Slajd 1
Transkrypt
Slajd 1
LIBERALIZED GAS MARKET IN THE UNITED KINGDOM Workshop for the Polish Financial Supervision Authority (KNF) Wojciech Szwankowski Warsaw, 13 June 2012 NATURAL GAS CONSUMPTION IN EUROPE EXCLUDING SHALE GAS RESERVES 530 bcm 510 490 470 450 2000 2002 2004 Source: Citi Bank, IEA 2006 2008 Year 2010 2012 2014 2016 GAS CONSUMPTION IN EUROPE 120 100 bcm 80 60 40 20 0 Belgia Francja Niemcy Source: Citi Bank, IEA, Eurostat Holandia Wielka Bryt. Polska NATURAL GAS SUPPLY MIX IN EUROPE 180% 160% 140% Zużycie gazu / Popyt Wydobycie krajowe / Popyt Magazyny / Popyt LNG / Popyt 120% 100% 80% 60% 40% 20% 0% Belgia Francja Source: Citi Bank, IEA, Eurostat Niemcy Holandia Wielka Bryt. Polska FOUNDATIONS FOR EFFICIENT GAS TRADE Clear and transparent rules – Virtual Trading Point – Balancing market – Standardized instruments Liquidity and transparency – Market Place Operators – Number of participants: producers/importers, suppliers, end-users, financial institutions/traders – Market-based rules of access to domestic storage and transmission capacity – Availability of information NATURAL GAS MARKET IN THE UNITED KINGDOM largest and most mature gas market in Europe approximately 80% of gas trade in Europe Market participants: • • • • • Producers/Importers Final customers: large industrial customers (chemicals, gas-fired power plants, etc.) Industrial companies (“Shippers”) and wholesalers Suppliers/sales companies serving small and medium enterprises and households Financial institutions – banks, hedging funds, structured investment products Market Place Operators • APX-ENDEX • Brokers – GFI, Tullett Prebon, Marex Spectron, ICAP • ICE Exchange UNITED KINGDOM – MARKET PLACE OPERATORS ACCORDING TO FSA – EQUIVALENT OF KNF IN THE UK APX-ENDEX (SPOT market) – – – UK NBP Prompt – Day-Ahead (DA), Weekend (WEND), Balance-of-Week (BOW), Working Days Next Week (WDNW), Balance-of-month (BOM), On-the-day Commodity Market (OCM) – also known as the balancing market with two types of transactions: WITHIN DAY, DAY AHEAD APX Gas Storage - secondary market for storage capacity Brokers – GFI, Tullett Prebon, Marex Spectron, ICAP (market for physically delivered forward contracts traded in unregulated OTC market, classified as “Forward” by FSA ) – UK NBP Curve - Forward contracts traded in OTC: Month, Quarter, Season, Calendar Year, Gas Year. – They also quote UN NBP Prompt markets, balancing transactions and storage capacity. ICE Exchange (market for physically delivered forward contracts traded in the regulated, i.e. exchange market, classified as “Forward” by FSA ) – exchange market for Futures and Futures Options contracts not registered at the National Balancing Point (Virtual Trading Point). CONCLUSIONS • Experience from the UK market shows that it is necessary and appropriate to run the SPOT market on a separate trading platform; • Market for Futures contracts with physical delivery of electricity and gas should be run by an institution holding an exchange licence and specialized in energy commodities trading; • price of a Futures contract per unit of energy (electricity or gas) is equal to the contract price on the Spot market on maturity date (on maturity date Futures contract becomes a SPOT transaction with physical delivery).