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Central European Gas Hub ERGEG 30th, 2009

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Central European Gas Hub ERGEG 30th, 2009. How to serve commodity trading. Trading along the Amber Road. Trading along the Silk Road. First documented Trading took place in Africa. Trading along the Hanse Route. 2005 AD CEGH Gas Hub. DEVELOPMENT OF COMMODITY HUBS. 2003 AD TTF Gas Hub.

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Presentation Transcript
slide1
Central European Gas Hub

ERGEG 30th, 2009

how to serve commodity trading
How to serve commodity trading

Trading along the Amber Road

Trading along the Silk Road

First documented Trading took place in Africa

Trading along the Hanse Route

2005 AD CEGH Gas Hub

DEVELOPMENT OF COMMODITY HUBS

2003 AD TTF Gas Hub

1999 AD APX Gas Hub

1994 AD NBP Gas Hub

1792 AD Exchange in New York

PHYSICAL & VIRTUAL TRADING

1771 AD Exchange in Vienna

1720 AD First Crash

1602 AD Exchange in Amsterdam & First Share

1554 AD Exchange in London

1540 AD Exchange in Nürnberg

PHYSICAL TRADING

1409 AD First Exchange in Brugge

1200 AD Trading along the Hanse Route

100 AD Trading along the Silk Road

3000 BC Trading along the Amber Road

140000 BC First documented Trading

140 000 BC

2000 AD

1200 AD

1700 AD

100 AD

3000 BC

hub landscape in europe
HUB landscape in Europe

Zeebrugge

DONG

NBP

GUD

TTF

EGT

CEGH

PEG

PSV

CDG

Future potential Hubs

slide6

PricewaterhouseCoopers: ordered by ERGEG in the course of the SEE Region Initiative

Almost 100% of respondents are

currently trading at the

CEGH Hub in Baumgarten:

When it comes to volume of trade, 57% of traders said that the CEGH has the best chance of becoming the most important hub in CEE/SEE and would be best suited as regional trading platform.

Furthermore 75% of respondents would like to have a regional price index where one would be technically and economically viable.

development of otc trade
Development of OTC - Trade
  • Increasing trading activities:
  • Increasing churn rate
  • Increasing number of customers
  • Increasing number of nominations
basic nominations per gas day
Basic nominations per gas day

Appr. 2000 nominations per day

slide10

Broker based trading at CEGH

Dimensions of bubbles are indicating volume of trade

otc market making baumgarten
OTC Market Making - Baumgarten
  • Products:
      • Day Ahead
      • BOM
      • 2-3 Front months
      • 2 Quarters
      • 2 Seasons
      • 1 Yearly contract
  • Quantities:
      • 10 / 30 MWh/h
  • Bid/Ask Spread:
      • Maximum: 1,0 EUR / MWh (1,5 for seasons/ yearly contracts)
development from the physical to the financial services
Development from the physical to thefinancial services

OTC Clearing

Futures

Spot

Physical Balancing Merit order list

Backup / back down service

Services

CEGH Multi Trading (CMT) / Dispatching services/Allocation/Invoicing

CEGH Multi Trading (CMT) Dispatching

Physical balancing via online bulletin board

Online bulletin board

No notice storage service

Wheeling service

Title tracking service

Web based online gas auctioning

2009

2008

2007

2006

exchange project cegh wbag
Exchange project: CEGH - WBAG

technical

legal

AG foundation10/ 2008

Evaluation of IT – Systems 2008

Shareholder agreement11/ 2008

Selection IT – Systems 11/ 2008

Contractual setup11/ 2008

IT implementation

Approval FMA (basic concept)11/ 2008

IT interfaces to WBAG

Pre notification submitted 12/ 2008

IT integration customer

Operation agreements

Customer agreements

Interface implementation

OTC dispatching

Simulation start

Go life 2009

slide15

Physical Trade - OTC

t

Remote

Member

Clearing Agent

(Bank)

CCP.

A

Central

General Clearing

t

Member

(GCM)

Counterparty

Direct

Clearing

Member

(DCM)

Austria

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

OeKB

Settlement

bank

OTC TRADING

EXCHANGE TRADING

Day of Delivery -1

Supply & Demand

Exchange Trader 1

Exchange Trader 2

CLEARING & SETTLEMENT

(RISK MANAGEMENT)

slide17

Physical Transfer - OTC

t

Remote

Member

Clearing Agent

(Bank)

CCP.

A

Central

General Clearing

Member

(GCM)

Counterparty

Direct

Clearing

Member

(DCM)

Austria

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

Non Clearing

Member

(NCM)

OeKB

Settlement

bank

OTC Transfers

EXCHANGE TRADING

Day of Delivery -1

Supply & Demand

Exchange Trader 1

Exchange Trader 2

CLEARING & SETTLEMENT

(RISK MANAGEMENT)

t

slide18

Contractual frameworks

Ministry of finance

WAG 2007: Wertpapier Aufsichtsgesetz

Börsegesetz (exchange law)

Austrian Financial Markets Supervisory Agency

CEBS Committee of European Banking Supervisors

MiFID Market Infinancial Instrument Directive

Derivative market

Department of commerce

Spot market

Energie – Control GmbH

OTC market

Interconnection Agreement (OBA)

three pillars for liquidity
Three pillars for liquidity

Sufficient primary capacities

OTC

Exchange

Flexible services

Use it or lose it

interruptible

Trading

platform

Capacity utilization

Storage

Harmonized Environment

slide20

Market maker in OTC trade in cooperation with ICAP

Bricks for Hub construction

Standard-isation

Trans-parency

Firmness

Liquidity

Partnership with GAZPROM, VSE, CENTREX prenotified to DG - Comp

IT in place

legal

Cooperation with HEREN & EFET

Gas exchange

Back up/ down in cooperation with EFET

Interconnection agreement / OBA

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