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The European Power Exchanges (PXs) APX, Belpex, EPEX SPOT, GME, Nord Pool Spot and OMIE are pleased to announce that they have signed, with the support of 15 Transmission System Operators (TSOs), a contract with Deutsche Börse AG for the development of the European Cross-Border Intraday Solution (XBID Solution). This marks a key milestone for the project.
Following the completion of the design phase, the development of the XBID solution will commence with immediate effect. It is due to be completed by spring 2016 and will be followed by a period of testing. Delivery of the solution into the market is expected in 2017.
After the successful coupling of European day-ahead markets, the single EU-wide intraday coupling is a key component for completing the European Internal Energy Market. With the rising share of intermittent generation in the European generation mix, connecting intraday markets through cross-border trading is an increasingly important tool for market participants to keep their trading positions balanced.
The PXs and TSOs are working closely together to respond to this need by delivering a transparent and efficient continuous cross-border intraday trading environment. In doing so, the XBID solution will create a single integrated European intraday market.
This XBID solution will be based on a common IT system, to be developed by Deutsche Börse AG, linking the local trading systems operated by the PXs, as well as the available cross-border transmission capacities provided by the TSOs. Orders entered by market participants in one bidding zone can be matched, in continuous trading, with orders similarly submitted by market participants in any other bidding zones covered by the XBID solution, provided there is cross-border capacity available.
Jean Verseille, Director European Affairs, RTE, and Co-Chair of the XBID Market Project Intraday Steering Committee, said: “This is a key milestone in a complex project and reflects the intensive efforts and collaboration of the PXs and TSOs. Deutsche Börse AG is a renowned provider of trading solutions and we are looking forward to the delivery of a high quality product.”
Mikael Lundin, CEO of Nord Pool Spot, and Co-Chair of the project with Jean Verseille added: “Without doubt this is a very challenging project and reaching this milestone is a significant step. The assurance that the regulators have given us provides a foundation for moving forward.”
“The creation of a single integrated intraday market for energy is a crucial step towards a more efficient, sustainable use of available capacities across Europe”, commented Hauke Stars, Executive Board Member of Deutsche Börse responsible for the Information Technology and Market Data + Services division. “Our stable and reliable technology is a solid foundation for the European Cross-Border Intraday Solution.”
