European Daily Electricity Markets Methodology
INTRODUCTION
ICIS publishes European Daily Electricity Markets (EDEM) on every working day (in England and Wales) of the year. EDEM assesses and records prices and market activity on the liquid markets in Europe, including but not limited to:
- UK
- Germany
- France
- Czech Republic
- Hungary
- Poland
- Romania
- Serbia
- Spain
- The Netherlands
- Italy
- Turkey
- Bulgaria
- Greece
The financial value of electricity is established by two methods:
- Price Assessments. ICIS assesses the market closing prices for a range of European power hubs on the day of publication, and publishes a price range for each delivery period on a number of liquid markets. This is known as the BID-OFFER RANGE, representing the highest buyer’s bid and the lowest seller’s offer at the relevant close of each market.
- Indexation (Heren Index). Indices are published for a variety of delivery periods and delivery points. Each Heren Index is a transaction-based price, calculated using the volume-weighted average of eligible transactions (trades) for the relevant delivery period reliably reported to ICIS.
More precise details of ICIS price assessments and Heren Indices, together with further information about our service, will be found below.
EDEM PRICE ASSESSMENTS
GENERAL DEFINITIONS
Certain key criteria apply to all of EDEM’s daily price assessments. The European wholesale electricity markets (variously defined as over-the-counter markets) are assessed each working day during the period 13:00 to 18:00 London time (varying by country and market), when ICIS contacts a wide range of active market participants by telephone.
| ICIS price assessments published and start dates |
Country
|
Start date
|
UK
|
7 Apr 1997
|
German
|
9 Aug 1999
|
Spanish (weekly from 7 Feb 2003)
|
2 Jan 2001
|
Dutch(weekly from 7 Feb 2003)
|
9 Jan 2001
|
French
|
11 Jul 2001
|
Czech
|
22 Aug 2006
|
Italian
|
7 Jun 2007
|
Polish
|
19 Apr 2010
|
Hungarian
|
19 Apr 2010
|
Romanian
|
19 Apr 2010 |
Serbian
|
19 Apr 2010 |
Turkish
|
3 Mar 2011
|
Bulgaria
|
5 Apr 2012
|
Greek
|
5 Apr 2012
|
Slovak (weekly from 20 May 2008, ended 13 April 2010)
|
20 May 2008
|
Price assessments published in EDEM are formulated by ICIS at the conclusion of this process and represent ICIS close-of-day bid-offer ranges for electricity delivered at a number of hubs in the time ranges specified in the table. They are not based on deals done during the day (listed separately in EDEM).
“Bid” is deemed to be the highest price bid by buyers at the close of business on the trading day in question.
“Offer” is deemed to be the lowest price offered by sellers at the close of business on the trading day in question.
Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period. Peak prices quoted are for power delivered during the peak period of working days (generally approximately 07:00-19:00 but varying according to individual market) and do not include Weekend delivery. Prices quoted as extended peaks are differentiated from the peak loadshape in use elsewhere in a region, for example, Poland.
An asterisk (*) on the price assessment indicates an indicative bid and offer, either because there was no firm quote at the close of the market, or the bid/offer spread was wider than £1/MWh or €1/MWh, or there was no consensus on the bid/offer spread among market sources.
PERIODS
Day-ahead: Day-ahead prices are for power to be delivered for the next working day (in England and Wales) following the date of the report. Thus, in a report published on Friday, the Day-ahead quote would apply to the following Monday, unless this was a public holiday in England and Wales.
Any UK public holiday will be treated as a single trading day on all markets and will be assessed as a separate period in the price assessment table. A separate index will also be calculated for that UK public holiday. This is for the purpose of continuity in our price series and is based on close analysis of trading patterns over UK public holidays.
Weekend: Weekend prices are for the first Saturday and Sunday following the date of the report.
Week-ahead: Week-ahead prices are for power to be delivered each day Monday to Sunday the following week for Baseload and each day Monday to Friday for Peakload.
Months: Each month quoted represents power to be delivered on each day of the calendar month. The exception to this rule is the UK market, which follows EFA month patterns rather than calendar months (the calendar can be viewed at https://www.theice.com/publicdocs/EFA_Calendar.pdf).
Quarters: The quarters are three-month periods beginning on 1 January (Q1), 1 April (Q2), 1 July (Q3) and 1 October (Q4). Each represents power to be delivered on each day of the quarter. The UK market quarters follow the EFA quarter patterns as above.
Seasons: The seasons are six-month periods beginning on 1 April (Summer) and 1 October (Winter). The exceptions to this rule are the UK market, which follows EFA month patterns rather than calendar months as above.
Years: EDEM price assessment yearly quotes are for calendar years unless otherwise stated. Each assessment listed represents electricity to be delivered on each day of the 12-month period. April Annual refers to electricity supplied for a year from the beginning of April (not necessarily 1 April in the UK, see above) of a particular year while October Annual refers to electricity supplied for a year from the beginning of October (not necessarily 1 October in the UK).
| Extended Peaks Load Shapes |
| Country |
Hours |
Days |
Notes |
| Czech, Slovak and Hungarian |
06-22 |
Mon-Fri |
Includes public holidays |
| Polish |
07-22 |
Mon-Fri |
Excludes public holidays |
| Romanian |
07-23 |
Mon-Fri |
Includes public holidays |
| Serbian |
06-22 |
Mon-Fri |
Includes public holidays |
UK OTC POWER PRICE ASSESSMENTS
The UK physical power market (variously defined as the spot or over-the-counter market) is assessed each working day during the period 16:00 to 18:00 London time, when ICIS contacts by telephone a wide range of active market participants.
Price assessments published in the UK OTC POWER PRICE ASSESSMENTS table are formulated by ICIS at the conclusion of this process and represent ICIS close-of-day bid-offer ranges for power delivered under Grid Trade Master Agreement (GTMA) terms. They are not based on deals done during the day (listed separately in EDEM).
Load Shapes: Daily power traded on the UK market is by custom split into six four-hour Week Day (WD) or Weekend (WE) periods. The periods are laid out as indicated in table above.
Baseload prices quoted are for power delivered at a flat Rate throughout the specified delivery period 23:00 to 23:00, ie WD 1-6 and WE 1-6 (if the period traded includes a weekend).
In the context of the UK market, Peak prices quoted are for power delivered during the peak period of working days (07.00-19.00), ie WD 3, 4 & 5, and do not include Weekend delivery, ie Winter Peaks includes WD 3-5 but NOT WD 1, 2 & 6 and NOT WE 1-6. Off-peaks refers to WD 1, 2 & 6 and WE 1-6 (if the period traded includes a weekend).
Various other non-standard load shapes are traded on the UK power market. Where these are reported in EDEM, EDEM will provide a definition based on the WD/WE periods they comprise.
Trading periods on the UK power market do not follow the standard calendar format but instead are based on the EFA (Electricity Forwards Agreement) calendar (the calendar can be viewed at https://www.theice.com/publicdocs/EFA_Calendar.pdf).
GERMAN PRICE ASSESSMENTS
The German electricity market is assessed each working day during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery.
FRENCH PRICE ASSESSMENTS
The French electricity market is assessed each working day during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery.
DUTCH PRICE ASSESSMENTS
The Dutch electricity market is assessed every Friday during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (07:00-23:00) and do not include Weekend delivery.
SPANISH PRICE ASSESSMENTS
The Spanish electricity market is assessed every Wednesday during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00.
CZECH PRICE ASSESSMENTS
The Czech electricity market is assessed each working day during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery. Extended peaks prices are for power delivered during 06:00-22:00.
HUNGARIAN PRICE ASSESSMENTS
The Hungarian electricity market is assessed each working day during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery. Extended peaks prices are for power delivered during 06:00-22:00.
POLISH PRICE ASSESSMENTS
The Polish electricity market is assessed each working day during the period 13:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Extended peaks prices quoted are for power delivered during the peak period of working days (07:00-22:00) and do not include Weekend delivery or Polish public holidays.
ROMANIAN PRICE ASSESSMENTS
The Romanian electricity market is assessed each working day during the period 13:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Extended peaks prices quoted are for power delivered during the peak period of working days (07:00-22:00) and do not include Weekend delivery.
SERBIAN PRICE ASSESSMENTS
The Serbian electricity market is assessed each working day during the period 13:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery. Extended peaks prices are for power delivered during 06:00-22:00.
CEE/SEE REGIONAL BASELOAD SPREADS
The Regional baseload spreads show price differentials between the named markets for key contracts. These differentials are based on price assessments, and reflect the premium of the first-named market to the second-named market. If the first-named market is assessed below the second-named, the spread will be negative.
Where price assessments are made in a currency other than euros, the assessment is converted to euros using the daily currency exchange rates for the delivery period – ie, a forward exchange rate rather than a spot rate.
ITALIAN PRICE ASSESSMENTS
The Italian electricity market is assessed each working day during the period 14:00 to 17:00 London time. Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00. Peak prices quoted are for power delivered during the peak period of working days (08:00-20:00) and do not include Weekend delivery.
TURKISH PRICE ASSESSMENTS
The Turkish electricity market is assessed every week over the Thursday working day. If Thursday falls on a UK public holiday, the market will be assessed the UK working day before.
Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00.
The Rolling front year contract has a delivery period for the next year, beginning on the first calendar day of the month ahead of the publication date.
BULGARIAN PRICE ASSESSMENTS
The Bulgarian electricity market is assessed every week over the Thursday working day. If Thursday falls on a UK public holiday, the market will be assessed the UK working day before.
Baseload prices quoted are for power export only, at a flat rate throughout the specified delivery period 00:00-24:00, and include export fees.
The spread to Turkey is calculated by subtracting the midpoint of the Turkish front-month Baseload price assessment in €/MWh from the midpoint of the Bulgarian front-month Baseload price assessment.
GREEK PRICE ASSESSMENTS
The Greek electricity market is assessed every week over the Thursday working day. If Thursday falls on a UK public holiday, the market will be assessed the UK working day before.
Baseload prices quoted are for power delivered at a flat rate throughout the specified delivery period 00:00-24:00.
The spread to Turkey is calculated by subtracting the midpoint of the Turkish front-month Baseload price assessment in €/MWh from the midpoint of the Greek front-month Baseload price assessment.
HEREN INDICES - GENERAL DEFINITIONS
ICIS’ various market indices share a number of common characteristics, regardless of market or time period. They are all volume-weighted averages of trades reported to ICIS during the course of its market reporting activities. All of the trades on which the indices are based are published in EDEM on a daily basis in the tables of trades reported. This information is subject to EDEM’s usual tests of reliability:
- Confirmation is sought from both parties to the deal.
- If, as is often the case, both counter-parties are unwilling to confirm, confirmation is accepted from one side only. However, corroboration is also sought from other market participants.
- If no confirmation is available, the deal may still be included if it is accepted by the wider market, and if EDEM itself regards it as reliable.
- In addition to price and volume, which are essential for inclusion in the Index, EDEM ensures that deals included in the Index are stand-alone deals.
- In the event that reported trades fall noticeably above or below the traded range for that contract on a given day, and in the absence of any reasonable explanation, EDEM would discard the deal or deals. Deals would be liable for rejection if they were 1% above or below the highest or lowest deals reported to EDEM on that day. Evidence of the traded range given by market participants during the market reporting process would also be taken into account when assessing whether to include or discard a deal. Any discarded deals would not be entered into the ICIS database and would not appear in the reported deals tables in EDEM. They would therefore also be excluded from any Heren Index.
- Each daily Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for an Index, that Index is published as the midpoint of the bid/offer spread published in EDEM’s OTC power price assessment table.
| Heren Indicies published and start dates |
Daily Indices
|
UK Day-ahead
|
18 Aug 2000
|
| German Day-ahead |
1 Feb 2002
|
| French Day-ahead |
30 Apr 2007
|
| Czech Day-ahead |
11 Apr 2007
|
| Hungarian Day-ahead |
19 Apr 2010
|
| Weekend Indices |
| UK |
5 Jan 2001
|
| German |
3 May 2002
|
French
|
4 May 2007
|
| Czech |
13 Apr 2007
|
| Hungarian |
19 Apr 2010 |
| Monthly Indices |
| UK |
1 Feb 1999
|
| German |
1 Jul 2001
|
French
|
1 Aug 2001
|
Czech
|
1 Jun 2007
|
| Hungarian |
1 Apr 2010
|
| Polish |
1 Apr 2010
|
| Italian |
1 Jan 2011 |
THE UK ELECTRICITY HEREN DAILY INDEX
The UK Electricity Heren Day-ahead Index values Baseload electricity traded for the next working day and is published by ICIS each working day in EDEM.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 March values Baseload power traded on 27 March for delivery on 28 March. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales. Separate holiday indices will be calculated for English and Welsh public holidays.
Expressed in pounds per megawatt hour (£/MWh), the index is derived from actual transactions for Baseload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE UK ELECTRICITY HEREN DAILY PEAKS INDEX
The UK Electricity Heren Day-ahead Peaks Index values Peakload electricity traded for the next working day and is published by ICIS each working day in EDEM.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 March values Peakload power traded on 27 March for delivery on 28 March. The Day-ahead Peaks Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales. Separate holiday indices will be calculated for English and Welsh public holidays.
Expressed in pounds per megawatt hour (£/MWh), the index is derived from actual transactions for Peakload electricity (WD 3, 4 & 5) for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE UK ELECTRICITY HEREN WEEKEND INDEX
The UK Electricity Heren Weekend Index is published by ICIS every Friday (or the final working day of the week when Friday is a public holiday) in EDEM.
The Weekend Index is a volume-weighted average of deal prices for electricity to be delivered for the forthcoming weekend. It values power traded for the forthcoming weekend period over the immediately preceding working days. Thus, the Index published on, for example, Friday 6 April values power traded on 2-6 April for delivery on 7-8 April. It is published on the working day immediately prior to the Weekend period.
Because the ‘Weekend’ period is generally interpreted within the UK power market as referring purely to Saturday and Sunday and not including any contiguous public holidays, Heren’s Weekend Index is based purely on Saturday and Sunday deals. EDEM will include separate Indices for any public holidays that are contiguous with the weekend.
Expressed in £/MWh, the index is derived from actual transactions for baseload electricity for the Weekend period. The Index is the volume-weighted average of transaction prices.
THE UK ELECTRICITY HEREN MONTHLY INDEX
The UK Electricity Heren Monthly Index is a monthly index of value for electricity traded under GTMA terms and is published by ICIS each working day in EDEM.
Expressed in £/MWh, the index is derived from actual transactions for Baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those which took place in the EFA month preceding the Index Month. Thus, for the July Index, only entire July deals which took place in the June EFA period were eligible.
THE GERMAN ELECTRICITY HEREN DAILY INDEX
The German Electricity Heren Day-ahead Index values Baseload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Baseload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for electricity to be delivered in Germany. Expressed in €/MWh, the index is derived from actual transactions for Baseload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE GERMAN ELECTRICITY HEREN DAILY PEAKS INDEX
The German Electricity Heren Day-ahead Peaks Index values Peakload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Peakload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for Peakload (hours 8-20) electricity to be delivered in Germany. Expressed in €/MWh, the index is derived from actual transactions for Peakload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE GERMAN ELECTRICITY HEREN WEEKEND INDEX
The German Electricity Heren Weekend Index is published by ICIS every Friday (or the final working day of the week when Friday is a public holiday) in EDEM.
The Weekend Index is a volume-weighted average of deal prices for electricity to be delivered for the forthcoming weekend. It values power traded for the forthcoming weekend period over the immediately preceding working days. Thus, the Index published on, for example, Friday 6 April values power traded on 2-6 April for delivery on 7-8 April. It is published on the working day immediately prior to the Weekend period.
Because the ‘Weekend’ period is generally interpreted within the German power market as referring purely to Saturday and Sunday and not including any contiguous public holidays, Heren’s Weekend Index is based purely on Saturday and Sunday deals. EDEM will include separate Indices for any public holidays that are contiguous with the weekend.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the Weekend period. The Index is the volume-weighted average of transaction prices.
THE GERMAN ELECTRICITY HEREN MONTHLY INDEX
The German Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those which took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals which took place in the June period are eligible.
THE FRENCH ELECTRICITY HEREN DAILY INDEX
The French Electricity Heren Day-ahead Index values Baseload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Baseload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for electricity to be delivered in France. Expressed in €/MWh, the index is derived from actual transactions for Baseload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE FRENCH ELECTRICITY HEREN DAILY PEAKS INDEX
The French Electricity Heren Day-ahead Peaks Index values Peakload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Peakload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for Peakload (hours 8-20) electricity to be delivered in France. Expressed in €/MWh, the index is derived from actual transactions for Peakload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE FRENCH ELECTRICITY HEREN WEEKEND INDEX
The French Electricity Heren Weekend Index is published by ICIS every Friday (or final working day of the week when Friday is a public holiday) in EDEM.
The Weekend Index is a volume-weighted average of deal prices for electricity to be delivered for the forthcoming weekend. It values power traded for the forthcoming weekend period over the immediately preceding working days. Thus, the Index published on, for example, Friday 6 April values power traded on 2-6 April for delivery on 7-8 April. It is published on the working day immediately prior to the Weekend period.
Because the ‘Weekend’ period is generally interpreted within the French power market as referring purely to Saturday and Sunday and not including any contiguous public holidays, Heren’s Weekend Index is based purely on Saturday and Sunday deals. EDEM will include separate Indices for any public holidays that are contiguous with the weekend.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the Weekend period. The Index is the volume-weighted average of transaction prices.
THE FRENCH ELECTRICITY HEREN MONTHLY INDEX
The French Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those that took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals that took place in the June period are eligible.
THE CZECH ELECTRICITY HEREN DAILY INDEX
The Czech Electricity Heren Day-ahead Index values Baseload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Baseload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for electricity to be delivered in the Czech Republic. Expressed in €/MWh, the index is derived from actual transactions for Baseload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE CZECH ELECTRICITY HEREN DAILY PEAKS INDEX
The Czech Electricity Heren Day-ahead Peaks Index values Peakload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Peakload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for Peakload (hours 8-20) electricity to be delivered in the Czech Republic. Expressed in €/MWh, the index is derived from actual transactions for Peakload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
Trades series published and start dates
| |
UK
|
10 Dec 1997 |
German
|
27 Sep 2000
|
Spanish (weekly)
|
26 Mar 2001
|
Dutch (weekly)
|
8 Mar 2001
|
French
|
11 Jul 2001
|
Czech
|
12 Sep 2006
|
Italian
|
14 Jun 2007 |
Hungarian
|
29 Jun 2009
|
| Polish |
29 Jun 2009
|
| Slovak |
29 Jun 2009
|
Romanian
|
19 Apr 2010
|
Serbian
|
19 Apr 2010 |
Belgian
|
18 Jan 2011
|
Swiss
|
18 Jan 2011
|
| Turkish |
3 Mar 2011 |
THE CZECH ELECTRICITY HEREN WEEKEND INDEX
The Czech Electricity Heren Weekend Index is published by ICIS every Friday (or final working day of the week when Friday is a public holiday) in EDEM.
The Weekend Index is a volume-weighted average of deal prices for electricity to be delivered for the forthcoming weekend. It values power traded for the forthcoming weekend period over the immediately preceding working days. Thus, the Index published on, for example, Friday 6 April values power traded on 2-6 April for delivery on 7-8 April. It is published on the working day immediately prior to the Weekend period.
Because the ‘Weekend’ period is generally interpreted within the Czech power market as referring purely to Saturday and Sunday and not including any contiguous public holidays, Heren’s Weekend Index is based purely on Saturday and Sunday deals. EDEM will include separate Indices for any public holidays that are contiguous with the weekend.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the Weekend period. The Index is the volume-weighted average of transaction prices.
THE CZECH ELECTRICITY HEREN MONTHLY INDEX
The Czech Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those that took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals that took place in the June period are eligible.
THE HUNGARIAN ELECTRICITY HEREN DAILY INDEX
The Hungarian Electricity Heren Day-ahead Index values Baseload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Baseload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for electricity to be delivered in Hungary. Expressed in €/MWh, the index is derived from actual transactions for Baseload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE HUNGARIAN ELECTRICITY HEREN DAILY PEAKS INDEX
The Hungarian Electricity Heren Day-ahead Peaks Index values Peakload electricity traded for the next working day in England and Wales, where the market is assessed, and is published by ICIS each working day in EDEM. Separate holiday indices will be calculated for English and Welsh public holidays.
The Index day is the first working day following the date of publication. Thus, the Index published on 27 January values Peakload power traded on 27 January for delivery on 28 January. The Day-ahead Index published on a Friday values power to be delivered on Monday, or on Tuesday when the Monday is a public holiday in England and Wales.
The Day-ahead Index is a volume-weighted average of transaction prices for Peakload (hours 8-20) electricity to be delivered in Hungary. Expressed in €/MWh, the index is derived from actual transactions for Peakload electricity for the Day-ahead period. The Index is the volume-weighted average of transaction prices.
THE HUNGARIAN ELECTRICITY HEREN WEEKEND INDEX
The Hungarian Electricity Heren Weekend Index is published by ICIS every Friday (or final working day of the week when Friday is a public holiday) in EDEM.
The Weekend Index is a volume-weighted average of deal prices for electricity to be delivered for the forthcoming weekend. It values power traded for the forthcoming weekend period over the immediately preceding working days. Thus, the Index published on, for example, Friday 6 April values power traded on 2-6 April for delivery on 7-8 April. It is published on the working day immediately prior to the Weekend period.
Because the ‘Weekend’ period is generally interpreted within the Hungarian power market as referring purely to Saturday and Sunday and not including any contiguous public holidays, Heren’s Weekend Index is based purely on Saturday and Sunday deals. EDEM will include separate Indices for any public holidays that are contiguous with the weekend.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the Weekend period. The Index is the volume-weighted average of transaction prices.
THE HUNGARIAN ELECTRICITY HEREN MONTHLY INDEX
The Hungarian Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those that took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals that took place in the June period are eligible.
THE POLISH ELECTRICITY HEREN MONTHLY INDEX
The Polish Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those that took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals that took place in the June period are eligible.
THE ITALIAN ELECTRICITY HEREN MONTHLY INDEX
The Italian Electricity Heren Monthly Index is a monthly index of value for electricity traded on a month-ahead basis and is published by ICIS each working day in EDEM.
Expressed in €/MWh, the index is derived from actual transactions for baseload electricity for the month in question (Index Month). The Index is the volume-weighted average of transaction prices.
The transactions on which the Index is based are those which took place in the month preceding the Index Month. Thus, for the July Index, only entire July Baseload deals which took place in the June period are eligible.
TRADES
ICIS publishes trades it collects from market sources on a daily basis. Although we aim to publish as many trades as possible, we can not guarantee to have all trades done during the day.
Trades for markets covered weekly will be published on a weekly basis and display all deals done since the previous publication date.
SPARK AND DARK SPREADS
The UK and German spark and dark spreads and Italian spark spreads cited in EDEM’s Spark and Dark Spread tables are derived from the price assessment tables in EDEM. All the power prices quoted are for Baseload delivery. Gas prices cited are NBP for the UK, the Dutch TTF for Germany and the Italian PSV for Italy. The TTF hub is currently the most liquid gas market in the region and is widely used as a reference for German gas prices. For a full explanation of how the power and gas prices are derived please see the EDEM/ESGM methodologies. The coal price is based on the CIF ARA market and is derived from a number of market sources.
Clean Spark/Dark Spreads are a reflection of the cost of generating after taking into account fuel (gas/coal) and carbon allowance costs. A positive spread effectively means that it is theoretically profitable to generate electricity on a Baseload basis for the period in question, while a negative spread means that generation would be a loss-making activity. However it is important to note that the Clean Spark/Dark Spreads do not take into account additional generating charges (beyond fuel and carbon), such as operational costs.
Clean Spark Spreads: The UK, German and Italian spark spread figures use a fuel efficiency factor of 49.13% for the gas conversion. In reality, each gas-fired plant has a different fuel efficiency, but 49.13% is used as a standard in the UK market because it provides an easy conversion between gas and power volumes (25,000 therms of gas = 15 MW of power). The spark spread value is therefore the power price minus the gas price divided by 0.4913, ie Spark Spread = Power Price – (Gas price/0.4913).
The Clean Spark Spread is calculated using a gas emissions intensity factor of 0.411 tCO2/MWh. Therefore the clean spark spread is calculated by subtracting the carbon price (multiplied by 0.411) from the ‘dirty’ spark spread, ie Clean Spark Spread = Spark Spread – (Carbon Price*0.411).
Clean Dark Spreads: Clean Dark Spreads are a reflection of the cost of generating after taking into account fuel (coal) and carbon allowance costs. A positive spread effectively means that it is profitable to generate electricity on a Baseload basis for the period in question, while a negative spread means that generation would be a loss-making activity. However, it is important to note that the Clean Spark Spreads do not take into account additional generating charges (beyond fuel and carbon), such as operational costs.
Both the UK and German Dark Spread tables use a fuel efficiency factor of 35% for the coal conversion, and an energy conversion factor of 7.1 for converting tonnes/coal into MWh/electricity. In reality, each type of coal has a different energy value and each coal-fired plant has a different fuel efficiency, but 35% is accepted as a broad standard. At the time of writing (January 2007) there is no liquid Dark Spread traded market in either the UK or Germany. However, if a standard efficiency factor emerges for trading purposes, EDEM will review its methodology. The Dark Spread value is the power price minus the coal price divided by 0.35, ie Dark Spread = Power price – (Coal price/0.35).
The Clean Dark Spread is calculated using a coal emissions intensity factor of 0.971 tCO2/MWh. Therefore the Clean Dark Spread is calculated by subtracting the carbon price (multiplied by 0.971) from the ‘dirty’ spark spread, ie Clean Dark Spread = Dark Spread – (Carbon Price*0.971).
The Clean Spark – Clean Dark Spread subtracts the Clean Dark Spread from the Clean Spark Spread to show on a theoretical basis which type of generation is more profitable for a given contract period. A positive spread implies gas-fired generation would be more profitable, while a negative spread implies coal-fired plant would be more profitable. However, this number is merely indicative, and does not take into account additional generating charges (beyond fuel and carbon), such as operational costs.
BASELOAD SPREADS
ICIS publishes the geographical spreads between markets for key contracts in map form, for western European markets covered daily and also for Central and Eastern European markets covered daily. These spreads are based on ICIS daily price assessments, and reflect the premium of the first-named market to the second-named market. If the first-named market is assessed below the second-named, the spread will be negative.
The month-ahead, front quarter and front season spreads between the UK and France and the UK and Germany are indicative only, as the UK power market follows EFA month patterns rather than calendar months, so delivery periods may differ.
POWER PLANT OUTAGES
ICIS publishes a list of power plant outages across a number of key markets with, where known, the date of the outage, the reason for the outage and the estimated plant/unit restart date.
OTHER DATA
The following information is published in EDEM but is based on secondary data not generated by ICIS.
Across The Market: The Across The Market table compares the Day-ahead prices of Europe’s leading electricity markets (either OTC, exchange or index-based, varying by country), published elsewhere in the report. Prices are quoted in €/MWh and are compared with the previous day’s prices.
German Day Ahead Settlement Prices: The German platform of the EPEX Spot exchange offers Day-ahead hourly spot trading contracts. The prices published are the hourly price of power traded at the exchanges for Day-ahead power in €/MWh. See the exchange’s website – www.epexspot.com – for further details.
Powernext French Day Ahead Market: The French platform of the EPEX Spot exchange offers Day-ahead hourly spot trading contracts. The prices published are the hourly price of power traded at the exchanges for Day-ahead power in €/MWh. See the exchange’s website – www.epexspot.com – for further details.
Italian IPEX Results: GME, the Italian electricity market operator, publishes the Baseload and Peak results of its Day-ahead electricity exchange, the PUN index, on its website. See the market operator’s website – www.mercatoelettrico.org – for further details.
Nordic Prices: Prices for the Nordic electricity market (covering Norway, Sweden, Denmark and Finland) are reproduced from the Nord Pool exchange’s closing Best Buyer/Best Seller prices for key Baseload contracts.
The System Price is an average Day-ahead price based on bids for purchase and sale of hourly contracts and block contracts that cover all 24 hours of the next day. Prices are determined through auction trade for each delivery hour.
Nord Pool volume is the total volume of electricity traded on the Nord Pool futures exchange for the day in question.
APX NL Hub Results: The Amsterdam Power Exchange (APX) offers Day-ahead hourly spot trading contracts. The prices published are the average of these hourly prices expressed in Day (Baseload), Peak Hours (8-20) and Off-Peaks (20-8) terms in €/MWh. See the exchange’s website – www.apx.nl – for further details.
Belpex Belgian Hub Results: The Belgian Belpex offers Day-ahead hourly spot trading contracts. The prices published are the average of these hourly prices expressed in Day (Baseload), Peak Hours (9-20) and Off-Peaks (1-8, 21-24) terms in €/MWh. See the exchange’s website – www.belpex.be – for further details.
Austrian EXAA: The Austrian EXAA (Energy Exchange Austria) operates a Day-ahead market offering 24 hourly power contracts for delivery the following day. The EXAA prices published in EDEM represent the weighted average of the 24 prices, represented as the Baseload price, as well as the Peaks price and a maximum and minimum price. The volume is the total volume traded for the following day. See the market operator’s website – www.exaa.at – for further details.
Spanish Pool Price: OMEL, the Spanish electricity market operator, publishes the hourly results of its Day-ahead electricity pool on its website. The Spanish Pool Price published in EDEM represents the Baseload and Peak price averages of the hourly prices. See the market operator’s website – www.omel.es – for further details.
PPX: The Polish Power Exchange (PPX) operates a Day-ahead market offering 24 hourly power contracts for delivery the following day. The PPX price published in EDEM represents the weighted average of the 24 prices. The volume is the total volume traded for the following day. See the market operator’s website – www.polpx.pl – for further details.
Romanian OPCOM: Romania’s OPCOM operates a Day-ahead market offering 24 hourly power contracts for delivery the following day. The OPCOM price published in EDEM represents the weighted average of the 24 prices. See the market operator’s website – www.opcom.ro – for further details.
Czech OTE Day-ahead: The Czech Republic’s OTE operates a Day-ahead market offering 24 hourly power contracts for delivery the following day. The OTE price published in EDEM represents the weighted average of the 24 prices. See the market operator’s website – www.ote-cr.cz – for further details.
UK Electricity Balancing Market System Sell And Buy Prices: The UK electricity Balancing Mechanism is used by the National Grid as a means of balancing power flows on to and off the electricity transmission system. For further information on the function of the balancing market and a definition of the terms used in the table, please refer to the website www.bmreports.com.
APX Power UK Spot Contracts: These charts, provided by APX UK, give a breakdown of the prices and volumes for spot electricity traded on the exchange on a daily, two-hourly, four-hourly and half-hourly basis. For more information on the data please visit the Exchange’s website at www.apx.nl.
ICE Baseload UK Electricity Futures: This table represents the closing prices for the InterContinental Exchange’s (ICE) key UK electricity Baseload futures contracts. For more information on the data please visit the exchange’s website at www.theice.com.
Endex Dutch Electricity Futures Exchange: This table represents the closing prices for the Endex exchange’s key Dutch electricity Baseload and Peaks futures contracts. For more information on the data please visit Endex’s website at www.endex.nl.
N2EX UK Spot Market: This table represents the settlement prices for the N2EX exchange’s Day-Ahead Prompt index and Day Ahead Market (DAM) Index (auction). For more information on the data please visit the exchange’s website at www.n2ex.com.
Turkish PMUM data: This table represents the time-weighted average for Baseload and Peakload hours using the hourly settlements from the Turkish balancing market PMUM, operated by Turkish electricity transmission system operator TEIAS. For more information on the data, please visit www.teias.gov.tr
Weather: Pan-European weather forecasts on a 1-5 day and 6-10 day basis are provided to EDEM by Weather Services International. For more information, please e-mail energy@wsieurope.com or visit the company’s website – www.wsieurope.com.
Renewable weather forecast data for up to six days ahead are provided to EDEM by SpotRenewables.com, a product from EuroWind GmbH. For more information, please visit www.spotrenewables.com