HUPX Day-Ahead Market
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1 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011 HUPX Annual report (2011) Since the successful beginning of HUPX Day-Ahead Market the monthly increase of the daily volume was MW/h on average, and in December the traded volume reached MW/h. The total traded volume in 2011 was MW/h, which corresponds to approximately 8.9% of the total Hungarian gross electricity usage of the given period and 11% in December. The Hungarian Power Exchange provided transparency and brought the domestic prices closer to the regional prices. The difference between HUPX prices compared to neighbouring exchanges and the OTC market is decreasing, thanks to the activity of cross-border trading. By the end of the year the number of HUPX Members reached 40. Majority of the market players currently active on the Hungarian and regional electricity market are already well represented among the HUPX members. More than half of the members are from 11 different European countries and actively trading on the Day ahead market. page 1 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
2 I. Membership List of the Members ALPIQ ENERGY SE CEZ, a.s. Danske Commodities A/S E.ON Energy Trading SE EDF DÉMÁSZ Zrt. Energy Financing Team AG GDF SUEZ Energia Magyarország ZRt. BC-Energiakereskedő Kft Budapesti Erőmű Zrt. Citigroup Global Markets Limited DB Energy Commodities Ltd. EDF Trading Limited EGL AG Electrabel SA/NV Ezpada s.r.o. Gazprom Marketing & Trading Ltd. GDF Suez Trading SAS Greenergy-Trade Kft. ISD Power Kft. Korlea Invest a.s. GEN-I, trgovanje in prodaja elektricne Holding Slovenske Elektrarne d.o.o. JAS Budapest Zrt. Magyar Áramszolgáltató Kft. Mátrai Erőmű Zrt. MVM Partner ZRt. Statkraft Markets GmbH MAVIR ZRt. Mercuria Energy Trading SA MVM Trade Villamosenergia Kereskedelmi Zrt. ÓAM Ózdi Acélművek Kft. OMV Trading GmbH Repower Trading Ceska republika s.r.o RWE Supply & Trading GmbH TINMAR-IND S.A TRANSENERGO COM S.A. Vattenfall Energy Trading GmbH VERBUND AG HEP Magyarorszag Energia Kft Edison Trading S.p.A. HU 40,00% BE 2,50% HUPX members from different countries UK 7,50% SI 5,00% RO 5,00% A 5,00% D 10,00% SK 2,50% FR 2,50% CH 7,50% CZ 10,00% DK 2,50% page 2 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
3 Number of Admitted Members in 2011 Growth in the number of members HUPX launched the Day-Ahead Market with 10 members in 21st of July Thanks to successful start and the improving liquidity more and more company applied for admission to the HUPX Day-Ahead Market. The average accession was 2 admitted members per month, which resulted in 40 participants on the HUPX Day-Ahead Market by the end of The distribution between the admitted members represents a wide range of nationalities next to the 40% part of Hungarian companies page 3 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
4 II. Market results Description 2011 HUPX Base Average Price (EUR/MWh)* 52,87 HUPX Peak Average Price (EUR/MWh)* 58,85 HUPX Base Trimmed Mean Price (EUR/MWh)** 53,00 HUPX Peak Trimmed Mean Price (EUR/MWh)** 58,95 OTC Base Trimmed Mean Price (EUR/MWh)** 53,37 OTC Peak Trimmed Mean Price (EUR/MWh)** 68,15 Diff. BL. HUPX OTC 0,52 Diff. PL. HUPX OTC 1,08 Highest Traded Price (EUR/MWh) 160,01 Lowest Traded Price (EUR/MWh) 0,01 Total Turnover (EUR) ,65 Average Daily Turnover (EUR) ,12 Max. Daily Turnover (EUR) ,12 Min. Daily Turnover (EUR) ,21 Description 2011 Total Volume (MWh) ,6 Average Daily Traded Volume (MWh) ,6 Highest Daily Traded Volume (MWh) ,2 Lowest Daily Traded Volume(MWh) 3 126,3 Highest Hourly Traded Volume (MWh) 962,6 Lowest Hourly Traded Volume(MWh) 176,4 Average Hourly Traded Volume (MWh) 432,1 DAM - Weekdays (Baseload) Average Daily Traded Volume (MWh) ,4 DAM - Weekend (Baseload) Average Daily Traded Volume (MWh) 9 999,8 DAM - Weekdays (Peakload) Average Daily Traded Volume (MWh) 4 989,9 DAM - Weekend (Peakload) Average Daily Traded Volume (MWh) 4 825,0 Note: *The average price contains all the hourly prices in the examined periods. **Trimmed Mean is a special average which shows monthly mean prices considering all prices except for the two lowest and the two highest. We applied this indicator to avoid from distortion of the results. Mean is very sensitive to extreme values. page 4 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
5 MWh EUR/MWh Performance of HUPX DAM (Delivery Day: ) HUPX's prices and volumes Index Volume Index Price page 5 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
6 EUR/MWH EUR/MWH III. Price Analysis HUPX prices are compared to relevant neighboring exchanges prices 80,00 70,00 60,00 50,00 40,00 30,00 20,00 10,00 0,00 HUPX vs. Neighboring Exchanges (BASE Prices) 2011 Q1+Q2 HUPX Germany/Austria EPEXSPOT EXAA OPCOM OKTE 120,00 100,00 80,00 60,00 40,00 20,00 0,00 HUPX vs. Neighboring Exchanges (BASE Prices) 2011 Q3+Q4 HUPX Germany/Austria EPEXSPOT EXAA OPCOM OKTE page 6 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
7 EUR EUR EUR EUR Spread between HUPX and relevant power exchanges Hourly spread 01 st January 31 st December 14,00 Hourly spread - HUPX to EPEX DE/AT (01/01-31/12) 12,00 Hourly spread - HUPX to EXAA (01/01-31/12) 12,00 10,00 10,00 8,00 8,00 6,00 6,00 4,00 4,00 2,00 2,00 0, , ,00-2,00-4,00 Hours -4,00 Hours 10,00 Hourly spread - HUPX to OPCOM (01/01-31/12) 12,00 Hourly spread - HUPX to OKTE (01/01-31/12) 8,00 10,00 6,00 8,00 4,00 6,00 2,00 4,00 0, ,00-2,00 0, ,00 Hours -2,00 Hours *Export and import fees are not included. page 7 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
8 EUR Hourly trimmed mean prices on HUPX (Delivery Day: ) 80 Hourly Mean prices on HUPX ,56 60,06 57,45 65,61 67,25 66,58 62,68 60,17 60,09 63,47 70,36 65,86 68,15 67,62 61,13 58, ,79 38,68 35,27 39,14 48,04 48, ,36 34, H1 H2 H3 H4 H5 H6 H7 H8 H9 H10 H11 H12 H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23 H24 Hour page 8 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
9 IV. Analysis of Volumes Increase of total traded volumes on HUPX DAM month by month Monthly volumes Increase MWh Jan ,10 Febr , ,1 Mar , ,1 Apr , ,8 May , ,9 June , ,9 July , ,0 Aug , ,8 Sept , ,8 Oct , ,0 Nov ,50-232,4 Dec , ,0 Average , , HUPX monthly volumes 2011 (MWh) , , , , , , , , , , , ,00 Jan. Febr. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. page 9 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
10 Increase of total average daily traded volumes on HUPX DAM month by month in 2011 Average daily volumes Increase MWh Jan ,5 1700,8 Febr ,3-263,2 Mar ,3 3570,0 Apr ,3 1013,0 May ,9 1265,6 June ,8 1265,6 July ,9 1265,6 Aug ,4 1265,6 Sept ,6 920,2 Oct ,2-581,4 Nov ,6 372,4 Dec ,9 2123,3 Average , , HUPX average daily volumes 2011 (MWh) , , , , , , , , , , , ,3 Jan. Febr. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. page 10 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
11 MWh Hourly total volumes on HUPX (Delivery Day: ) HUPX hourly total volumes H1 H2 H3 H4 H5 H6 H7 H8 H9 H10 H11 H12 H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23 H24 AGR Hours page 11 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
12 MWh Hourly average volumes on HUPX (Delivery Day: ) 500,0 HUPX hourly average volumes ,0 400,0 350,0 300,0 250,0 200,0 150,0 H1 H2 H3 H4 H5 H6 H7 H8 H9 H10 H11 H12 H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23 H24 AVG 442,8 459,4 465,5 466,2 453,4 450,2 464,1 460,0 406,9 396,7 409,2 414,3 417,1 406,1 400,8 406,3 417,6 420,0 411,8 434,4 447,8 438,0 443,9 437,8 Hours page 12 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
13 100% 90% Volumes in single hours (MW) % 70% 60% 50% 40% 30% 20% 10% 0% January ,44% 17,53% 5,03% 0,00% 0,00% 0,00% February ,40% 13,48% 4,52% 1,16% 0,44% 0,00% March ,45% 40,71% 27,75% 11,15% 1,41% 0,53% April ,01% 32,87% 31,39% 17,50% 5,70% 2,52% May ,05% 20,49% 35,78% 27,67% 10,15% 2,85% June ,71% 23,87% 38,80% 24,12% 8,04% 0,47% July ,00% 4,23% 18,37% 24,34% 26,54% 26,51% August ,21% 16,63% 36,37% 26,76% 10,63% 5,40% September ,55% 10,72% 32,43% 37,00% 16,32% 2,99% Oktober ,41% 13,79% 43,07% 31,63% 8,57% 2,54% November ,23% 13,98% 35,99% 28,28% 16,96% 4,55% December ,07% 0,79% 12,62% 42,20% 34,54% 9,78% Note: The bar chart shows the traded volumes in single hours in the examined period. ( ) We categorized the results according to the traded volume of each hour. The distribution between the categories moved to the direction of higher volumes. This trend was already shown by the last monthly results. The monthly reports and this yearly chart shows an increasing liquidity on the HUPX Day-Ahead Market due to the higher traded volumes in each hour. We expect that this trend will continue, which based on the thriving number of admitted members. page 13 HUPX Day-Ahead Market Delivery date: 01/01/ /12/2011
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