- The Polish Financial Supervision Authority has approved the Rules of Gas Trading on the Polish Power Exchange and the Rules of the Exchange Clearing House (Commodity Market) operated by the Warsaw Commodity Clearing House.
- The documents constitute the formal basis for the operation of the gas market on POLPX and set out among others the conditions which must be fulfilled by market participants in order to trade in gas on the exchange.
- Currently, trade will only be possible through brokerage houses and commodity brokerage houses which are POLPX members and employ commodity exchange brokers.
The opening of the gas market on the Polish Power Exchange is part of the implementation measures of the internal European electricity and gas market and regional markets proposed by the European Commission and the European Council as well as modernisation of the domestic market. According to the EU guidelines, member states must ensure that electricity and gas supplies for citizens offer:
- a fully competitive, liquid and transparent market;
- the free choice of the supplier;
- fair and optimal prices;
- security and certainty of supplies.
"Poland plays an important role in the development of the single European energy market, mainly through the liquidity we have created at POLPX. I am certain that participants of the gas market will be just as determined to make exchange trade in gas reach the volume and transparency similar to exchange power trade. This is a necessary condition of prompt and effective liberalisation of the market," said President of the Polish Power Exchange Ireneusz Łazor.
According to the provisions of the market directive of the third Energy Package adopted by the European Commission in 2009 and effective as of March 2011, the objective of POLPX is to develop a wholesale gas market based on the exchange where:
- supply and demand for gas and electricity are concentrated at one place;
- a reference gas and electricity price is set on the local wholesale market under conditions of full competition (the price will be a reference point for other transactions concluded on the gas and electricity market).
The Warsaw Commodity Clearing House (WCCH) will be responsible for the quality and safety of clearing services on the POLPX gas market. Diverse forms of collateral offered by WCCH allow for a low cost of processing exchange trade while ensuring the highest service standard.
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