Energy Exchange Austria

The Energy Exchange Austria (EXAA ) is an electronic marketplace for energy trading. It acts as Austrian electricity market and is active in the Austrian APG control area and in all four German control areas. Since December 2012, the trade in green electricity at EXAA is handled in the five zones.

In addition to the classic stock market agendas, EXAA care of the settlement of financial transactions ( clearing) and assumes the risk that market participants do not buy as agreed shops underlying values ​​or sell ( counterparty risk). At the trading days from Monday to Friday, orders of individual market participants are collected in a closed order book. Thereafter, each conducted an auction for gray and green electricity daily. The price determined in the auction ( Market Clearing Price = MCP ), and the individual market participants assigned amounts are communicated to them immediately after the auction. Physical settlement of the transactions carried out in each case the next day ( day-ahead trading ).

History

With the full liberalization of the Austrian electricity market on 1 October 2001, the legal framework for the establishment of a power exchange were created. Trading began on 21 March 2002 with twelve market participants. Meanwhile includes EXAA spot trading over 75 power trading companies from 16 countries.

Subsequently, the trade areas and agendas were continuously expanded:

  • June 2004 opening of the trans power control area (formerly E.ON )
  • May 2005 opening of the Amprion control area ( formerly RWE )
  • June 2005 start of trading in CO2 certificates
  • December 2006 opening control area in Switzerland
  • 2006 establishment of two market makers for spot trading power
  • 2002 - 2006 Auction Office for capacity auctions ( now handled by RIECADO, a company of CISMOgroup )
  • 2007 maximum size per block product is increased from 200 MW to 500 MW
  • 2008 conversion of the algorithm for more reliable execution of market orders
  • Regular end of 2008 market analysis of the electricity spot market EXAA to increase transparency
  • From 2009 TEEM - Training for Energy and Environmental Markets
  • December 2009 opening of the EnBW and Vattenfall control area
  • May 2011 EXAA takes over the operative business for the market area Hungary Prague Energy Exchange PXE
  • August 2011 cooperation agreement with greenmarket ( daughter of the Bavarian Stock Exchange) on the CO2 market. The CO2 spot market at EXAA was shut down
  • December 2011 maximum size per block product is increased from 500 MW to 1,000 MW
  • March 2012, the Hungarian day-ahead market, the EXAA has supervised on behalf of PXE is no longer carried by EXAA
  • December 2012 introduction of the green electricity market
  • Dealing With October 15, 2013 negative prices are possible on EXAA. To enter the market even in situations characterized by oversupply the opportunity to respond with appropriate price signals, since a price limit applies from -150 EUR / MWh to plus 3000 EUR / MWh:

History's " darkest day " experienced EXAA on November 12, 2012, when their data center failed and to this day no trading could be carried out because the backup systems could not be used.

EXAA day-ahead market for electrical energy

The main objective of the operation of an electronic trading platform with an auction system is to combine the liquidity optimally. In addition, the efficiency of the commercial activity is promoted by the cost of completing transactions compared to bilateral trade is significantly reduced. The neutrality of an energy exchange, the guaranteed anonymity of the commandments and the immediate publication of price information contribute significantly to promote fairness in the entire market. Due to the strict legal requirements and constant review of all criteria EXAA is a reliable partner in his business for the market participants. The stock market is thus an organized trading venue with simple and highly regulated processes.:

Traded products on EXAA

At the EXAA are basically every 24 hours separately tradable. As block products (summary of several hours to a common block ) blocks both the standard base, peak, off-peak and according to the needs of our market participants were defined more special blocks. Physical settlement of the transactions are either in one of the control areas of APG, Amprion, TenneT, EnBW or 50 Hertz. In the auction at 10:15 clock bringing together the bids for all control areas and the identification of common prices takes place. At the trading days from Monday to Friday, orders of individual market participants are collected in a closed order book. Thereafter, each conducted an auction for gray and green electricity daily. The price determined in the auction ( Market Clearing Price = MCP ), and the individual market participants assigned amounts are communicated to them immediately after the auction. Physical settlement of the transactions carried out in each case the next day ( day-ahead trading ). :

The trading system EXAA

The products EXAA spot markets traded in auctions. For transmission of the purchase or sale bids only an internet browser is required to dealer page. Thus, both software installation and expectations of the IT systems at short and expensive leased lines can be avoided. The security access to the system is done with electronic keys (RSA tokens ) and therefore also without any hardware port on the PC of the trader.

A market area for Austria and Germany

With the possibility of announcing the schedule of stores from EXAA auction in all German control areas, access to the EXAA market much easier. Companies that already have balancing group contracts for the German network can act fully on EXAA. Since there are no capacity constraints between the German and Austrian control zones in the auction EXAA a common market clearing price for all control zones is determined.

Teem - training for energy and environmental markets

Since January 2009 EXAA offers under the brand name teem - training for energy and environmental markets to training for power and gas trading. Participants will learn in clear and individually bookable modules the basics as well as current trends and developments in the energy market, energy law, and trade and procurement. teem is aimed at both newcomers to the industry as well as to specialized staff, a comprehensive basic knowledge of the energy industry acquire or want to deepen their knowledge. The training will be presented in German and will take place in Vienna.

Integration EXAA in the CISMOgroup

In the summer of 2005 EXAA was integrated into the CISMOgroup, which also includes numerous service companies of the Austrian energy. In June 2006, the EXAA moved to the joint headquarters of the Palais Liechtenstein in Vienna Alsergrund.

Ownership structure

The shareholders own the following shares in the EXAA:

  • APCS Power Clearing and Settlement AG ( 34.55% ):
  • Wiener Börse AG ( 25.12% ):
  • Smart technologies management consulting and investment mbH ( 8.06% ):
  • Composite Trading AG (3.04 %):
  • E & t Handelsges.m.b.H energy. (3.04 %):
  • KELAG Carinthian electricity AG (3.04 %):
  • Steweag - Steg GmbH, a subsidiary of Energie Steiermark (3.04 %):
  • TIWAG Tyrolean Hydropower AG (3.04 %):
  • Vorarlberg power stations AG (3.04 %):
  • Energie Graz GmbH & Co KG, a subsidiary of Holding Graz (2.98 %):
  • OMV Power International GmbH, a subsidiary of OMV:
Types of business entity 50Hertz Transmission GmbH
308400
de