Electricity market
Day-Ahead and Intra-Day Market
The Day-Ahead and Intra-Day Market in electricity operated by PolPX is a spot market of short-term electricity purchase and sell transactions.
The Day-Ahead Market (DAM) opened in June 2000 and is a physical spot market in electricity. DAM on PolPX comprises 24 hourly markets which list hourly instruments. In addition, DAM lists 3 block contracts (BASE – contract with delivery of 1 MWh of power in each hour of the 24h day; PEAK – contract with delivery of 1 MWh of power in each peak hour from 07:00 to 22:00; OFFPEAK – contract with delivery of 1 MWh of power in each hour from 00:00 to 07:00 and from 22:00 to 24:00). Trading on DAM takes place two days before and one day before the day of delivery of electricity.
The Intra-Day Market allows Exchange Members to correct contractual positions one day before and on the day of delivery of electricity. Trading on the Intra-Day Market takes place one day before and on the day of delivery of electricity.
The Day-Ahead and Intra-Day Market had 45 active trading participants in 2013 compared to 47 in 2012. Trading on the market amounted to 22.3 TWh in 2013, an increase of 16.4% compared to 2012.
The poee WSE Energy Market, which operated until March 2013, also organised spot trading on the Daily-Hourly Electricity Market (WSE ELM). The volume of trading on the market was 418.6 GWh. The total volume of spot trading in electricity on the WSE Group markets (PolPX Day-Ahead and Intra-Day Market and WSE ELM) amounted to 22.7 TWh in 2013, an increase of 6.2% compared to 2012.
Volume of spot trading in electricity (TWh)
| Year ended 31 December | ||||||
|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
| PolPX Day-Ahead and Intra-Day Market | 22.3 | 19.1 | 19.7 | 7.6 | 3.1 | 2.1 |
| WSE ELM1 | 0.4 | 2.2 | 1.9 | 5.8 | 4.4 | 3.7 |
| Total | 22.7 | 21.3 | 21.6 | 13.4 | 7.5 | 5.9 |
Source: PolPX, WSE
[1] Until the acquisition of poee by WSE in December 2010, ELM was part of Elbis (member of the PGE Group).
Commodity Forward Instruments Market in electricity
The Commodity Forward Instruments Market (CFIM) in electricity opened in November 2008 on PolPX and allows to trade in standard forward products for delivery of the same amount of electricity in each hour of contract delivery. Contracts delivery is weekly, monthly, quarterly or yearly. CFIM lists BASE contracts with delivery in 24 hours of the day, BASE5 contracts with delivery in 24 hours of the day on business days, PEAK7 contracts with delivery from 07:00 to 22:00, PEAK5 contracts with delivery from 07:00 to 22:00 on business days, and OFFPEAK contracts with delivery from 00:00 to 07:00 and from 22:00 to 24:00 on business days and from 00:00 to 24:00 on holidays.
CFIM had 39 active trading participants in 2013. Trading in electricity on CFIM amounted to 154.3 TWh in 2013, an increase of 36.7% compared to 2012.
| Year ended 31 December | ||||||
|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
| PolPX CFIM | 154.3 | 112.9 | 106.9 | 74.1 | 0.7 | - |
| WSE EFM2 | 0.0 | 5.2 | 2.2 | 0.4 | 1.0 | 4.3 |
| Total | 154.3 | 118.1 | 109.1 | 74.5 | 1.6 | 4.3 |
Source: PolPX, WSE
[2] Until the acquisition of poee by WSE in December 2010, EFM was part of Elbis (member of the PGE Group).
Property Rights Market
The Property Rights Market (PRM) in certificates of origin for electricity produced from renewable energy sources (PMOZE and PMOZE_A) opened on PolPX in December 2005. It is the heart of the system of support for production from renewable energy sources in Poland.
Property rights attached to certificates of origin for electricity produced in high-efficiency cogeneration (PMGM, PMEC and PMMET), property rights attached to certificates of origin of biogas (PMBG) and, since 4 November 2013, property rights attached to certificates of energy efficiency (PMEF or “white certificates”) are also in trading on PRM.
The Property Rights Market allows producers of electricity from renewable energy sources (RES), cogeneration and biogas as well as holders of energy efficiency certificates to sell property rights and allows energy companies required to pay the “substitution fee” or to cancel certificates of origin represented by such rights to meet their obligations.
PRM had 42 active trading participants in 2013 and in 2012. The volume of trading on PRM amounted to 39.3 TWh in 2013, a decrease of 37% compared to 2012. The decrease in the total volume of trading in property rights was due to the expiration of the statutory support scheme for producers of energy from high-efficiency cogeneration (PMEC and PMGM) as of the end of March 2013.
Volume of trading in property rights attached to certificates of origin on PolPX (TWh)
| Year ended 31 December | ||||||
|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
| instrument | ||||||
| PMOZE + PMOZE_A | 21.8 | 19.9 | 15.1 | 13.2 | 9.6 | 6.8 |
| PMGM | 3.2 | 6.2 | 5.7 | 4.3 | 5.3 | 1.7 |
| PMEC | 13.7 | 35.8 | 29.9 | 31.4 | 30.0 | 21.4 |
| PMMET | 0.6 | 0.1 | - | - | - | |
| Total | 39.3 | 62.0 | 50.8 | 48.8 | 44.8 | 29.9 |
Source: PolPX
Gas exchange
Day-Ahead Market for natural gas
PolPX opened the spot market in natural gas and initiated trading on the Day-Ahead Market in gas (DAMg) on 31 December 2012. DAMg lists contracts with delivery of the same amount of gas in each hour in 24 hours of the next day. DAMg had 10 active trading participants (including 3 brokerage houses and 7 energy companies) in 2013.
The total volume of trading in natural gas was 424.7 GWh in 2013. 1,456 transactions were concluded on DMRg. The annual price measured as the volume-weighted average of all transactions concluded on the Day-Ahead Market in gas was 116.74 PLN/MWh.
Commodity Forward Instruments Market in natural gas
PolPX operates trading in forward contracts with physical delivery of natural gas on the Commodity Forward Instruments Market since 20 December 2012. Trading takes place in standard forward products for delivery of a fixed amount of natural gas within the delivery hours monthly, quarterly or yearly. Contracts with delivery of gas in 24 hours of the day are in trading.
The Commodity Forward Instruments Market in gas had 11 active trading participants (3 brokerage houses and 8 energy companies) in 2013. The volume of trading in natural gas was 1.97 TWh and 134 transactions were concluded.
The most traded contract in 2013 was the annual base contract for 2014. The volume of trading in GAS_BASE_Y-14 contracts was 1 TWh, representing 51.20% of the total volume of trading on CFIM in 2013. The volume-weighted average transaction price for GAS_BASE_Y-14 contracts in all transactions was 114.54 PLN/MWh.
The total volume of trading in monthly GAS_BASE_M contracts was 916,774 MWh, representing 46.58% of the total volume of trading. The volume-weighted average transaction price for GAS_BASE_M contracts in all transactions was 116.45 PLN/MWh.