the Energy Act all the generators selling on the free market with installed capacity of 5 MW and more must sell all their production on IBEX platforms.
The legal monopoly of IBEX will be kept unchanged, but due to the stronger monopolistic position of IBEX it is possible than the operator will be fully regulated.
All the RES with more than 4 MW installed capacity will sell their energy on the free market (IBEX) though the CfDmechanism.
Current market design Expected Challenges
The 5 MW limit for selling on IBEX will be reduced to 4 MW.
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TSO and DSO losses to be procured from the market.
IBEX achievements
Q1 2014г.
IBEX incorporation as a 100% owned by BEH EAD company and its licensing by the NRA
24.10.2016
Launch of the
second IBEX segment – CMBC (based on the contract with Trayport ltd.
09.01.2018
IBEX withdraw from its
CCP role on the “Auction” screen of the CMBC market
19.01.2016
Go-live of the first organized market segment in Bulgaria – Day Ahead Market (based
on the Nord Pool service agreement)
22.12.2017
Energy Act amendments defining the mandatory participation on IBEX
11.04.2018
Intraday market Go-live (based again on the service agreement with Nord Pool)
Q2
2018Q1
2018
Q4
2017Q4
2016Q1
2016Q1
2014
01.07.2018
Changed market design with higher liquidity on IBEX.
Q3
2018
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Structure and staff evolvementStructure and staff evolvement
CEOAdministration
Organizational support and book keeping
Project management
New projects planning and implementation.
Market operations
Finance, Accounting and Settlement
Legal
Management board
Includes the CEO and two additional members
BSE - Sofia AD
100% capital owner
Company representation and management
Contractual relationships, procedures, etc.
Market operations of all segments
Payments, accountancy, human resourcing etc.
IT and organizational support
IT manager
Market surveillance
Regulations and market surveillance
IBEX staff evolvement:
2015 – 5 employees;
2016 – 13 employees;
2017 – 19 employees.
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Collateral Unit
Collaterals and risk management
Ownership structure
Initial and current:
Requirement according to the Commitment of BEH EAD toward the EC (DG-COMP) under case AT.39767;
The scope was to be independent from the state owned producers;
The buyer was a Bulgarian Stock Exchange (50,05 % owned by the Ministry of Finance);
Effects for IBEX:
No more potential influence on from the key market players (the state owned producers);
No changes in the strategic company goals as a holder of the license for “organization of the power
exchange” for the territory of Bulgaria;
Benefits with respect to the experience and know-how sharing between BSE-Sofia and IBEX.
Future plans for derivative markets and other common initiatives (for instance Clearing house)
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Day Ahead (DAM) and Intraday (IDM) – set-up, achievements, goals
Price and volumes
calculation(MCP, MCV,EUPHEMIA)
Technical support
“First line”support
Settlement and risk
management
Customer acquisition
process
Market development
Market surveillance
IBEX responsibilities
“Service provider” responsibilities
IBEX Operational rules
Admission of exchange members
Registration procedure, withdrawal and suspension
Trading principles and products
Price calculation and results publication
IBEX Settlement rules
Collaterals – types and timetable
Collateral update
Payment deadlines
Collateral release
IBEX Market conduct rules
Types of information
Information provision
Good business practices
Market manipulation and abuse
Investigation and penalty procedures
Energy Act (primary legislation)
Market Rules (secondary legislation)
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DAM and IDM settlement, nomination and invoicing cycle
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14:00CET
D-14 12:55 CET
Bidding
The ETS-DAM allows offering up to 2
weeks prior to D day
DAM Market Results
MCP publication and portfolio allocation
(MRC)
Invoicing
Invoices issuing towards the DAM net buyers for next D day and for the IDM buyers for last
D day
Collateral adjustment
Common DAM and IDM collateral adjustment according to the
collateral call
GCT
DAM Bidding process, gate closure time and auctioning
(MRC timing)
Nomination vs TSO
Deadline for nomination of the DAM trades toward
the TSO. The IDM nominations are
continuous.
Net buyers payment
Deadline for payment for the net buyers from DAM
and IDM
Net seller obligation settlement
Deadline for payments towards the net sellers on
both segments
D - 1 D
14:30CET
15:00CET
D + 1
10:30CET
10:30CET
13:00CET
12:00 CET
IDM products GOT
XBID compliant platform and organization.
Day Ahead market (DAM) achievements (1)
Maximum average daily volume: 857 MWh/h (20 568,2 MWh) reached on the 06.06.2017; Maximum hourly volume: 1275,9 MWh; Average price for the period 01.2016 / 12.2016: 31,46 EUR/MWh Average price for the period 01.2017 / 12.2017: 39,32 EUR/MWh Total traded volume since Go-live: 8,41 TWh
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0,0 €
10,0 €
20,0 €
30,0 €
40,0 €
50,0 €
60,0 €
0 GWh
50 GWh
100 GWh
150 GWh
200 GWh
250 GWh
300 GWh
350 GWh
400 GWh
450 GWh
500 GWh
IBEX traded volumes in [GWh] Traded volume (GWh) Average price in EUR/MWh
Day Ahead market (DAM) achievements (2)
Average DAM share for 2016: 7,05% from the total consumption; Average DAM share for 2017: 11,24% from the total consumption; Average DAM share for 2018 (01.01-30.04): 12,74% from the total consumption
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0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
16,00%
18,00%
20,00%
0 MWh/h
1000 MWh/h
2000 MWh/h
3000 MWh/h
4000 MWh/h
5000 MWh/h
6000 MWh/h
7000 MWh/h
IBEX DAM share compare to the average system load
Average monthly traded volume (MWh/h) Average montly system load (MWh/h) Percentage of the traded volume from the average load
Day Ahead market (DAM) – set-up, achievements, goals (3)
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1.2016 2.2016 3.2016 4.2016 5.2016 6.2016 7.2016 8.2016 9.2016 10.2016 11.2016 12.2016 1.2017 2.2017 3.2017 4.2017 5.2017 6.2017 7.2017 8.2017 9.2017 10.2017 11.2017 12.2017 01.2018 02.2018 03.20181.4.201
8
Generators 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 5
Consumers 0 2 2 3 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 7
Local Traders 16 17 19 20 21 21 21 21 22 22 22 22 23 23 23 24 24 24 25 25 25 25 24 23 23 22 22 23
Internatioal traders 3 7 9 11 11 11 13 14 16 16 17 18 19 19 19 19 19 20 21 21 21 21 22 25 25 25 25 25
TOTAL 22 29 33 37 39 39 41 43 46 46 47 48 50 50 50 51 51 52 54 54 54 54 54 56 56 55 58 60
0
10
20
30
40
50
60
70
Customer database evolvement
Generators Consumers Local Traders Internatioal traders TOTAL
Centralized market for Bilateral contracts (CMBC) – set-up, achievements, goals (1)
Trading platform
Technical support
“First line”support
Settlement and risk
management
Customer acquisition
process
Market development
Market surveillance
IBEX responsibilities
“SaаS* provider” responsibilities
*- Software as a service
Auctions mechanism
IBEX is not a CCP;
Anonymized offers and counterparties;
Pay as bid;
Customizable products;
Continuous trading mechanism
IBEX is not a CCP, but effectuates risk management;
Standard products;
Customizable products;
Click trading;
Anonymized offers;
Eligibility lists trades.
Rules for CMBC
Number of registered participants: 40
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Centralized market for Bilateral contracts (CMBC) – set-up, achievements, goals (2)
Total number of conducted auctions: 214; Number of auctions with traded volumes (successful): 117 ; Total traded volume in MWh since Go–live: 13,15 TWh BASE product has been traded predominantly;
Year Delivered q-ty in TWh
Average load in MW
2016 0,01 n/a
2017 3,99 455,4
2018 3,65 1161,4
TOTAL
DELIVERED 7,65
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3 3 2 0
1618
12
18
14
6
19
2
12
4
1720 20
26
2
21 1 0
108 7
13
83 3 1 6 3
1411
16
8 2
0
5
10
15
20
25
30
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18
Number of organized Auctions 3 3 2 0 16 18 12 18 14 6 19 2 12 4 17 20 20 26 2
Number of successful Auctions 2 1 1 0 10 8 7 13 8 3 3 1 6 3 14 11 16 8 2
Activity on the Auction mechanism
Centralized market for Bilateral contracts (CMBC) – set-up, achievements, goals (3)
Total number of conducted deals: 13 (first deal on the 28th of June 2017;
Number of traded products: 7;
Total traded volume in MWh since Go – live: 1,308 TWh;
Amendments in the CMBC rules in internal risks assessment process –
standardized contracts, risk management optimization, etc.
Total traded volume on the CMBC market segment: 14,46 TWh;
Activities on the Continuous trading mechanism
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Others
4MMC members
Full MRC members
IBEX and the EU Integration process
Memberships
MRC full membership since Jan. 2016;
PCR associate membership since Dec. 2016;
EUROPEX full membership since Feb. 2016;
XBID accession stream membership since Mar. 2016;
NEMO designation for the BG market zone – Jan. 2016;
WEST BALKAN 6 and BG-MK coupling – Apr. 2018 MOU signed
Athens, 10.05.2018
EU Member countries with commitment to joining the EU single market target model
Active and liquid markets
Good levels of cross-border interconnection
MARKET COUPLING OPORTUNITIES
GREECE ROMANIAMACEDONIA
MoU signed
WB6 and Energy Community support
Macedonia is not a member of EU
No operational PX
Not a member of MRC or PCR
Athens, 10.05.2018
Thank you for your attention and looking forward to potential future cooperation!
IBEX EAD
www.ibex.bg
E-mail: office@ibex.bg