The Exchange Council of the European Power Exchange EPEX SPOT welcomed the member survey and approved its results and the developments the exchange will subsequently take into consideration. The survey, encompassing feedback by 70 Exchange Members, was designed to evaluate the services and products of the Exchange.
The survey shows some important findings. For example, customers are almost completely satisfied with the liquidity of EPEX SPOT’s markets: 88 percent are pleased with the Swiss Auction, in France this number increases to 92.6 percent. Concerning the German/Austrian hub, the number attains 100 percent, with 51.9 percent being “very satisfied” with its liquidity. Moreover, it has been found that Members are contented with the price signal sent out by EPEX SPOT’s markets. They witness solid confidence in the safety of the markets as well.
On the other hand, trading participants are concerned about the incident occurred on 26 October 2011 on the Day-Ahead Auction. They requested an improvement of the reliability of the trading system and the communication in case of an incident. EPEX SPOT presented an action plan in this regard to the Exchange Council and ranked it as a top priority for 2012.
A significant proportion of the respondents expressed their need of smarter block bids on the Auction. EPEX SPOT has therefore decided to work on the implementation of three new smart block bids. On request of a majority of survey participants, EPEX SPOT will evaluate some possible modifications of trading opening and closing on the Intraday markets as well.
Based on the results of the 2010 survey and on further discussions with Members, EPEX SPOT has worked on several market design evolutions in the last year. For instance, the lead-time on the Intraday market was decreased to 45 minutes in March 2011. In December 2011, EPEX SPOT introduced 15-minute contracts on the German Intraday as well as Day-Ahead OTC clearing in Germany, each as a result of demands of its members.
The survey is another proof of EPEX SPOT’s focus on customer service. For EPEX SPOT, delivering solutions to fulfil the needs of its customers is one key element for a trustful relationship between members and their Exchange, being a prerequisite for a liquid market.
The first Exchange Council in 2012 was held in Lucerne on 13 March 2012 and presided by Dr. Günther Rabensteiner, member of the Executive Board of Verbund AG.
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. 314 TWh have been traded in 2011 on EPEX SPOTs power markets. EPEX SPOT has currently 203 exchange members.
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Exchange Council Welcomes Results Of EPEX Spot’s Member Survey - European Power Exchange Deepens Dialogue With Its Customers And Listens Actively To Their Needs
Date 14/03/2012