The regulation of power exchanges in Europe:
Gespeichert in:
| Weitere Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Antwerp [u.a.]
Intersentia
2005
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| Schriftenreihe: | Energy & law
2 |
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 311 S. |
| ISBN: | 9050953174 |
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Datensatz im Suchindex
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| adam_text | THE REGULATION OF POWER EXCHANGES IN EUROPE EDITED BY DR. MARTHA M.
ROGGENKAMP DR. FRANCOIS BOISSELEAU INTERSENTIA ANTWERP - OXFORD TABLE OF
CONTENTS FOREWORD V PREFACE VII LIST OF CONTRIBUTORS IX LIST OF
ABBREVIATIONS XI CHAPTER 1. THE LIBERALISATION OF THE EU ELECTRICITY
MARKET AND THE ROLE OF POWER EXCHANGES MARTHA ROGGENKAMP AND FRANCOIS
BOISSELEAU 1 1. INTRODUCTION 1 2. ELECTRICITY LIBERALIZATION IN EUROPE 1
2.1. THE CREATION OF AN INTERNAL ENERGY MARKET 1 2.2. THE EU TREATY AND
THE ELECTRICITY SECTOR 3 2.2.1. ELECTRICITY COMPANIES AND COMPETITION
LAW 3 2.2.2. STATE MONOPOLIES AND EXCLUSIVE RIGHTS TO IMPORT AND EXPORT
4 2.2.3. FREE MOVEMENT OF GOODS 5 2.2.4. CONCLUDING REMARKS 6 2.3. THE
ELECTRICITY DIRECTIVES 6 2.3.1. INTRODUCTION 6 2.3.2. MARKET OPENING 7
2.3.3. THIRD PARTY ACCESS 9 2.3.4. SYSTEM OPERATORS 10 2.3.5. UNBUNDLING
10 2.3.6. DISPUTE SETTLEMENT AUTHORITY AND REGULATORY AUTHORITY ..11
2.3.7. PUBLIC SERVICE OBLIGATIONS 12 2.4. REGULATION NO. 1228/2003 AND
ACCESS TO CROSS-BORDER INTERCONNECTIONS 13 2.5. TRADING ELECTRICITY IN A
LIBERALISED MARKET 14 2.5.1. INTRODUCTION 14 2.5.2. PHYSICAL TRADING 15
2.5.3. TRADING FINANCIAL PRODUCTS 16 3. THE EMERGENCE OF POWER EXCHANGES
19 3.1. INTRODUCTION 19 3.2. THE FORERUNNER OF POWER EXCHANGES: POWER
POOLS 19 3.3. WHAT IS A POWER EXCHANGE? 20 3.4. PRODUCTS 23 INTERSENTIA
XV TABLE OF CONTENTS 3.5. PRICE FORMATION MECHANISMS 23 3.5.1.
INTRODUCTION 23 3.5.2. HOURLYBIDS 24 3.5.3. BLOCK BIDS 25 3.5.4.
MATCHING 26 4. ORGANIZATION OF THE BOOK 28 CHAPTER 2. THE NORDIC
ELECTRICITY MARKET - A MATURE INTERNATIONAL MARKET AND POWER EXCHANGE
ODD-HARALDWASENDEN 31 1. INTRODUCTION 31 2. ENERGY LIBERALISATION IN THE
NORDIC COUNTRIES 33 2.1. INTRODUCTION AND OVERVIEW 33 2.2. MARKET
STRUCTURE 34 2.2.1. PRODUCTION, CONSUMPTION AND MARKET PLAYERS 34 2.2.2.
INTERCONNECTION 35 2.3. ELECTRICITY LEGISLATION 36 2.3.1. OVERVIEW 36
2.3.2. ELECTRICITY LEGISLATION IN SWEDEN, DENMARK AND FINLAND . 37
2.3.3. NORWEGIAN ELECTRICITY LEGISLATION 39 2.4. SECURITY LEGISLATION 43
2.4.1. OVERVIEW 43 2.4.2. NORWEGIAN SECURITY LEGISLATION 44 2.4.3.
SECURITY LEGISLATION IN SWEDEN, DENMARK AND FINLAND ... 47 2.5.
COMPETITION LAW 48 3. THE EMERGENCE OF AN ORGANISED MARKET: NORD POOL
.... 49 3.1. THE EMERGENCE OF THE MARKETPLACE: HISTORY 49 3.1.1. THE
PHYSICAL MARKET 50 3.1.2. THE EMERGENCE OFA FINANCIAL MARKET 51 3.2.
CURRENT ORGANISATION - THE NORD POOL GROUP OF COMPANIES 51 3.3.
PARTICIPANTS AND TRADING ACTIVITIES AT A GLANCE 52 3.4. SUPERVISION 53
4. FUNCTIONING OF THE PHYSICAL MARKET 54 4.1. GENERAL 54 4.2. THE ROLE
OF THE MARKETPLACE IN THE POWER SYSTEM - TSO INTERFACE 55 4.3. LEGAL
FRAMEWORK OF THE MARKETPLACE 56 4.3.1. LICENSING 56 4.3.2. THE
OBLIGATIONS OF NORD POOL SPOT 57 4.3.3. REGULATION OF THE CROSS-BORDER
FUNCTIONS OF THE MARKETPLACE 58 XV1 INTERSENTIA TABLE OF CONTENTS 4.4.
PRODUCTS AND BIDDING IN THE ELSPOT MARKET 59 4.5. PRICE SETTING IN THE
ELSPOT MARKET - MARKET SPLITTING .... 60 4.6. CLEARING AND SETTLEMENT IN
THE PHYSICAL MARKET 62 4.7. ELBAS 63 5. THE FINANCIAL MARKET OF NORD
POOL 64 5.1. INTRODUCTION - THE CORRELATION BETWEEN PHYSICAL AND
FINANCIAL TRADE 64 5.2. REGULATION OF THE FINANCIAL MARKET 65 5.3. NORD
POOL S SURVEILLANCE OF THE MARKET 67 5.4. FUNCTIONING OF THE NORD POOL
FINANCIAL MARKET IN GENERAL 69 5.5. THE PRODUCTS IN THE FINANCIAL MARKET
70 5.5.1. INTRODUCTION 70 5.5.2. FORWARD CONTRACTS AND FUTURE CONTRACTS
71 5.5.3. OPTIONS 71 5.5.4. CONTRACTS FOR DIFFERENCE 72 5.6. CLEARING
AND SETTLEMENT IN THE FINANCIAL MARKET 73 5.6.1. REGULATION OF THE
CLEARING SERVICES 73 5.6.2. CLEARING PROCEDURES 73 6. CROSS-BORDER TRADE
BETWEEN THE NORDIC AREA AND OTHER COUNTRIES 75 6.1. INTRODUCTION 75 6.2.
CAPACITY RESERVATION AND CONGESTION MANAGEMENT 75 7. DEVELOPMENTS 76 8.
CONCLUSIONS 79 CHAPTER 3. THE UK ELECTRICITY MARKET -FROM POOL TO
EXCHANGE MARKBARTHOLOMEW 81 1. INTRODUCTION 81 1.1. THE ELECTRICITY
MARKET ARRANGEMENTS IN ENGLAND AND WALES 81 1.2. THE SEPARATE MARKET
ARRANGEMENTS IN SCOTLAND AND IN NORTHERN IRELAND 81 1.3. THE EXTENSION
OF NETA 82 2. LIBERALISATION AND THE NEW INDUSTRY STRUCTURE 83 2.1.
DRIVERS FOR LIBERALISATION 83 2.2. THE NEW MARKET STRUCTURE 84 2.2.1.
GENERATION: THE NEW GENERATION COMPANIES 84 2.2.2. TRANSMISSION: THE
NATIONAL GRID COMPANY PLC 85 2.2.3. DISTRIBUTION AND RETAIL SUPPLY: THE
RECS 87 2.3. INTERCONNECTION 89 INTERSENTIA XVI1 TABLE OF CONTENTS
2.3.1. THE ENGLAND-FRANCE INTERCONNECTOR 89 2.3.2. THE ANGLO-SCOTTISH
INTERCONNECTOR 90 3. THE ELECTRICITY MARKET IN ENGLAND AND WALES 91 3.2.
THE ELECTRICITY POOL 91 3.2. NETA 93 3.2.1. BALANCING MECHANISM 94
3.2.2. DEVELOPMENT OFOTC AND EXCHANGE-BASED TRADING 94 4. LEGAL AND
REGULATORY FRAMEWORK 95 4.1. SCOPE AND RELEVANCE 95 4.2. ELECTRICITY ACT
1989 AND THE NEW REGULATORY FRAMEWORK . 95 4.3. UTILITIES ACT 2000 AND
THE DEVELOPMENT OF THE REGULATORY FRAMEWORK 97 4.4. REGULATION OF
COMPETITION 97 4.5. FINANCIAL SERVICES REGULATION 99 5. THE ABOLITION OF
THE POOL AND THE IMPLEMENTATION OF NETA 102 5.1. REVIEW OF THE
ELECTRICITY TRADING ARRANGEMENTS 102 5.2. FAILINGS OF THE ELECTRICITY
POOL 103 5.2.1. INFLEXIBLE GOVERNANCE 103 5.2.2. HIGH PRICES 103 5.2.3.
MARKET POWER ABUSE 103 5.2.4. NO DEMAND-SIDE PARTICIPATION 104 5.2.5.
EXCESSIVE NEW GENERATION 104 5.3. SUCCESSES OF THE POOL 104 5.3.1.
SECURITY AND QUALITY OF SUPPLY 104 5.3.2. ENCOURAGEMENT OF NEW
INVESTMENT 105 5.3.3. RETAIL SUPPLY COMPETITION 105 5.4. THE OBJECTIVES
OF NETA 105 5.4.1. INTERACTION WITH GAS MARKET 105 5.4.2. FLEXIBLE
TRADING 105 5.4.3. TRANSPARENCY 106 5.4.4. LOWER WHOLESALE PRICES 106
5.4.5. MORE FLEXIBLE GOVERNANCE 106 5.5. HAVE THE OBJECTIVES OF NETABEEN
ACHIEVED? 106 5.5.1. FLEXIBLE TRADING 106 5.5.2. TRANSPARENCY 107 5.5.3.
LOWER WHOLESALE PRICES 107 5.5.4. MORE FLEXIBLE GOVERNANCE 108 5.6.
OTHER CONSEQUENCES OF NETA 109 5.6.1. OPERATING INEFFICIENCIES 109
5.6.2. ADDITIONAL COSTS FOR RETAILERS 110 5.6.3. IMPACT ON RENEWABLE
GENERATORS 110 X V M INTERSENTIA TABLE OF CONTENTS 6. THE DEVELOPMENT OF
POWER EXCHANGES UNDER NETA ... 110 6.1. THE ROLE OF THE EXCHANGES 110
6.2. THE INSTITUTIONS 111 6.2.1. UKPX 111 6.2.2. APX 113 6.2.3.
INTERNATIONAL PETROLEUM EXCHANGE 114 7. NEW DEVELOPMENTS 114 7.1. BETTA
114 7.1.1. RATIONALE BEHIND BETTA 115 7.1.2. COMMON TRADING ARRANGEMENTS
115 7.1.3. COMMON TRANSMISSION ACCESS ARRANGEMENTS 115 7.1.4. SINGLE GB
SYSTEM OPERATOR 116 7.2. EMISSIONS TRADING 116 7.2.1. IMPLEMENTATION OF
THE EU EMISSIONS TRADING DIRECTIVE . 116 7.2.2. IMPLICATIONS OF THE
EMISSIONS TRADING DIRECTIVE FOR THE UK. ELECTRICITY MARKET 117 8.
CONCLUSION 117 CHAPTER 4. THE LIBERALISATION OF THE ELECTRICITY SECTOR
IN THE NETHERLANDS AND THE ROLE OF THE APX ONNO VERKUYL, MARTHA
ROGGENKAMP AND FRANCOIS BOISSELEAU 119 1. INTRODUCTION 119 2. THE
LIBERALISATION OF THE ELECTRICITY SECTOR 120 2.1. THE LEGAL FRAMEWORK
BEFORE MARKET LIBERALISATION .... 120 2.1.1. ELECTRICITY ACT 1989 121
2.1.2. MARKET STRUCTURE BEFORE LIBERALISATION 123 2.2. THE
LIBERALISATION OF THE ELECTRICITY MARKET 123 2.2.1. THE ELECTRICITY ACT
1998 123 2.2.2. MARKET OPENING 123 2.2.3. UNBUNDLING AND THE APPOINTMENT
OF NETWORK MANAGERS 125 2.2.4. THIRD PARTY ACCESS 126 2.2.5. PROGRAMME
RESPONSIBILITY 127 2.2.6. THE DUTCH ENERGY REGULATOR (DTE) 128 2.3.
MARKET STRUCTURE AFTER LIBERALISATION 128 3. ELECTRICITY TRADE AND THE
ESTABLISHMENT OF THE APX 129 3.1. THE ESTABLISHMENT OF THE APX 129 3.2.
OWNERSHIP AND ORGANISATION OF APX 132 3.2.1. FROM PRIVATE TO PUBLIC
OWNERSHIP 132 3.2.2. ORGANISATION OF APX 133 INTERSENTIA TABLE OF
CONTENTS 3.2.3. ENDEX NV AND ITS RELATIONSHIP WITH APX BV 134 3.3.
PARTICIPANTS AT APX 134 3.4. SUPERVISION 135 3.4.1. INTRODUCTION 135
3.4.2. THE ROLE OF THE ENERGY REGULATOR DTE 136 3.4.3. INTERNAL
SUPERVISION 137 4. FUNCTIONING OF THE ORGANISED MARKET 138 4.1. THE
REGULATIONS 138 4.2. PRODUCTS 139 4.2.1. INTRODUCTION 139 4.2.2.
DAY-AHEAD-MARKET 140 4.2.3. COMMODITY DELIVERY SYSTEM 141 5.
CROSS-BORDER TRADE 142 5.1. INTERCONNECTORS 142 5.2. IMPORT AND EXPORT
REGULATIONS AND RECIPROCITY RULES 143 5.3. ACCESS TO THE INTERCONNECTORS
AND CAPACITY RESERVATION 144 6. NEW DEVELOPMENTS 146 7. CONCLUSION 148
CHAPTER 5. LIBERALISATION AND ENERGY EXCHANGE(S) IN GERMANY MICHAEL
CIESLARCZYKAND MANFRED UNGEMACH 151 1. INTRODUCTION 151 1.1.
LIBERALISATION OF THE GERMAN ELECTRICITY SECTOR 151 1.2. MARKET
STRUCTURE AND MARKET DEVELOPMENT 153 1.2.1. MARKET STRUCTURE 153 1.2.2.
ELECTRICITY PRODUCTION AND CONSUMPTION 154 1.2.3. TRADING 156 2. LEGAL
FRAMEWORK 156 2.1. IMPLEMENTATION OF THE 1996 ELECTRICITY DIRECTIVE AND
PENDING IMPLEMENTATION OF THE 2003 ELECTRICITY DIRECTIVE 156 2.1.1.
MARKET OPENING 157 2.1.2. UNBUNDLING 158 2.1.3. THIRD PARTY ACCESS 158
2.1.4. LICENSING REQUIREMENTS 160 2.1.5 SUPERVISION 161 2.2. COMPETITION
LAW 161 2.2.1. APPLICABILITY OF THE COMPETITION LAW REGIME 161 2.2.2.
ABUSE CONTROL OF EXCLUSIVE DEALING AGREEMENTS 162 INTERSENTIA TABLE OF
CONTENTS 2.2.3. ABUSE OF A DOMINANT POSITION 162 2.2.4. PROHIBITION OF
DISCRIMINATION AND UNFAIR HINDRANCE ... 163 2.2.5. RECENT AMENDMENTS AND
NEW DEVELOPMENTS 163 2.3. PRIVATE LAW 164 2.3.1. ASSOCIATIONS AGREEMENTS
165 2.3.2. BALANCING AGREEMENTS 167 2.4. FINANCIAL SERVICES AND BANKING
REGULATION 171 2.4.1. INTRODUCTION 171 2.4.2. LICENSING REQUIREMENTS 172
3. THE LEIPZIG POWER EXCHANGE AND THE FRANKFURT EUROPEAN ENERGY EXCHANGE
174 3.1. THE ESTABLISHMENT OF THE LPX AND THE EEX 174 3.2. THE MERGER OF
BOTH EXCHANGES INTO ONE GERMAN ELECTRICITY EXCHANGE 175 3.3. STRUCTURE /
SUPERVISION 176 4. THE FUNCTIONING OF DIE ORGANISED MARKET 177 4.1. THE
PARTICIPANTS 177 4.2. THE REGULATIONS 178 4.2.1. INTRODUCTION 178 4.2.2.
EXCHANGE RULES 178 4.2.3. TRADING RULES 178 4.2.4. CLEARING RULES 179
4.2.5. EXAMINATION REGULATIONS 179 4.3. MARKETS 179 4.4. PRODUCTS 180
4.4.1. SPOT MARKET 180 4.4.2. FUTURES MARKET 183 4.4.3. OTC CLEARING
SERVICES 185 5. CROSS-BORDER TRADE 186 5.1. INTRODUCTION 186 5.2.
INTERCONNECTORS 186 5.3. IMPORT/EXPORT REGULATIONS AND RECIPROCITY RULES
187 5.4. ACCESS TO INTERCONNECTORS AND CAPACITY RESERVATION .... 188
5.4.1. APPLICABLE LEGISLATION 188 5.4.2. CONGESTION MANAGEMENT 188 6.
NEW DEVELOPMENTS 190 7. CONCLUSION 192 INTERSENTIA TABLE OF CONTENTS
CHAPTER 6. INTRODUCING COMPETITION IN THE FRENCH WHOLESALE MARKET: THE
ROLE OF THE POWER EXCHANGE NICOLAS CHARBIT AND FRANCOIS BOISSELEAU 195
1. INTRODUCTION 195 2. LIBERALISATION OF THE FRENCH ELECTRICITY SECTOR
196 2.1. MARKET STRUCTURE 196 2.2. LEGAL FRAMEWORK 198 2.2.1.
IMPLEMENTATION OF THE ELECTRICITY DIRECTIVE 198 2.2.2. THE ELECTRICITY
LAW AND ENERGY TRADING 200 2.2.3. FINANCIAL SECURITY REGULATION 202 3.
POWERNEXT 202 3.1. THE ESTABLISHMENT OF POWERNEXT 202 3.2. THE
PARTICIPANTS/OWNERS OF POWERNEXT 203 3.3. SUPERVISION 204 4. FUNCTIONING
OF THE POWER EXCHANGE 206 4.1. THE REGULATIONS 206 4.2. THE PRODUCTS 207
4.3. MARKET DEVELOPMENTS 208 5. CROSS-BORDER TRADE 213 5.1.
INTERCONNECTION WITH NEIGHBOURING COUNTRIES 213 5.2. IMPORT/EXPORT
REGULATIONS AND RECIPROCITY RULES 214 5.3. ACCESS TO INTERCONNECTORS AND
CAPACITY RESERVATION .... 215 6. NEW DEVELOPMENTS 218 7. CONCLUSION 219
CHAPTER 7. THE LIBERALISATION OF THE AUSTRIAN ELECTRICITY INDUSTRY AND
THE ROLE OF THE AUSTRIAN POWER EXCHANGE KATJA TAUTSCHER AND MARTIN ABRAM
223 1. INTRODUCTION: THE LIBERALISATION OF THE AUSTRIAN ELECTRICITY
SECTOR 223 2. THE ELECTRICITY MARKET IN AUSTRIA 224 2.1. PRODUCTION AND
CONSUMPTION 224 2.2. MARKET STRUCTURE AND MARKET DEVELOPMENT 225 2.3.
THE WHOLESALE MARKET 226 3. THE LEGAL FRAMEWORK FOR ELECTRICITY TRADING
227 3.1. DIVISION OF POWERS 227 3.2. ELECTRICITY LEGISLATION 227 3.2.1.
IMPLEMENTATION OF DIRECTIVE 1996/92/EC 227 3.2.2. UNBUNDLING 228 XXL1
INTERSENTIA TABLE OF CONTENTS 3.2.3. THIRD PARTY ACCESS 229 3.2.4.
BALANCING REGIME 229 3.2.5. INDEPENDENT REGULATORY AUTHORITIES 232
3.2.6. COMPETITION LAW REGIME 232 3.3. REGULATORY AUTHORITIES 232 3.3.1.
ELEKTRIZITAETS-CONTROL GMBH (ECG OR E-CONTROL ) 233 3.3.2.
ELEKTRIZITAETS-CONTROL COMMISSION (ECC) 233 3.3.3. FEDERAL MINISTER OF
ECONOMICS AND LABOUR 233 3.4. FINANCIAL REGULATIONS 234 3.4.1.
INTRODUCTION 234 3.4.2. PHYSICALLY SETTLED TRANSACTIONS 234 3.4.3. CASH
SETTLED DERIVATIVES 235 3.4.4. SECURITY LEGISLATION 235 4. EMERGENCE OF
THE ORGANISED MARKET 236 4.1. THE ESTABLISHMENT OF THE AUSTRIAN POWER
EXCHANGE EXAA 236 4.2. LEGAL BASIS OF EXAA 237 4.3. REGULATIONS 238 4.4.
THE PARTICIPANTS OF EXAA 239 4.4.1. TYPES OF PARTICIPATION 239 4.4.2.
REQUIREMENTS FOR PARTICIPATION 240 4.4.3. MEMBERSHIP 241 4.5.
SUPERVISION 241 4.6. PRODUCTS TRADED ON EXAA 242 4.6.1. GENERAL 242
4.6.2. SPOT MARKET PRODUCTS 243 4.6.3. DERIVATIVES MARKET PRODUCTS -
ESPREADS 243 4.6.4. RECS CERTIFICATES AND GUARANTEES OF ORIGIN 244 4.7.
THE FUNCTIONING OF THE ORGANISED MARKET 245 4.7.1. TRADING ON THE SPOT
MARKET 245 4.7.2. TRADING ON THE DERIVATIVES MARKET 246 4.7.3.
OBJECTIONS AGAINST TRADE CONFIRMATIONS 246 4.7.4. DELIVERY, CLEARING AND
SETTLEMENT 247 4.7.5. COLLATERAL 247 4.7.6. FEES 249 5. CROSS BORDER
TRADE 249 5.1. INTRODUCTION 249 5.2. IMPORT/EXPORT REGULATIONS AND
RECIPROCITY RULES 250 5.3. ACCESS TO INTERCONNECTORS 250 5.3.1.
RESTRICTIONS DUE TO INSUFFICIENT GRID CAPACITY 250 5.3.2. ALLOCATION
THROUGH CAPACITY DIVISION 251 5.3.3. ALLOCATION THROUGH AUCTION 251 5.4.
FEES 251 INTERSENTIA XX111 TABLE OF CONTENTS 6. NEW DEVELOPMENTS 252
6.1. ENVIRONMENTAL EXCHANGE 252 6.2. TRADING GAS PRODUCTS 253 6.3.
AUCTIONS OF TRANSMISSION CAPACITY 253 7. CONCLUSION 253 CHAPTER 8. THE
SPANISH EXPERIENCE: THE ROLE OF THE POWER POOL JAVIER DE QUINTO, INIGO
DEL GUAYO AND YOLANDA GARCIAMEZQUITA 255 1. INTRODUCTION 255 2. THE
LIBERALISATION OF THE SPANISH ELECTRICITY SECTOR .... 255 2.1. THE
ELECTRICITY ACT 1997 - A NEW REGULATORY MODEL 255 2.2. MARKET OPENING
256 2.3. TRANSMISSION SYSTEM OPERATOR 257 2.4. THE ESTABLISHMENT OF A
POWER POOL 258 2.5. THE ISSUE OF STRANDED COSTS 258 3. THE SPANISH
ELECTRICITY MARKET STRUCTURE 259 4. THE MARKET OPERATOR (OMEL) 261 4.1.
THE ESTABLISHMENT OF OMEL 261 4.2. MARKET RULES 262 5. THE FUNCTIONING
OF THE POOL 262 5.1. INTRODUCTION 262 5.2. MARKET PARTICIPANTS 263 5.3.
THE DAILY MARKET 264 6. CROSS-BORDER TRADE 265 6.1. INTERNATIONAL
ELECTRICITY CONNECTIONS 265 6.2. IMPORT/EXPORT REGULATIONS AND
RECIPROCITY RULES 266 7. NEW DEVELOPMENTS: THE IBERIAN MARKET 267 8.
CONCLUSION 268 CHAPTER 9. THE ROLE OF THE ORGANISED ELECTRICITY MARKET
IN ITALY FRANCESCOVETROE 271 1. THE ELECTRICITY SECTOR BEFORE
LIBERALISATION 271 2. LIBERALISATION OF THE ITALIAN ELECTRICITY SECTOR
272 2.1. MARKET STRUCTURE 272 2.2. LEGAL FRAMEWORK 273 2.2.1. GENERAL
273 2.2.2. REGULATING THE NETWORKS 273 XX1V INTERSENTIA TABLE OF
CONTENTS 2.2.3. SUPERVISION 274 2.2.4. MARKET OPENING 275 2.2.5.
REGULATING THE MARKET 276 3. THE ELECTRICITY MARKET OPERATOR GESTOREDEL
MERCATO ELETTRICO 278 3.1. ESTABLISHMENT OF THE MARKET OPERATOR 278 3.2.
MARKET REGULATIONS 279 3.3. THE MARKETS 279 3.3.1. THE ENERGY MARKETS:
DAY-AHEAD AND ADJUSTMENT MARKETS 279 3.3.2. DISPATCHING SERVICES MARKET
280 3.4. OTHER DEVELOPMENTS 281 3.4.1. GENERAL 281 3.4.2. GREEN
CERTIFICATES 281 3.4.3. ENERGY EFFICIENCY CERTIFICATES 281 4.
CROSS-BORDER TRADE 282 4.1. INTERCONNECTION WITH NEIGHBOURING COUNTRIES
282 4.2. ACCESS TO INTERCONNECTORS AND CAPACITY RESERVATION .... 282
4.3. INTERCONNECTORS AND THE ORGANISED MARKET 285 5. CONCLUSION 285
CHAPTER 10. THE LEGAL FORM OF POWER EXCHANGES: A COMPARATTVE OVERVIEW
BARRYBARTON 287 1. INTRODUCTION 287 2. LEGAL FOUNDATIONS 289 2.1. LEGAL
NATURE OF POWER EXCHANGES 289 2.1.1. EXCHANGES CREATED BY CONTRACT OR
OTHER PRIVATE LAW MEANS 289 2.1.2. EXCHANGES CREATED BY STATUTE OR OTHER
PUBLIC LAW MEANS 290 2.1.3. EXCHANGES CREATED AS CORPORATIONS 290 2.1.4.
EXCHANGES IN THE EU 291 2.2. FUNCTIONAL DISTINCTIONS 291 3. EXTERNAL
REGULATION 292 3.1. TYPES OF REGULATION 292 3.2. MONOPOLY 295 3.3.
SELF-REGULATION 297 4. DIRECTION, GOVERNANCE, AND MANAGEMENT OF POWER
EXCHANGES 299 4.1. DECISION-MAKING POWERS 299 4.2. EARLIER ANALYSIS 300
4.3. A NEW CLASSIFICATION 302 INTERSENTIA XXV TABLE OF CONTENTS 5.
SPECIFIC GOVERNANCE ISSUES 303 5.1. PARTICIPANTS OR INDEPENDENTS 303
5.2. MARKET PRINCIPLES 303 5.3. VOICE OF PARTICIPANTS 304 5.4.
RULEMAKING AND VOTING 305 5.5. MONITORING AND SURVEILLANCE 305 5.6.
DISPUTE RESOLUTION 306 5.7. ENFORCEMENT 306 6. INWARD LOOKING AND
OUTWARD 307 7. DESIRABLE ATTRIBUTES OF POWER EXCHANGES 308 8. CONTINUING
EVOLUTION 310 XXVI INTERSENTIA
|
| adam_txt |
THE REGULATION OF POWER EXCHANGES IN EUROPE EDITED BY DR. MARTHA M.
ROGGENKAMP DR. FRANCOIS BOISSELEAU INTERSENTIA ANTWERP - OXFORD TABLE OF
CONTENTS FOREWORD V PREFACE VII LIST OF CONTRIBUTORS IX LIST OF
ABBREVIATIONS XI CHAPTER 1. THE LIBERALISATION OF THE EU ELECTRICITY
MARKET AND THE ROLE OF POWER EXCHANGES MARTHA ROGGENKAMP AND FRANCOIS
BOISSELEAU 1 1. INTRODUCTION 1 2. ELECTRICITY LIBERALIZATION IN EUROPE 1
2.1. THE CREATION OF AN INTERNAL ENERGY MARKET 1 2.2. THE EU TREATY AND
THE ELECTRICITY SECTOR 3 2.2.1. ELECTRICITY COMPANIES AND COMPETITION
LAW 3 2.2.2. STATE MONOPOLIES AND EXCLUSIVE RIGHTS TO IMPORT AND EXPORT
4 2.2.3. FREE MOVEMENT OF GOODS 5 2.2.4. CONCLUDING REMARKS 6 2.3. THE
ELECTRICITY DIRECTIVES 6 2.3.1. INTRODUCTION 6 2.3.2. MARKET OPENING 7
2.3.3. THIRD PARTY ACCESS 9 2.3.4. SYSTEM OPERATORS 10 2.3.5. UNBUNDLING
10 2.3.6. DISPUTE SETTLEMENT AUTHORITY AND REGULATORY AUTHORITY .11
2.3.7. PUBLIC SERVICE OBLIGATIONS 12 2.4. REGULATION NO. 1228/2003 AND
ACCESS TO CROSS-BORDER INTERCONNECTIONS 13 2.5. TRADING ELECTRICITY IN A
LIBERALISED MARKET 14 2.5.1. INTRODUCTION 14 2.5.2. PHYSICAL TRADING 15
2.5.3. TRADING FINANCIAL PRODUCTS 16 3. THE EMERGENCE OF POWER EXCHANGES
19 3.1. INTRODUCTION 19 3.2. THE FORERUNNER OF POWER EXCHANGES: POWER
POOLS 19 3.3. WHAT IS A POWER EXCHANGE? 20 3.4. PRODUCTS 23 INTERSENTIA
XV TABLE OF CONTENTS 3.5. PRICE FORMATION MECHANISMS 23 3.5.1.
INTRODUCTION 23 3.5.2. HOURLYBIDS 24 3.5.3. BLOCK BIDS 25 3.5.4.
MATCHING 26 4. ORGANIZATION OF THE BOOK 28 CHAPTER 2. THE NORDIC
ELECTRICITY MARKET - A MATURE INTERNATIONAL MARKET AND POWER EXCHANGE
ODD-HARALDWASENDEN 31 1. INTRODUCTION 31 2. ENERGY LIBERALISATION IN THE
NORDIC COUNTRIES 33 2.1. INTRODUCTION AND OVERVIEW 33 2.2. MARKET
STRUCTURE 34 2.2.1. PRODUCTION, CONSUMPTION AND MARKET PLAYERS 34 2.2.2.
INTERCONNECTION 35 2.3. ELECTRICITY LEGISLATION 36 2.3.1. OVERVIEW 36
2.3.2. ELECTRICITY LEGISLATION IN SWEDEN, DENMARK AND FINLAND . 37
2.3.3. NORWEGIAN ELECTRICITY LEGISLATION 39 2.4. SECURITY LEGISLATION 43
2.4.1. OVERVIEW 43 2.4.2. NORWEGIAN SECURITY LEGISLATION 44 2.4.3.
SECURITY LEGISLATION IN SWEDEN, DENMARK AND FINLAND . 47 2.5.
COMPETITION LAW 48 3. THE EMERGENCE OF AN ORGANISED MARKET: NORD POOL
. 49 3.1. THE EMERGENCE OF THE MARKETPLACE: HISTORY 49 3.1.1. THE
PHYSICAL MARKET 50 3.1.2. THE EMERGENCE OFA FINANCIAL MARKET 51 3.2.
CURRENT ORGANISATION - THE NORD POOL GROUP OF COMPANIES 51 3.3.
PARTICIPANTS AND TRADING ACTIVITIES AT A GLANCE 52 3.4. SUPERVISION 53
4. FUNCTIONING OF THE PHYSICAL MARKET 54 4.1. GENERAL 54 4.2. THE ROLE
OF THE MARKETPLACE IN THE POWER SYSTEM - TSO INTERFACE 55 4.3. LEGAL
FRAMEWORK OF THE MARKETPLACE 56 4.3.1. LICENSING 56 4.3.2. THE
OBLIGATIONS OF NORD POOL SPOT 57 4.3.3. REGULATION OF THE CROSS-BORDER
FUNCTIONS OF THE MARKETPLACE 58 XV1 INTERSENTIA TABLE OF CONTENTS 4.4.
PRODUCTS AND BIDDING IN THE ELSPOT MARKET 59 4.5. PRICE SETTING IN THE
ELSPOT MARKET - MARKET SPLITTING . 60 4.6. CLEARING AND SETTLEMENT IN
THE PHYSICAL MARKET 62 4.7. ELBAS 63 5. THE FINANCIAL MARKET OF NORD
POOL 64 5.1. INTRODUCTION - THE CORRELATION BETWEEN PHYSICAL AND
FINANCIAL TRADE 64 5.2. REGULATION OF THE FINANCIAL MARKET 65 5.3. NORD
POOL'S SURVEILLANCE OF THE MARKET 67 5.4. FUNCTIONING OF THE NORD POOL
FINANCIAL MARKET IN GENERAL 69 5.5. THE PRODUCTS IN THE FINANCIAL MARKET
70 5.5.1. INTRODUCTION 70 5.5.2. FORWARD CONTRACTS AND FUTURE CONTRACTS
71 5.5.3. OPTIONS 71 5.5.4. CONTRACTS FOR DIFFERENCE 72 5.6. CLEARING
AND SETTLEMENT IN THE FINANCIAL MARKET 73 5.6.1. REGULATION OF THE
CLEARING SERVICES 73 5.6.2. CLEARING PROCEDURES 73 6. CROSS-BORDER TRADE
BETWEEN THE NORDIC AREA AND OTHER COUNTRIES 75 6.1. INTRODUCTION 75 6.2.
CAPACITY RESERVATION AND CONGESTION MANAGEMENT 75 7. DEVELOPMENTS 76 8.
CONCLUSIONS 79 CHAPTER 3. THE UK ELECTRICITY MARKET -FROM POOL TO
EXCHANGE MARKBARTHOLOMEW 81 1. INTRODUCTION 81 1.1. THE ELECTRICITY
MARKET ARRANGEMENTS IN ENGLAND AND WALES 81 1.2. THE SEPARATE MARKET
ARRANGEMENTS IN SCOTLAND AND IN NORTHERN IRELAND 81 1.3. THE EXTENSION
OF NETA 82 2. LIBERALISATION AND THE NEW INDUSTRY STRUCTURE 83 2.1.
DRIVERS FOR LIBERALISATION 83 2.2. THE NEW MARKET STRUCTURE 84 2.2.1.
GENERATION: THE NEW GENERATION COMPANIES 84 2.2.2. TRANSMISSION: THE
NATIONAL GRID COMPANY PLC 85 2.2.3. DISTRIBUTION AND RETAIL SUPPLY: THE
RECS 87 2.3. INTERCONNECTION 89 INTERSENTIA XVI1 TABLE OF CONTENTS
2.3.1. THE ENGLAND-FRANCE INTERCONNECTOR 89 2.3.2. THE ANGLO-SCOTTISH
INTERCONNECTOR 90 3. THE ELECTRICITY MARKET IN ENGLAND AND WALES 91 3.2.
THE ELECTRICITY POOL 91 3.2. NETA 93 3.2.1. BALANCING MECHANISM 94
3.2.2. DEVELOPMENT OFOTC AND EXCHANGE-BASED TRADING 94 4. LEGAL AND
REGULATORY FRAMEWORK 95 4.1. SCOPE AND RELEVANCE 95 4.2. ELECTRICITY ACT
1989 AND THE NEW REGULATORY FRAMEWORK . 95 4.3. UTILITIES ACT 2000 AND
THE DEVELOPMENT OF THE REGULATORY FRAMEWORK 97 4.4. REGULATION OF
COMPETITION 97 4.5. FINANCIAL SERVICES REGULATION 99 5. THE ABOLITION OF
THE POOL AND THE IMPLEMENTATION OF NETA 102 5.1. REVIEW OF THE
ELECTRICITY TRADING ARRANGEMENTS 102 5.2. FAILINGS OF THE ELECTRICITY
POOL 103 5.2.1. INFLEXIBLE GOVERNANCE 103 5.2.2. HIGH PRICES 103 5.2.3.
MARKET POWER ABUSE 103 5.2.4. NO DEMAND-SIDE PARTICIPATION 104 5.2.5.
EXCESSIVE NEW GENERATION 104 5.3. SUCCESSES OF THE POOL 104 5.3.1.
SECURITY AND QUALITY OF SUPPLY 104 5.3.2. ENCOURAGEMENT OF NEW
INVESTMENT 105 5.3.3. RETAIL SUPPLY COMPETITION 105 5.4. THE OBJECTIVES
OF NETA 105 5.4.1. INTERACTION WITH GAS MARKET 105 5.4.2. FLEXIBLE
TRADING 105 5.4.3. TRANSPARENCY 106 5.4.4. LOWER WHOLESALE PRICES 106
5.4.5. MORE FLEXIBLE GOVERNANCE 106 5.5. HAVE THE OBJECTIVES OF NETABEEN
ACHIEVED? 106 5.5.1. FLEXIBLE TRADING 106 5.5.2. TRANSPARENCY 107 5.5.3.
LOWER WHOLESALE PRICES 107 5.5.4. MORE FLEXIBLE GOVERNANCE 108 5.6.
OTHER CONSEQUENCES OF NETA 109 5.6.1. OPERATING INEFFICIENCIES 109
5.6.2. ADDITIONAL COSTS FOR RETAILERS 110 5.6.3. IMPACT ON RENEWABLE
GENERATORS 110 X V M INTERSENTIA TABLE OF CONTENTS 6. THE DEVELOPMENT OF
POWER EXCHANGES UNDER NETA . 110 6.1. THE ROLE OF THE EXCHANGES 110
6.2. THE INSTITUTIONS 111 6.2.1. UKPX 111 6.2.2. APX 113 6.2.3.
INTERNATIONAL PETROLEUM EXCHANGE 114 7. NEW DEVELOPMENTS 114 7.1. BETTA
114 7.1.1. RATIONALE BEHIND BETTA 115 7.1.2. COMMON TRADING ARRANGEMENTS
115 7.1.3. COMMON TRANSMISSION ACCESS ARRANGEMENTS 115 7.1.4. SINGLE GB
SYSTEM OPERATOR 116 7.2. EMISSIONS TRADING 116 7.2.1. IMPLEMENTATION OF
THE EU EMISSIONS TRADING DIRECTIVE . 116 7.2.2. IMPLICATIONS OF THE
EMISSIONS TRADING DIRECTIVE FOR THE UK. ELECTRICITY MARKET 117 8.
CONCLUSION 117 CHAPTER 4. THE LIBERALISATION OF THE ELECTRICITY SECTOR
IN THE NETHERLANDS AND THE ROLE OF THE APX ONNO VERKUYL, MARTHA
ROGGENKAMP AND FRANCOIS BOISSELEAU 119 1. INTRODUCTION 119 2. THE
LIBERALISATION OF THE ELECTRICITY SECTOR 120 2.1. THE LEGAL FRAMEWORK
BEFORE MARKET LIBERALISATION . 120 2.1.1. ELECTRICITY ACT 1989 121
2.1.2. MARKET STRUCTURE BEFORE LIBERALISATION 123 2.2. THE
LIBERALISATION OF THE ELECTRICITY MARKET 123 2.2.1. THE ELECTRICITY ACT
1998 123 2.2.2. MARKET OPENING 123 2.2.3. UNBUNDLING AND THE APPOINTMENT
OF NETWORK MANAGERS 125 2.2.4. THIRD PARTY ACCESS 126 2.2.5. PROGRAMME
RESPONSIBILITY 127 2.2.6. THE DUTCH ENERGY REGULATOR (DTE) 128 2.3.
MARKET STRUCTURE AFTER LIBERALISATION 128 3. ELECTRICITY TRADE AND THE
ESTABLISHMENT OF THE APX 129 3.1. THE ESTABLISHMENT OF THE APX 129 3.2.
OWNERSHIP AND ORGANISATION OF APX 132 3.2.1. FROM PRIVATE TO PUBLIC
OWNERSHIP 132 3.2.2. ORGANISATION OF APX 133 INTERSENTIA TABLE OF
CONTENTS 3.2.3. ENDEX NV AND ITS RELATIONSHIP WITH APX BV 134 3.3.
PARTICIPANTS AT APX 134 3.4. SUPERVISION 135 3.4.1. INTRODUCTION 135
3.4.2. THE ROLE OF THE ENERGY REGULATOR DTE 136 3.4.3. INTERNAL
SUPERVISION 137 4. FUNCTIONING OF THE ORGANISED MARKET 138 4.1. THE
REGULATIONS 138 4.2. PRODUCTS 139 4.2.1. INTRODUCTION 139 4.2.2.
DAY-AHEAD-MARKET 140 4.2.3. COMMODITY DELIVERY SYSTEM 141 5.
CROSS-BORDER TRADE 142 5.1. INTERCONNECTORS 142 5.2. IMPORT AND EXPORT
REGULATIONS AND RECIPROCITY RULES 143 5.3. ACCESS TO THE INTERCONNECTORS
AND CAPACITY RESERVATION 144 6. NEW DEVELOPMENTS 146 7. CONCLUSION 148
CHAPTER 5. LIBERALISATION AND ENERGY EXCHANGE(S) IN GERMANY MICHAEL
CIESLARCZYKAND MANFRED UNGEMACH 151 1. INTRODUCTION 151 1.1.
LIBERALISATION OF THE GERMAN ELECTRICITY SECTOR 151 1.2. MARKET
STRUCTURE AND MARKET DEVELOPMENT 153 1.2.1. MARKET STRUCTURE 153 1.2.2.
ELECTRICITY PRODUCTION AND CONSUMPTION 154 1.2.3. TRADING 156 2. LEGAL
FRAMEWORK 156 2.1. IMPLEMENTATION OF THE 1996 ELECTRICITY DIRECTIVE AND
PENDING IMPLEMENTATION OF THE 2003 ELECTRICITY DIRECTIVE 156 2.1.1.
MARKET OPENING 157 2.1.2. UNBUNDLING 158 2.1.3. THIRD PARTY ACCESS 158
2.1.4. LICENSING REQUIREMENTS 160 2.1.5 SUPERVISION 161 2.2. COMPETITION
LAW 161 2.2.1. APPLICABILITY OF THE COMPETITION LAW REGIME 161 2.2.2.
ABUSE CONTROL OF EXCLUSIVE DEALING AGREEMENTS 162 INTERSENTIA TABLE OF
CONTENTS 2.2.3. ABUSE OF A DOMINANT POSITION 162 2.2.4. PROHIBITION OF
DISCRIMINATION AND UNFAIR HINDRANCE . 163 2.2.5. RECENT AMENDMENTS AND
NEW DEVELOPMENTS 163 2.3. PRIVATE LAW 164 2.3.1. ASSOCIATIONS AGREEMENTS
165 2.3.2. BALANCING AGREEMENTS 167 2.4. FINANCIAL SERVICES AND BANKING
REGULATION 171 2.4.1. INTRODUCTION 171 2.4.2. LICENSING REQUIREMENTS 172
3. THE LEIPZIG POWER EXCHANGE AND THE FRANKFURT EUROPEAN ENERGY EXCHANGE
174 3.1. THE ESTABLISHMENT OF THE LPX AND THE EEX 174 3.2. THE MERGER OF
BOTH EXCHANGES INTO ONE GERMAN ELECTRICITY EXCHANGE 175 3.3. STRUCTURE /
SUPERVISION 176 4. THE FUNCTIONING OF DIE ORGANISED MARKET 177 4.1. THE
PARTICIPANTS 177 4.2. THE REGULATIONS 178 4.2.1. INTRODUCTION 178 4.2.2.
EXCHANGE RULES 178 4.2.3. TRADING RULES 178 4.2.4. CLEARING RULES 179
4.2.5. EXAMINATION REGULATIONS 179 4.3. MARKETS 179 4.4. PRODUCTS 180
4.4.1. SPOT MARKET 180 4.4.2. FUTURES MARKET 183 4.4.3. OTC CLEARING
SERVICES 185 5. CROSS-BORDER TRADE 186 5.1. INTRODUCTION 186 5.2.
INTERCONNECTORS 186 5.3. IMPORT/EXPORT REGULATIONS AND RECIPROCITY RULES
187 5.4. ACCESS TO INTERCONNECTORS AND CAPACITY RESERVATION . 188
5.4.1. APPLICABLE LEGISLATION 188 5.4.2. CONGESTION MANAGEMENT 188 6.
NEW DEVELOPMENTS 190 7. CONCLUSION 192 INTERSENTIA TABLE OF CONTENTS
CHAPTER 6. INTRODUCING COMPETITION IN THE FRENCH WHOLESALE MARKET: THE
ROLE OF THE POWER EXCHANGE NICOLAS CHARBIT AND FRANCOIS BOISSELEAU 195
1. INTRODUCTION 195 2. LIBERALISATION OF THE FRENCH ELECTRICITY SECTOR
196 2.1. MARKET STRUCTURE 196 2.2. LEGAL FRAMEWORK 198 2.2.1.
IMPLEMENTATION OF THE ELECTRICITY DIRECTIVE 198 2.2.2. THE ELECTRICITY
LAW AND ENERGY TRADING 200 2.2.3. FINANCIAL SECURITY REGULATION 202 3.
POWERNEXT 202 3.1. THE ESTABLISHMENT OF POWERNEXT 202 3.2. THE
PARTICIPANTS/OWNERS OF POWERNEXT 203 3.3. SUPERVISION 204 4. FUNCTIONING
OF THE POWER EXCHANGE 206 4.1. THE REGULATIONS 206 4.2. THE PRODUCTS 207
4.3. MARKET DEVELOPMENTS 208 5. CROSS-BORDER TRADE 213 5.1.
INTERCONNECTION WITH NEIGHBOURING COUNTRIES 213 5.2. IMPORT/EXPORT
REGULATIONS AND RECIPROCITY RULES 214 5.3. ACCESS TO INTERCONNECTORS AND
CAPACITY RESERVATION . 215 6. NEW DEVELOPMENTS 218 7. CONCLUSION 219
CHAPTER 7. THE LIBERALISATION OF THE AUSTRIAN ELECTRICITY INDUSTRY AND
THE ROLE OF THE AUSTRIAN POWER EXCHANGE KATJA TAUTSCHER AND MARTIN ABRAM
223 1. INTRODUCTION: THE LIBERALISATION OF THE AUSTRIAN ELECTRICITY
SECTOR 223 2. THE ELECTRICITY MARKET IN AUSTRIA 224 2.1. PRODUCTION AND
CONSUMPTION 224 2.2. MARKET STRUCTURE AND MARKET DEVELOPMENT 225 2.3.
THE WHOLESALE MARKET 226 3. THE LEGAL FRAMEWORK FOR ELECTRICITY TRADING
227 3.1. DIVISION OF POWERS 227 3.2. ELECTRICITY LEGISLATION 227 3.2.1.
IMPLEMENTATION OF DIRECTIVE 1996/92/EC 227 3.2.2. UNBUNDLING 228 XXL1
INTERSENTIA TABLE OF CONTENTS 3.2.3. THIRD PARTY ACCESS 229 3.2.4.
BALANCING REGIME 229 3.2.5. INDEPENDENT REGULATORY AUTHORITIES 232
3.2.6. COMPETITION LAW REGIME 232 3.3. REGULATORY AUTHORITIES 232 3.3.1.
ELEKTRIZITAETS-CONTROL GMBH (ECG OR "E-CONTROL") 233 3.3.2.
ELEKTRIZITAETS-CONTROL COMMISSION (ECC) 233 3.3.3. FEDERAL MINISTER OF
ECONOMICS AND LABOUR 233 3.4. FINANCIAL REGULATIONS 234 3.4.1.
INTRODUCTION 234 3.4.2. PHYSICALLY SETTLED TRANSACTIONS 234 3.4.3. CASH
SETTLED DERIVATIVES 235 3.4.4. SECURITY LEGISLATION 235 4. EMERGENCE OF
THE ORGANISED MARKET 236 4.1. THE ESTABLISHMENT OF THE AUSTRIAN POWER
EXCHANGE EXAA 236 4.2. LEGAL BASIS OF EXAA 237 4.3. REGULATIONS 238 4.4.
THE PARTICIPANTS OF EXAA 239 4.4.1. TYPES OF PARTICIPATION 239 4.4.2.
REQUIREMENTS FOR PARTICIPATION 240 4.4.3. MEMBERSHIP 241 4.5.
SUPERVISION 241 4.6. PRODUCTS TRADED ON EXAA 242 4.6.1. GENERAL 242
4.6.2. SPOT MARKET PRODUCTS 243 4.6.3. DERIVATIVES MARKET PRODUCTS -
ESPREADS 243 4.6.4. RECS CERTIFICATES AND GUARANTEES OF ORIGIN 244 4.7.
THE FUNCTIONING OF THE ORGANISED MARKET 245 4.7.1. TRADING ON THE SPOT
MARKET 245 4.7.2. TRADING ON THE DERIVATIVES MARKET 246 4.7.3.
OBJECTIONS AGAINST TRADE CONFIRMATIONS 246 4.7.4. DELIVERY, CLEARING AND
SETTLEMENT 247 4.7.5. COLLATERAL 247 4.7.6. FEES 249 5. CROSS BORDER
TRADE 249 5.1. INTRODUCTION 249 5.2. IMPORT/EXPORT REGULATIONS AND
RECIPROCITY RULES 250 5.3. ACCESS TO INTERCONNECTORS 250 5.3.1.
RESTRICTIONS DUE TO INSUFFICIENT GRID CAPACITY 250 5.3.2. ALLOCATION
THROUGH CAPACITY DIVISION 251 5.3.3. ALLOCATION THROUGH AUCTION 251 5.4.
FEES 251 INTERSENTIA XX111 TABLE OF CONTENTS 6. NEW DEVELOPMENTS 252
6.1. ENVIRONMENTAL EXCHANGE 252 6.2. TRADING GAS PRODUCTS 253 6.3.
AUCTIONS OF TRANSMISSION CAPACITY 253 7. CONCLUSION 253 CHAPTER 8. THE
SPANISH EXPERIENCE: THE ROLE OF THE POWER POOL JAVIER DE QUINTO, INIGO
DEL GUAYO AND YOLANDA GARCIAMEZQUITA 255 1. INTRODUCTION 255 2. THE
LIBERALISATION OF THE SPANISH ELECTRICITY SECTOR . 255 2.1. THE
ELECTRICITY ACT 1997 - A NEW REGULATORY MODEL 255 2.2. MARKET OPENING
256 2.3. TRANSMISSION SYSTEM OPERATOR 257 2.4. THE ESTABLISHMENT OF A
POWER POOL 258 2.5. THE ISSUE OF STRANDED COSTS 258 3. THE SPANISH
ELECTRICITY MARKET STRUCTURE 259 4. THE MARKET OPERATOR (OMEL) 261 4.1.
THE ESTABLISHMENT OF OMEL 261 4.2. MARKET RULES 262 5. THE FUNCTIONING
OF THE POOL 262 5.1. INTRODUCTION 262 5.2. MARKET PARTICIPANTS 263 5.3.
THE DAILY MARKET 264 6. CROSS-BORDER TRADE 265 6.1. INTERNATIONAL
ELECTRICITY CONNECTIONS 265 6.2. IMPORT/EXPORT REGULATIONS AND
RECIPROCITY RULES 266 7. NEW DEVELOPMENTS: THE IBERIAN MARKET 267 8.
CONCLUSION 268 CHAPTER 9. THE ROLE OF THE ORGANISED ELECTRICITY MARKET
IN ITALY FRANCESCOVETROE 271 1. THE ELECTRICITY SECTOR BEFORE
LIBERALISATION 271 2. LIBERALISATION OF THE ITALIAN ELECTRICITY SECTOR
272 2.1. MARKET STRUCTURE 272 2.2. LEGAL FRAMEWORK 273 2.2.1. GENERAL
273 2.2.2. REGULATING THE NETWORKS 273 XX1V INTERSENTIA TABLE OF
CONTENTS 2.2.3. SUPERVISION 274 2.2.4. MARKET OPENING 275 2.2.5.
REGULATING THE MARKET 276 3. THE ELECTRICITY MARKET OPERATOR GESTOREDEL
MERCATO ELETTRICO 278 3.1. ESTABLISHMENT OF THE MARKET OPERATOR 278 3.2.
MARKET REGULATIONS 279 3.3. THE MARKETS 279 3.3.1. THE ENERGY MARKETS:
DAY-AHEAD AND ADJUSTMENT MARKETS 279 3.3.2. DISPATCHING SERVICES MARKET
280 3.4. OTHER DEVELOPMENTS 281 3.4.1. GENERAL 281 3.4.2. GREEN
CERTIFICATES 281 3.4.3. ENERGY EFFICIENCY CERTIFICATES 281 4.
CROSS-BORDER TRADE 282 4.1. INTERCONNECTION WITH NEIGHBOURING COUNTRIES
282 4.2. ACCESS TO INTERCONNECTORS AND CAPACITY RESERVATION . 282
4.3. INTERCONNECTORS AND THE ORGANISED MARKET 285 5. CONCLUSION 285
CHAPTER 10. THE LEGAL FORM OF POWER EXCHANGES: A COMPARATTVE OVERVIEW
BARRYBARTON 287 1. INTRODUCTION 287 2. LEGAL FOUNDATIONS 289 2.1. LEGAL
NATURE OF POWER EXCHANGES 289 2.1.1. EXCHANGES CREATED BY CONTRACT OR
OTHER PRIVATE LAW MEANS 289 2.1.2. EXCHANGES CREATED BY STATUTE OR OTHER
PUBLIC LAW MEANS 290 2.1.3. EXCHANGES CREATED AS CORPORATIONS 290 2.1.4.
EXCHANGES IN THE EU 291 2.2. FUNCTIONAL DISTINCTIONS 291 3. EXTERNAL
REGULATION 292 3.1. TYPES OF REGULATION 292 3.2. MONOPOLY 295 3.3.
SELF-REGULATION 297 4. DIRECTION, GOVERNANCE, AND MANAGEMENT OF POWER
EXCHANGES 299 4.1. DECISION-MAKING POWERS 299 4.2. EARLIER ANALYSIS 300
4.3. A NEW CLASSIFICATION 302 INTERSENTIA XXV TABLE OF CONTENTS 5.
SPECIFIC GOVERNANCE ISSUES 303 5.1. PARTICIPANTS OR INDEPENDENTS 303
5.2. MARKET PRINCIPLES 303 5.3. VOICE OF PARTICIPANTS 304 5.4.
RULEMAKING AND VOTING 305 5.5. MONITORING AND SURVEILLANCE 305 5.6.
DISPUTE RESOLUTION 306 5.7. ENFORCEMENT 306 6. INWARD LOOKING AND
OUTWARD 307 7. DESIRABLE ATTRIBUTES OF POWER EXCHANGES 308 8. CONTINUING
EVOLUTION 310 XXVI INTERSENTIA |
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| dewey-ones | 333 - Economics of land and energy |
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| geographic | Europa |
| geographic_facet | Europa |
| id | DE-604.BV021481567 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T14:11:10Z |
| indexdate | 2024-07-09T20:36:53Z |
| institution | BVB |
| isbn | 9050953174 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014702672 |
| oclc_num | 57730116 |
| open_access_boolean | |
| owner | DE-M382 DE-703 DE-521 |
| owner_facet | DE-M382 DE-703 DE-521 |
| physical | XXVI, 311 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | Intersentia |
| record_format | marc |
| series | Energy & law |
| series2 | Energy & law |
| spelling | The regulation of power exchanges in Europe ed. by Martha M. Roggenkamp ... Antwerp [u.a.] Intersentia 2005 XXVI, 311 S. txt rdacontent n rdamedia nc rdacarrier Energy & law 2 Beurzen (handel) gtt Elektriciteitsvoorziening gtt Liberalisatie gtt Regelgeving gtt Électricité - Vente - Europe Électricité, Services publics d' - Droit - Europe Recht Electric power distribution Europe Electric utilities Law and legislation Europe Europa Roggenkamp, Martha M. 1955- (DE-588)140551808 edt Energy & law 2 (DE-604)BV021290700 2 GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014702672&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The regulation of power exchanges in Europe Energy & law Beurzen (handel) gtt Elektriciteitsvoorziening gtt Liberalisatie gtt Regelgeving gtt Électricité - Vente - Europe Électricité, Services publics d' - Droit - Europe Recht Electric power distribution Europe Electric utilities Law and legislation Europe |
| title | The regulation of power exchanges in Europe |
| title_auth | The regulation of power exchanges in Europe |
| title_exact_search | The regulation of power exchanges in Europe |
| title_exact_search_txtP | The regulation of power exchanges in Europe |
| title_full | The regulation of power exchanges in Europe ed. by Martha M. Roggenkamp ... |
| title_fullStr | The regulation of power exchanges in Europe ed. by Martha M. Roggenkamp ... |
| title_full_unstemmed | The regulation of power exchanges in Europe ed. by Martha M. Roggenkamp ... |
| title_short | The regulation of power exchanges in Europe |
| title_sort | the regulation of power exchanges in europe |
| topic | Beurzen (handel) gtt Elektriciteitsvoorziening gtt Liberalisatie gtt Regelgeving gtt Électricité - Vente - Europe Électricité, Services publics d' - Droit - Europe Recht Electric power distribution Europe Electric utilities Law and legislation Europe |
| topic_facet | Beurzen (handel) Elektriciteitsvoorziening Liberalisatie Regelgeving Électricité - Vente - Europe Électricité, Services publics d' - Droit - Europe Recht Electric power distribution Europe Electric utilities Law and legislation Europe Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014702672&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV021290700 |
| work_keys_str_mv | AT roggenkampmartham theregulationofpowerexchangesineurope |