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In its constitutive meeting in Leipzig on 10 June 2009 the newly elected Exchange Council of the European Energy Exchange (EEX) re-elected Dr. Günther Rabensteiner, VERBUND-Austrian Power Trading AG, as its chairman. Sven Becker, Trianel GmbH, Pierre Chevalier, DB Energie GmbH and Vincent van Lith, BHF-BANK Aktiengesellschaft were elected as the new vice-chairmen. Furthermore, the Exchange Council elected Prof. Dr.-Ing. Albert Moser, Professor and Head of the Institute of Power Systems and Power Economics (IAEW) of RWTH Aachen University as a member of the Exchange Council in the capacity of the new investors’ representative.
Committee members of Sanctions Committee elected
In its first meeting following the election the Exchange Council appointed five committee members for the Sanctions Committee in consultation with the exchange supervisory authority and, hence, ensured the committee’s capacity to operate. The committee members are Pierre Chevalier, DB Energie GmbH, Marc Ehry, PCC Energie GmbH, Ralf Henze, Stadtwerke Hannover AG, Vincent van Lith, BHF-BANK Aktiengesellschft and Dr. Bernhard Walter, EnBW Trading GmbH. The committee meets upon specific incidents. Its task is to penalise violations of statutory provisions and rules of the exchange by trading participants.
Intraday auction on the natural gas market
As a further item on the agenda of the meeting the Exchange Council adopted a resolution regarding an amendment of the rules and regulations of the exchange and, hence, paved the way for the intraday auction on the natural gas spot market. The introduction of an intraday auction with a reduced minimum lot size of 1 MW on the natural gas spot market for the NCG and GUD market areas is to be implemented at the latest at the beginning of the gas business year 2009/2010.
The introduction of the intraday auction and the concurrent reduction of the minimum lot size to 1 MW during the auction period gives the trading participants the possibility of improving the structure of their procurement and sales portfolio and of optimizing these depending on the situation of the market. At the same time, the auction permits focussing of liquidity and the trading participants on a fixed period of time.
Resolution regarding the expansion of transparency on the exchange
Upon a suggestion from within the ranks of the trading participants a possible publication of block bids on the power auction market was discussed. At the moment, block bids in the hourly auction on power are not published separately. Due to requests of the members, an additional publication of block bids will be introduced in order to enhance the transparency of the exchange. Thus, trading participants receive a better understanding of the market situation in spot market trading.
For this reason, the Exchange Council adopted the resolution to publish the block bids for the hourly auction on the Power Spot Market for the market areas of Germany/Austria and Switzerland separately from the earliest possible time. This comprises the anonymised publication of all block bids on the FTP server (price limit, hours, volumes) plus information on whether these bids have been executed.
The Exchange Council is a body of the exchange according to the German Exchange Act. It comprises a total of 24 members adequately representing the various interest groups and business circles: In addition to the trading participants with a total of 19 members elected from within various groups (interconnected utilities and trading companies, municipal and regional suppliers, brokers and financial service providers as well as commercial consumers), four representatives of associations and one investors’ representative are members of the Exchange Council. The Exchange Council primarily adopts the rules and regulations of the exchange and the amendments thereto. Furthermore, it appoints and monitors the Management Board of the Exchange and appoints the head of Market Surveillance.
