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08.02.2018 16:44
30-50 MWh/h Is the Expected Liquidity on the Intraday Market
Real trading is expected to begin in March and transactions will be in euro only

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30-50 MWh/h is the expected average liquidity on the Intraday market. The registration of market participants on the new trading platform of the Independent Bulgarian Energy Exchange (IBEX) will start from 20 February, with which test trading will also begin. Real trading is expected to commence in March and the more registered participants there are, the sooner it will happen, Nikola Gabrovski, Project Manager at IBEX said during an IBEX event presenting the Intraday platform.

Unlike the other two active platforms – Day ahead and Centralised market for bilateral contracts, trading on the Intraday market will be in euro. The mechanism will be Continuous trading. The trading interval will be 60 minutes as the deadline for submitting offers will be 60 minutes before the time of delivery, Todor Marinov, head of Market Operations explained. The minimum quantity of energy to be traded is 100 KWh (a trade lot) and the tick size is EUR 0.1/MWh. Trading for day D will open at 14:00 CET on D-1, which makes the maximum amount of products a day 32 and the minimum – 9.

Marinov stressed that there will be no need for traders to send schedules to the MMS of ESO, as it will be automatically done by the exchange. IBEX will be a counterparty on all transactions concluded, there would a common settlement platform – CASS as well as a common REMIT reporting platform.

Nikola Gabrovski noted that the Intraday market will be appropriate for clearing of forecast imbalances, as well as for selling energy from RES producers. He supported his expectations that there would be interest in the new platform by quoting data which shows that currently, the price on the balancing market for shortages is 2.5 times higher than the one the Day ahead market, while the surplus price is about 5 times lower.

In 2018 there will not be any cross-border trading on the Intraday market and it is going to function in isolation, Gabrovski said, but he hopes that with the help of ESO, this shortfall will be overcome.

Gabrovski explained that the chosen platform is completely compatible with the XBID coupling of intraday market in Europe. Going live for XBID starts three months later – on 13 June 2018.

Konstantin Konstantiv, who gave an opening speech at the event presenting the intraday platform thanked all participants on the exchange and made it clear that he relies on them for successful advice, which should be followed. “We hope that we are going to continue building those markets together, where every market participant is going to be treated equally”, he added.

The event was attended by the two Chief Executive Officers of the Bulgarian Stock Exchange (BSE) after the deal for the acquisition of the energy exchange by BSE was finalised. Vasil Golemanski noted that BSE’s primary goal is the sustainable development of IBEX. “We know how things are developing and how to work in such an environment. Our principles are primarily transparency of the deals and in drawing up rules and working with all market participants. On the basis of this, we believe that many new participants will join the market since its idea is to provide a fair price”, he added.

Corporate governance is what separates a “good company” from a “truly amazing company”, the other CEO of BSE Ivan Takev commented. “Therefore we are trying to put an emphasis on corporate governance and we consider it is crucial for the whole system. This is why we are going to do everything we can so that our principles are shared with all stakeholders in the sector”, he further said.

The new Intraday platform is an important step for the Bulgarian energy sector, said the Chairman of the Energy and Water Regulatory Commission (EWRC), Ivan Ivanov, in his welcoming statement. He underlined that IBEX is the face of liberalisation of the Bulgarian market. He clarified that, the EWRC has supported its decision since its creation. “All of the electric energy produced by the licenced producers will be offered on the exchange, after they have reached their quota for the regulated market. Thus, in a few months, there would be much larger quantities of electricity on IBEX, which is going to create its liquidity in the following years”, Assoc. Prof. Ivanov and specified that the EWRC is going to watch for compliance with all transparency rules.

TAGS: IBEX | energy exchange | BSE | platform | intraday | trading | liquidity | market coupling 

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