A C T A U N I V E R S I T A T I S L O D Z I E N S I S FOLIA OECONOMICA 182,2004
Marcin Zawada*
THE POW ER EXCHANGE IN POLANI) AGAINST THE BACKGROUND OF ITS EUROPEAN COUNTERPARTS
1. Introduction
It is a rule for many walks o f econom ic activities that disequilibrium betw een dem and and supply is balanced by m eans o f inventory. In the case of the electricity m arket, the m arket can be called a real time market as electricity m ust be provided the m om ent there is a dem and for it. T his is because the capacity to store it up is very limited. This stem s from the specificity o f the electricity m arket that is determ ined by features typical o f physical phenom ena, to which also passage o f current belongs1:
- in electric pow er system - being a gigantic electric circuit com posed of sources (pow er plant) and energy receivers (industry, municipal receivers) - production and consum ption o f electric energy are inseparably connected with each other in time, which means that at every moment supply m ust meet dem and,
- d e m a n d for electric energy changes in time (w ithin tw enty-four hours, across days o f the week, along with seasons o f the year) and depends on various predictable and unpredictable factors,
- the specificity o f the electric energy industry m akes it im possible to point out the pow er plant, from which a given final receiver gets energy,
- from practical point o f view, electric energy cannot be stored up. S hortages in electric pow er system have to be im m ediately balanced by increasing the output o f pow er plants.
In the light o f the above-m entioned facts one has to agree that the electric energy m arket m ust not be defined by m eans o f com m on scientific definitions. H ow ever, one can state that the market is “a set o f those buying and selling
* PhD., Chair o f E conom etrics and Statistics, Technical U niversity o f C zęstochow a. 1 P olski rynek en erg ii elek tryczn ej, proceedings elaborated by C1RE, w w w .cire.pl (07 .2 0 0 2 ).
electric energy, and possessing proper appliances (either to produce or to receive) connected to a com m on net, a set o f decisions taken by such agents on questions related to electric energy turnover and system or net services on the grounds o f con tracts” (K alinow ski, W ilczyński 1998, p. 245).
One must not speak about ju st one electric energy market. T here are a lot of such m arkets diversified with respect to area, volum e, econom ic agents, and technical param eters o f m eans o f transport2. For a dozen o f years or so those m arkets have been undergoing a process o f changes aim ed at liberalization and increased com petition.
The essence o f the com petition on the electric energy m arket is to create an institutional surface, on w hich sellers could offer their products and conclude transactions. In general, there are two distinctive m echanism s o f im plem enting this idea but they might be extended also to include an exchange m arket (see Tab. 1; M alko 1999, p. 19).
The basic prerequisite to take effective risk while dealing with the electric energy trade is a decentralized, stochastic distribution o f load. The crucial elem ents o f such an approach are com plex functions o f supply as well as the stochastic nature o f the problem itself. These features contribute to the fact that the uncertainty lends itself more naturally to being grasped by m eans o f gam es am ong the num erous m arket participants than to a superior coordinator. T his is w here the idea and em ergence o f electric pow er exchange cam e from.
Table 1. Three mechanisms o f a com petitive market
M echanism Number o f buyers D oes the buyer know the seller?
D o all the buyers pay the same price?
Pool market one yes A s a rule
Bilateral contracts many yes no
Electric energy exchange
many no yes
S o u r c e: J. M alko, 1999, p. 19.
2. C o n tracts on the w h o lesa le m ark et o f electric en ergy
T rade with electric energy on the wholesale m arket takes place in three basic segm ents (B uczkow ski 2001):
-C o n tra c ts , in w hich trade with electric energy takes the form o f bilateral contracts made directly betw een interested parties.
- Exchange, in which trade with energy takes the form o f contracts m ade via pow er exchange.
-B a la n c in g , in which the O perator o f Passage System balances the differences betw een the transactions concluded both in the form o f contracts and on the pow er exchange, and the actual dem and for electric energy.
Bilateral contracts constitute the main form o f trade on the electric energy market. In the first stage such contracts are m ade betw een producers and distributors. At further stages o f developm ent o f the m arket one can observe contracts m ade not only between producers and distributors but also betw een som e other financial institutions such as banks or insurance com panies (M ielczarski 2000, p. 116).
Prices and volum es for each traded period are fixed in the contracts. T raditionally, the bilateral contracts used to be signed for long periods with prices and volum es fixed for each contracted m onth. H ow ever, the electric energy m arket is by its nature a m om entary, even hourly m arket calling for fixing prices and volum es every hour on every day. If for a contract to be handed to the operator o f the industrial system , then the so-called charting o f the contract m ust follow i.e. assigning price and volum e to each hour.
T rade on the balancing market is alw ays forced by the changing situation in the electric pow er system . Producers o f energy are unable to foresee accurately the output o f their plants, w hereas distributors cannot predict precisely their retail buyers’ dem and. The natural deviations appearing betw een the am ount o f contracted energy and the actually consum ed am ount is reckoned by the balancing m arket. T his m arket can also be a segm ent, in which all parties consciously lead their ow n m arket games.
On the pow er exchange there might be several types o f contracts existent. These are first o f all:
- transactions for the Day Ahead, - standard contracts,
- futures.
T ransactions for the Day Ahead are concluded for each hour o f a given day, on the day preceding the transaction. Standard contracts o f fixed volum e and duration are m ade for a year, quarter, month or a week. They are financial instrum ents rendering it possible to get insured from risks o f the m arket. Futures enable sellers to vend a certain am ount o f electric energy in the future at a prefixed price. T he price is arranged on the day o f contract, w hereas the load follow s later, at a tim e defined by the contract. Futures are used by exchanges in certain am ounts o f energy (o f 500 or 736 M W h).
3. T h e p o w er e x c h a n g e in Poland and tra n sa ctio n s that are co n clu d ed there
The establishm ent o f the Pow er exchange C orporation was initiated by the M inister o f T reasure in July 1999 through inviting tenders for a consortium to set up and start a pow er exchange in Poland. T he w inner o f the tender, arbitrated at the turn o f Septem ber 1999, proved a consortium supervised by ELEK TR IM со.
T he founder’ act o f the Pow er exchange C orporation was signed by its stockholders on N ovem ber 29, 1999. The very first transactions were concluded on June 30, 2000. At the end o f M arch, 2003 there w ere 38 parties to the Exchange dealing with production (pow er plants) and trading with electric energy (distributing stations)’’.
The activities o f the corporation are: running the exchange o f energy and natural gas as well as servicing property laws w hose value depends directly or indirectly on the value o f electric energy.
T here are the follow ing m arkets present on the Energy C om m odity Exchange (TG E ) in Poland:
The Day Ahead Market (RD N ) was the m arket established on the exchange in the very beginning. The m arket functions one day before the physical load o f energy occurs. The market consists o f 24 independent and separate m arkets, w here agents can freely buy or sell energy in line with their needs. M em bers o f the P ow er exchange can m ake bids for single units (o f production or load) o r for a whole transaction portfolio (regarding whole pow er plants or groups o f receivers). The exchange clearing transaction price is a price that makes dem and and supply curves intersect (Fig. 1).
T he principles o f the acceptance o f bids are as follows:
- A l l selling offers priced below the price fixed for a given hour are fully accepted;
- All buying offers priced above the price fixed for a given hour are fully accepted;
- All offers priced at the price fixed for a given hour can be fully or partly accepted (the reduction ratio is the sam e for all offers).
Fig. 1. Fixing equilibrium price and volum e per each hour o f the Day Ahead floor S o u r c e : w w w .p olpx.p l (05.2003).
C ontracts due to one week or one m onth as well as the so-called “peak” contracts are quoted on the Term Finance Market. Q uotation takes place from M onday to Friday betw een 12.00 and 14.00. The basic instrum ent for weekly and m onthly contracts is electric energy w hose price is fixed on the Day Ahead M arket (R D N ), expressed in PLN /M W h. On the other hand, the basic instrum ent for the “peak” contracts is electric energy betw een 19.00 and 21.00 on w orking days, w hose price is also fixed on the RDN.
A weekly contract is due within 167-169 hours starting at 0.00 on M onday, follow ing the day o f expiration o f the weekly contract, up to 24.00 on the first Sunday, follow ing the start o f the time limit o f claim ability. A m onthly contract is due within another 6 7 1 -6 7 3 hours starting at 0.00 on M onday, follow ing the day o f expiration o f the first weekly contract set up through a division o f the monthly contract, up to 24.00 on the fourth Sunday, follow ing the start o f the time limit o f claim ability. The tim e limit o f claim ability in rush hour are three hours, from 19.00 to 21.00 on w orking days, from M onday till Friday in one calendar week.
M onthly contracts are subject to division into four weekly contracts. On the day o f division, after the exchange session is over, the C learing C ham ber changes the open positions in the divided m onthly contract into analogous open positions in the four w eekly contracts, each contract having a differen t tim e of claim ability. T he tim e o f claim ability o f the four w eekly contracts is in line with the time o f the m onthly contract.
The transaction rate o f the day is reckoned after every exchange session is over except for the day o f the expiration o f the contract. T he transaction rate of
the day is com puted as an arithm etic mean o f the prices o f the last 10 transactions concluded on the exchange session. H ow ever, if few er than 10 transactions are concluded during a session then the transaction rate is equal to the price fixed for the last transaction. If, when an exchange session is over, there are still som e offers left with better quotations (higher for the buying bids, low er for the selling bids) than the transaction rate com puted in the above- m entioned way, then it is the best limit price o f the offers (for the buyer - the highest, for the sellers - the lowest) that is assum ed to be the transaction rate of the day. If no transaction is concluded during a session then it is the arithm etic m ean o f the limit price from the best buying and selling orders after the market is closed that is acknow ledged the transaction rate o f the day. H ow ever, if there are no such orders issued then the last known rate is recognized to be the transaction rate o f the day.
The final transaction rate is reckoned upon the day o f expiry o f the contract. The rate is com puted as an averaged weighted by the turnover o f all the transactions concluded during a session. If no transaction is concluded upon the expiration o f the contract then it is then it is the arithm etic m ean o f the limit price from the best buying and selling orders after the m arket is closed that is acknow ledged the final transaction rate. H ow ever, if there are no such orders issued then the last known rate is recognized to be the final transaction rate. A fter the validity o f a given term contract is over then there follow s a period of clearing accounts o f the contract. A basis for the final clearing o f all the transactions concluded within the contract is the final transaction rate recognized upon the day o f expiry o f the contract. W hile clearing the contract the final transaction rate is every day com pared with the reference rate fixed on the RDN on a given day o f load.
T he P ow er exchange aim s to deal with the follow ing issues4:
- Im proving the effectiveness o f the Polish energy sector and the sectors connected with it as well as adjusting the sector to the com petition and requirem ents existent in the European Union;
- Enabling all agents equal rights to enter the exchange m arket; - E stablishing clear rules on the energy market;
- F orm ing an inform ation and transaction plane to open the Polish electric pow er sector to the world com petition;
- A pproaching m arket, objective prices o f energy; - M inim izing transaction costs.
3. S elected p o w er ex ch a n g es in E u rop e
Nord Pool - the Scandinavian power exchange. T he S candinavian P ow er exch an g e, N ord Pool, has been operating since 1993. It is the first international energy exchange. It is regarded as the w orld paragon o f trading w ith this com m odity. S candinavian co untries (N orw ay , S w eden, F inland, D enm ark) belong to this exchange but the p articipatio n in it is not obligatory. T he exchan ge is an independent, capital co rporatio n o f big state energy enterp rises. T h e ow ners o f the exchange are a N orw egian com pany, S tatnett SF (50% o f sh ares), and a S w edish com pany, K raftn at (50% o f shares) (P rzy byłow icz 2000).
Nord Pool is believed to be the most open electric energy m arket. C irca 300 participants m eet there, am ong whom one can distinguish: producers o f energy, distributors, industrial enterprises, bigger receivers, brokers, and traders. Nord Pool offers transaction on the spot floor - Elspot - and on the term floor - Eltermin. T he turnover o f the exchange constitutes 32% o f the energy consum ed in the four countries.
Day contracts for the load o f energy at a given hour on the Day A head are subject to trading on the spot floor.
The term floor serves to manage the risk o f term portfolios o f the participants o f the exchange. T he com m ercial transactions on the term floor are divided into: futures, forw ards as well as European and A sian op tions5.
3.1. The balancing floor
As already m entioned, it is necessary for the w hole pow er system to be in equilibrium at each m om ent in time as far as production and consum ption are concerned. T his guarantees equalization o f the difference betw een the am ount produced and the existing needs.
The balancing floor enables its participants to reach equilibrium betw een dem and and supply at the m om ent o f delivering the energy. On this floor are present producers o f energy w ho w ant to balance their position gained on the spot floor. T he participants present their buying and selling offers at the latest two hours before the load starts. A fterw ards, the operato r o f the system reckons and issues the equilibrium price for a given hour.
The balancing m arket serves as the net o p erato r’s tool to lessen all the unpredicted differences betw een the actual and planned passage o f energy in the
short run. T his segm ent o f the m arket is not com m on for N orw ay and Sweden. In N orw ay Statnett bears responsibility for an equilibrium betw een production and consum ption o f energy on the whole territory o f N orw ay, for the main net and foreign connections, for the short-term balances o f the dom estic pow er system (regulation o f frequency), as well as for elim inating blockages in the passage o f energy. In Sw eden the same functions are perform ed by Svenska Kraftnat.
OM EL - the Spanish electric power Exchange. O M E L is a private, jo in t stock com pany founded in 19976. Most o f the transactions o f O M EL are concluded on the Day A head terms, where contracts are signed per each hour o f the follow ing day. T he offer contains volumes expressed in M W h as well as prices expressed in EU R O /kW h. If the offer is to hold for m ore than one day, then it can be prepared in line with standard param eters, w hich m eans that the order is autom atically put down into the order book.
W hen a technical day schedule, standing good chances o f success, is issued, the exchange operator starts sessions on the Hour Ahead floor, the participation in which is voluntary. T he structure o f offers and the process o f their harm onization on the H our A head market is sim ilar to what happens on the Day A head m arket. T here are circa 150 agents dealing with production or distribution o f electric energy present on the exchange.
APX (Amsterdam Power Exchange) - the Dutch exchange of electric energy. T he APX has been operating since M ay 25, 1999. It is the first electronic trade platform on the C ontinent (B randt 2001).
The A PX was founded to support and liberalize the pow er m arket in Holland. It was the first exchange to trade internationally from its very beginning. T he A PX enables producers, distributors, traders, brokers and industrial receivers to buy and sell electric energy by m eans o f the Day Ahead contracts7.
T he subject o f trade on the exchange is electric energy in term s o f quantitative units (kW h). It is the Day Ahead spot, w here transactions are fixed and concluded in one hour-cycles, at a m inim um unit o f volum e o f 100 kWh. In 2001, on average 9% o f the consum ption o f electric energy in H olland was realized on the APX. By January 2002, 36 international agents (producers, distributor, traders, industrial users) had actively acted on the APX.
EEX (European Energy Exchange). In 2002, the G erm an electric energy exchanges in Leipzig (LPX ) and in Frankfurt (EEX ) w ere united into one European Energy E xchange (EEX ), seated in Leipzig.
6w w w .om el.es (2 4 .0 3 .2 0 0 3 ). 7w w w .apx.nl/m ain.htm (04.0 5 .2 0 0 3 ).
The EEX offers its m em bers an auction m arket as well as continuous trading8.
T he system o f auction m arket is som ething like the trad in g system that used to exist on the LPX . T rading is built on bilateral au ction in g for individual hours.
C ontracts per individual hours are sold at a m inim um price o f 0.1 M W h for a day ahead. B idders have at least to fix volum es - approved by the EEX - for the highest and the low est price limits. Q uotations o f the highest and the lowest price limits are separate o ffers9.
A part from the contracts for individual hours the follow ing blocks are offered at au c tio n 10:
о 1 - EEX N ight (0 :00-6:00) о 2 - EEX M orning (6:00—10:00) о 3 - EEX H igh-N oon (10:00-14:00) о 4 - EEX A fternoon (14:00-18:00) о 5 - EEX Evening (18:00-24:0 0) о 6 - EEX R ush H our (16:00-20 :00) о 7 - E E X B aseload (24:00-24:00 ) о 8 - EEX Peakload (8:00-20:00) о 9 - EEX O ff Peak 1 (24:00-8:00) о 10 - EEX O ff Peak 2 (20:00-24:00)
The participants determ ine their desirable volum es and prices for a block. The m axim um volum e o f an individual block offer was fixed at 100 M W h, w hereas one participant can deliver at most six block offers.
3.2. Continuous trading
The EEX exchange provides also for continuous trading for three block contracts. Products subject to continuous trading are as follows:
- baseload contracts have 24 M W h/lot (equivalent o f a constant load of 1 M W from m idnight to m idnight); valuation is in unit points EU R /M W h; m inim um oscillation o f the price is 0.01 percentage point (equivalent o f 1 cent EU R /M W h);
-p e a k lo a d contracts have 12 M W h/lot (equivalent o f a constant load o f 1 MW from 8.00 to 16.00); valuation is perform ed the sam e way as baseload
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contracts are (unit points in EU R /M W h, m inim um oscillation o f the price is 0.01 percentage point, equivalent o f 1 cent EU R /M W h);
- b a s e lo a d w eekend contracts have 24 M W h/lot (equivalent o f a constant load o f 1 M W h from m idnight to m idnight); they are valid only on Saturdays and Sundays; valuation is in unit points EU R /M W h; m inim um oscillation o f the price is 0.01 percentage point (equivalent o f 1 cent EU R /M W h).
4. T u rn o v er and prices o f electric energy betw een J u ly 2000 - D ecem b er 2002 on som e selected electric en ergy ex ch a n g es in E u ro p e - co m p a ra tiv e an alysis
In this section o f the paper a com parative analysis has been undertaken regarding prices o f electric energy (EU RO /M W h) and turnover (M W h) on four European electric energy exchanges, quoted on the Day A head floor. In the case o f the C om m ercial Energy Exchange (TG E) in Poland, prices w ere cnverted into EU R O /M W h per the daily exchange rate announced by the N B P (C entral Bank o f Poland). T he period o f investigation covers July 1, 2000 - D ecem ber 31, 2002. The beginning o f this interval marks the day o f conclusion o f the very first transactions on the T G E in Poland.
The com parative analysis was carried out by m eans o f inform ation o f tw o stages o f frequency: m onthly and hourly.
Fig. 2. Average prices o f electric energy quoted on selected European electric energy exchanges by m onthly frequency in the period: July 2 0 0 0 - D ecem ber 2002
Average prices d iffer considerably across the exchanges under investigation. The m ost expensive energy is sold on the exchange in A m sterdam (from July 2000 to D ecem ber 2001) and on the exchange o f Spain (January 2001 - Decem ber 2002). 1 he cheapest energy is on average in Poland and in Germ any.
1 he D ecem ber ol 2001 is worthy o f attention as then all the exchange prices — except for the Polish ones - rose.
W hile analyzing the diversity o f prices (see fig. 3) one can state that in absolute term s all the exchanges — except for the Dutch one — are characterized by a sim ilar dispersion ranging from 5 to 20 EU R O /M W h. H ow ever, on the APX the dispersion is 10-130 EU R O /M W h. In relative term s this m eans 2 6 - 400% o f the average value, w hereas for the O M EL the analogous figure is 18- 50% and for the G erm an and Polish Exchanges: 2 7 -1 7 6 % and 15-100% respectively.
Fig. 3. D ispersion o f average prices o f electric energy quoted on selected European electric energy exch anges by m onthly frequency in the period: July 2 0 0 0 - D ecem ber 2002
S o u r c e : A s same as Fig. 2.
As far as the hourly frequency is concerned, the average prices exhibit much sim ilarity. O ne can clearly observe the so-called m orning and afternoon (evening) peaks and distinct drops is the small hours, being the period o f the least dem and for electric energy. The highest average prices are on the Dutch exchange. The prices on the Polish exchange are relatively stable, w hich m ight attest to the fact that the time o f the day does not significantly affect prices offered on the exchange floor.
T he dispersion o f prices o f electric energy by the hourly frequency is sim ilar to that by the m onthly frequency. The largest dispersion exhibits the D utch exchange and the G erm an one com es after. The T G E and O M E L have sim ilar dispersions typified by only slight changes hour after hour.
Fig, 4. Average prices o f electric energy quoted on selected European electric energy exchanges by hourly frequency in the period: July 2 0 0 0 - D ecem ber 2002
S o u r с e: A s same as Fig. 2.
—#— O M E L - » - A P X - * - E E X - » - T G E
T im e
Fig. 5. D ispersion o f average prices o f electric energy quoted on selected European electric energy exch anges by hourly frequency in the period: July 2 0 0 0 - D ecem ber 2002
S o u r с e: A s same as Fig. 2.
All the exchanges - except for the Polish one - are characterized by an increase in volum es during the period under consideration. T he EEX has the highest rates o f grow th. Its turnover increased by 1740% in D ecem ber 2002 as com pared with July 2000 (an average monthly grow th o f 10.5%). As for the D utch exchange, its increase am ounted to 367% , w hich m eant 5.5% average m onthly rate o f grow th. T he Polish exchange, if com pared w ith the other exchanges, is typified by the sm allest turnover, not exceeding 200 GW h a month.
Гurnovcr of electric energy by monthly frequency
S o u r с e: A s same as Fig. 2.
In the case o f such a small turnover, even slight changes m ake it that the dynam ics reaches 576% only to drop to 3 -4 % next m onths. T his is conspicuous from Fig. 7.
Identical patterns, as those exhibited by the total electric energy turnovers, show also the curves depicting average turnovers by the m onthly frequency. The biggest volum es and rates o f growth are noticed on the G erm an exchange, w hereas the sm allest ones - on the Polish exchange.
Fig. 7. D ynam ics o f turnover o f electric energy realized on selected European electric energy exchanges by m onthly frequency in the period: July 2 0 0 0 - Decem ber 2002 S o u r с e: A s same as Fig. 2.
—#— O M E L —» — A P X — л— E E X —« — T G E
Fig. 8. Average turnover o f electric energy realized on selected European electric energy exch anges by monthly frequency in the period: July 2 0 0 0 - Decem ber 2002 S o u r с e: A s same as Fig. 2.
—» — O M E L —« — A P X —*>— E E X — T G E
Fig. 9. Dispersion o f average volum es o f electric energy quoted on selected European electric energy exch anges by monthly frequency in the period: July 2 0 0 0 - D ecem ber 2002 S o u r c e : A s same as Fig. 2.
The biggest dispersion regarding average, absolute m onthly turnovers can be observed on the G erm an and Spanish exchanges, w hereas the sm allest one - on the Polish exchange. In relative terms, the follow ing dispersions, com pared to the mean value, w ere recorded on the exchanges: 4 0 -5 0 % for O M EL, 5 5 -6 5 % for the APX, 5 5 -6 0 % for the Germ an exchange, and 120-140% for the Polish exchange.
For the case o f the hourly frequency, distinct differences can be seen across the exchanges respecting their volumes. The EEX predom inates here with the APX, O M EL, and T G E respectively to follow. T he turnover on the Polish exchange is relatively stable if com pared to the other exchanges.
Turnover of electric energy by hourly frequency
Fig. 10. A verage volum es electric energy quoted on selected European electric energy exchanges by hourly frequency in the period; July 2 0 0 0 - D ecem ber 2002
S o u r c e : A s same as Fig. 2
Fig. 11. D ispersion o f average volum es o f electric energy quoted on selected European electric energy exch anges by m onthly frequency in the period: July 2 0 0 0 - Decem ber 2002 S o u r c e : A s same as Fig. 2.
A sim ilar pattern, as that exhibited by the average turnover, em erges from the figure depicting the dispersions o f volum es (by hourly frequency). The biggest absolute volum es show s the G erm an exchange with the Dutch, Spanish, and Polish exchanges respectively to follow.
The last issue subject to the investigation was to determ ine the dependence between volumes and prices, both in terms of m onthly and hourly frequencies. The dependence was estim ated by means of the linear Parson correlation coefficient. The results are presented in figures 12 and 13. In the case o f the
monthly data the largest positive correlation shows the Spanish exchange, for which the correlation equals nearly 1. On the Polish exchange those two characteristics are also positively correlated, with the correlation estim ates ranging betw een 0 .7 -0 .8 . However, there are such m om ents on the Polish exchange, when these estim ates drop to 0.2. As for the other tw o exchanges, the correlations behave quite “strangely”, which might attest to the insignificance of the relation.
Correlation between prices and volumes
Fig. 12. Correlations betw een prices and volum es on selected European electric energy exchanges by m onthly frequency in the period: July 2 0 0 0 - D ecem ber 2002 S o u r с e: A s same as Fig. 2.
Fig. 13. Correlations betw een prices and volum es on selected European electric energy exchanges by hourly frequency in the period: July 2 0 0 0 - Decem ber 2002
In the case o f the hourly frequency, a strong linear correlation can be observed betw een volum es and prices on the Spanish exchange. On the T G E this dependence is rather weak. For the other two exchanges one can state that the dependence betw een volum es and prices is insignificant.
5. S u m m a ry and co n clu sio n s
A crucial purpose o f liberalization o f the electric energy m arket in Poland was to secure rational prices o f energy for the final receivers, loads o f high quality energy as well as profitability o f econom ic agents operating on the energy m arket. In a way, to realize some o f these aim s the idea occurred of establishing an electric energy exchange after som e other E uropean pow er exchanges.
U nfortunately, after three years o f its existence the Polish energy exchange is still on the m argin o f the energy market: its turnover is m inute and alm ost 100% o f all the contracts are bilateral ones.
T he com parative analysis carried out in the paper o f the P olish and som e other European pow er exchanges enables us to draw the follow ing conclusions:
- the duration o f the Polish exchange is com parable to other European exchanges;
- sim ilar - if not identical to those present in the W est - floors exist on the Polish exchange;
- the Polish exchange stands far behind its w estern counterparts as far as contract prices and volum es are concerned;
- the share o f trade with energy on European exchanges is inconsiderable, ca. 15-30% and on the Polish exchange it is even sm aller, not exceeding 7%.
T here are som e prerequisites for a strong energy exchange to be established in M iddle E urope after the Scandinavian exchange. T he Polish energy exchange enjoys experience com parable to that o f the G erm an or D utch ones. On the other hand, the C zech R epublic or Hungary do not possess their ow n pow er exchanges yet. O ne can hope then that Poland stands good chances o f becom ing an im portant party on the E uropean energy market.
R eferen ces
B r a n d t J. (2 0 0 1 ), G iełd o w e tyn k i energii, zam ierzen ia ro zw o jo w e G ie łd y E n ergii S.A., W arszawa.
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Restrukturyzacja i rozwój konkurencyjnego rynku energii elektrycznej w P olsce spow odow ał, że w je g o strukturze w roku 2 0 0 0 pojawiła się Giełda Energii. G iełdy tego typu funkcjonują od w ielu lat w niektórych krajach europejskich i pozostałych częściach świata, i stanow ią ważny elem ent rynku energii elektrycznej.
G łów nym celem opracowania jest porównanie G iełdy Energii Elektrycznej w P olsce z jej europejskimi odpowiednikam i - w Holandii, H iszpanii, N iem czech i Skandynawii - pod względem : zasad funkcjonowania, rodzaju zawieranych transakcji, w ielk ości obrotów w ujęciu wartościow ym i ilościow ym , udziału w rynku energii. Dane statystyczne wykorzystane w części empirycznej referatu dotyczą okresu od roku 20 0 0 do 2002. W analizie porównawczej wykorzystano m etody statystyczno-ekonom ctryczne mające zastosow anie w badaniach rynku energii elektrycznej. O bliczen ia zostały wykonane z wykorzystaniem pakietu komputerow ego STATISTICA.
Przeprowadzona analiza pozwala:
• zdiagnozow ać stan rozwoju konkurencyjnego rynku energii elektrycznej w P olsce,
• określić rolę G iełdy Energii Elektrycznej w tworzeniu m echanizm ów w olnego obrotu energią elektryczną,