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Poravnavanje

Settlement Process

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Trgovake transakcije
Poravnavanje se vri direktno izmeu
ugovornih strana
Poto se roba isporui, kupac
prodavcu plaa ugovorenu cenu
Ako je koliina robe manja od
ugovorene, kupac sme da zadri deo
isplate
Slino, ako je kupac konzumirao vie
od ugovorene koliine, prodavcu
sledi dopunska isplata
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Trgovake transakcije u poslovanju
elektrinom energijom
Proces poravnavanja je sloeniji,
zato to se roba (energija) svih
generatora sabira u jedinstvenu
prenosnu mreu ees
Iz tih razloga, ustanovljen je
centralizovani sistem za
poravnavanje trgovakih transakcija
u deregulisanom ees

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Prvi korak
Ako se radi o bilateralnim transakcijama,
kupac direktno plaa prodavcu
dogovorenu cenu, kao da je ugovorena
koliina zaista bila isporuena!
Ako se radi o anonimnom, elektronskom,
screen-based trgovanju, trgovanje se vri
posredstvom berze (PX), opet, kao da je
ugovorena koliina zaista bila isporuena!

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Energetski subjekti na tritu elektrine
energije i njihovi meusobni odnosi

- GenCo ponude sklopljene proizvodnja/potronja


- nezavisni proizvoai G transakcije po vorovima mree
- trgovci, brokeri G BERZA (PX)
G
Prodavci Operator
Operator
prenosnog
trita (MO)
Kupci sistema (TSO)
L bilateralni
- DisCo L ugovori (OTC) sklopljene
- Kvalifikovani potroai L
- trgovci, brokeri pregovori transakcije
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Deficit generisanja
Ako generator (iz raznih
razloga) ne uspe da
isporui koliinu energije
za koju se obavezao
ugovorom, deficit se ne
sme, jednostavno,
prebaciti na potroae
Tada TSO kupuje
deficitarnu energiju na
kontrolisanom spot
tritu
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Suficit generisanja
Slino, ako veliki potroa ili prodavac na
malo potroe manje nego to su kupili,
TSO prodaje vikove na kontrolisanom
spot tritu
Ove aktivnosti balansiranja ine da svi
bilateralni ugovori izgledaju kao da su
besprekorno precizno izvreni

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Trokovi balansiranja
Aktivnosti balansiranja podrazumevaju i
trokove balansiranja
U najveem broju sluajeva, suma koju
TSO plaa za kupljenu balansnu energiju
nije jednaka sumi zaraenoj prodajom
vika energije
Uesnici trgovanja odgovorni za
disbalanse, obavezni su da nadoknade
trokove balansiranja
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Drugi korak: utvrivanje neto pozicije
svakog od uesnika trgovanja
Generisanje izvetava sistem za poravnavanje
(MO) o neto koliini energije ugovorene za svaki
period trgovanja, ukljuujui i energiju prodatu
kroz spot trite
Ova koliina oduzima se od koliine energije
koja je stvarno proizvedena
Ako je razlika pozitivna, smatra se da je
generisanje prodalo svoj viak sistemu
Ako je razlika negativna, smatra se da je
generisanje kupilo viak od sistema
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Utvrivanje neto pozicije svakog od
uesnika trgovanja
Slino, svi veliki potroai i trgovci na malo
izvetavaju MO o neto koliini energije
ugovorene za kupovinu, za svaki period
trgovanja, ukljuujui i energiju kojom su trgovali
preko spot trita
Ova koliina oduzima se od koliine energije koja
je stvarno kupljena
U zavisnosti od predznaka razlike, smatra se da
je potronja kupila/prodala svoju razliku sistemu
Ovim disbalansima trguje se po ceni spot trita
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Ugovori zbog razlike
Contracts for difference
Strike price
Sklapaju ih strane kojima nije dozvoljeno da trguju
bilateralno, ve samo preko centralizovanog
trita
Strane se dogovore ili naprave cenu (to strike
price) u vezi sa nekom koliinom koja e biti
isporuena
Posle dogovora, strane uestvuju na
centralizovanom tritu, kao i svi ostali
Poravnanje izmeu strana obavlja se poto se
zavri trgovanje na centralizovanom tritu
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Poravnanje po ugovoru zbog razlike
Ukoliko je napravljena cena* dogovorena
ugovorom zbog razlike vea od cene na
centralizovanom tritu, kupac plaa prodavcu
razliku izmeu tih cena za ukupnu ugovorenu
koliinu
Ukoliko je napravljena cena dogovorena
ugovorom zbog razlike manja od cene na
centralizovanom tritu, prodavac plaa kupcu
razliku izmeu tih cena za ukupnu ugovorenu
koliinu
*To strike a bargain = napraviti dobar posao

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Smisao poravnanja po ugovorima zbog
razlike

Ugovor zbog razlike titi ugovarake strane od


fluktuacije cena na centralizovanom tritu,
dozvoljavajui im da sudeluju na tritu (i uivaju
blagodeti trita)
Ugovor zbog razlike je kombinacija call i put
opcije
Jedna od ove dve opcije e sigurno biti pozvana,
osim izuzetno, kada trina cena nije ba
jednaka napravljenoj ceni

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Primer
Regulativa trita A nalae da svi uesnici obavezno
trguju kroz centralizovano trite (Pool A). Meutim,
potroa, aluminijumski kombinat AluA i kompanija
Nezavisno Generisanje ANG, sklopile su ugovor
zbog razlike za isporuku 200 MW kontinualno, po
napravljenoj ceni od 16 NJ/MWh.
Odrediti tok snage i novca izmeu ovih kompanija kada
cena na centralizovanom tritu dobije sledee vrednosti:
16 NJ/MWh, 18 NJ/MWh, 13 NJ/MWh
ta e se dogoditi ako ANG u toku jednog asa proizvede
samo 50 MWh, a pool cena bude 13 NJ/MWh?
ta e se dogoditi ako AluA utroi samo 100 MWh, a pool
cena bude 13 NJ/MWh?
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Pool
cena
ANG AluA

a. 16 Proizvede 200 MWh, primi 3200 Potroi 200 MWh, plati 3200 NJ
NJ od pool-a pool-u

18 Proizvede 200 MWh, primi 3600 Potroi 200 MWh, plati 3600 NJ
NJ od pool-a, plati 400 NJ AluA pool-u, primi 400 NJ od ANG

13 Proizvede 200 MWh, primi 2600 Potroi 200 MWh, plati 2600 NJ
NJ od pool-a, primi 600 NJ od pool-u, plati 600 NJ ANG
AluA

b. 18 Proizvede 50 MWh, primi 900 Potroi 200 MWh, plati 3600 NJ


NJ od pool-a, plati 400 NJ AluA pool-u, primi 400 NJ od ANG

c. 13 Proizvede 200 MWh, primi 2600 Potroi 100 MWh, plati 1300 NJ
NJ od pool-a, primi 600 NJ od pool-u, plati 600 NJ ANG
AluA
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16 NJ/MWh 18 NJ/MWh

pool pool

3600 NJ 3600 NJ

ANG AluA ANG AluA


400 NJ

200 MWh 200 MWh 200 MWh


3200 NJ 200 MWh
3200 NJ 3200 NJ 3200 NJ

Strike price izmeu ANG i AluA je 16 NJ/MWh i za 200 MWh


cena je 200 x 16 = 3200 NJ
Tok novca
Tok snage/energije
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13 NJ/MWh 18 NJ/MWh

2700 NJ 150 MWh

pool pool

2600 NJ 2600 NJ 900 NJ 3600 NJ

krivac
ANG AluA ANG AluA
600 NJ 400 NJ

200 MWh 50 MWh


200 MWh 200 MWh
3200 NJ 500 NJ 3200 NJ
3200 NJ

krivac je slack bus= vor za balansiranje

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1300 NJ
13 NJ/MWh
Berza (pool)
100 MWh osigurava
pool
mehanizam za
2600 NJ 1300 NJ
balansiranje
transakcija obe
krivac
vrste:
ANG
600 NJ
AluA
snage
(energije)
200 MWh
100 MWh
3200 NJ 1900 NJ novca

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Wikipedia
In finance, an option is a derivative financial instrument
that establishes a contract between two parties
concerning the buying or selling of an asset at a
reference price. The buyer of the option gains the right,
but not the obligation, to engage in some specific
transaction on the asset, while the seller incurs the
obligation to fulfill the transaction if so requested by the
buyer. The price of an option derives from the difference
between the reference price and the value of the
underlying asset (commonly a stock, a bond, a currency
or a futures contract) plus a premium based on the time
remaining until the expiration of the option. Other types
of options exist, and options can in principle be created
for any type of valuable asset.

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Wikipedia
A call option, often simply labeled a "call", is a financial
contract between two parties, the buyer and the seller of
this type of option. The buyer of the call option has the
right, but not the obligation to buy an agreed quantity of a
particular commodity or financial instrument (the
underlying) from the seller of the option at a certain time
(the expiration date) for a certain price (the strike price).
The seller (or "writer") is obligated to sell the commodity
or financial instrument should the buyer so decide. The
buyer pays a fee (called a premium) for this right.
The buyer of a call option wants the price of the
underlying instrument to rise in the future; the seller either
expects that it will not, or is willing to give up some of the
upside (profit) from a price rise in return for the premium
(paid immediately) and retaining the opportunity to make
a gain up to the strike price (see below for examples).
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Call options are most profitable for the buyer when the
underlying instrument moves up, making the price of the
underlying instrument closer to, or above, the strike price.
The call buyer believes it's likely the price of the underlying
asset will rise by the exercise date. The risk is limited to the
premium. The profit for the buyer can be very large, and is
limited by how high underlying's spot rises (osnovna spot
cena). When the price of the underlying instrument
surpasses the strike price, the option is said to be "in the
money".
The call writer does not believe the price of the underlying
security is likely to rise. The writer sells the call to collect the
premium. The total loss, for the call writer, can be very
large, and is only limited by how high the underlying's spot
price rises.
The initial transaction in this context (buying/selling a call
option) is not the supplying of a physical or financial asset
(the underlying instrument). Rather it is the granting of the
right to buy the underlying asset, in exchange for a fee
the option price or premium.
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Exact specifications may differ depending on option style.
A European call option allows the holder to exercise the
option (i.e., to buy) only on the option expiration date. An
American call option allows exercise at any time during
the life of the option.
Call options can be purchased on many financial
instruments other than stock (zaliha) in a corporation.
Options can be purchased on futures on interest rates, for
example (see interest rate cap), and on commodities like
gold or crude oil. A tradeable call option should not be
confused with either Incentive stock options or with a
warrant. An incentive stock option, the option to buy stock
in a particular company, is a right granted by a
corporation to a particular person (typically executives) to
purchase treasury stock. When an incentive stock option
is exercised, new shares are issued. Incentive stock
options are not traded on the open market. In contrast,
when a call option is exercised, the underlying asset is
transferred from one owner to another.
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A put or put option is a contract between two parties to
exchange an asset, the underlying, for a specified
amount of cash, the strike, by a predetermined future
date, the expiry or maturity. One party, the buyer of the
put, has the right, but not an obligation, to sell the asset
at the strike price by the future date, while the other
party, the seller, has the obligation to buy the asset at
the strike price if the buyer exercises the option.
If the strike is K and maturity time is T, if the buyer
exercises the put at a time t, the buyer can expect to
receive a payout of K-S(t), if the price of the underlying
S(t) at that time is less than K. The exercise t must occur
by time T; precisely what exact times are allowed is
specified by the type of put option.

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An American option can be exercised at any time before or
equal to T; a European option can be exercised only at time
T; a Bermudan option can be exercised only on specific
dates listed in the terms of the contract. If the option is not
exercised by maturity, it expires worthless. (Note that the
buyer will not exercise the option at an allowable date if the
price of the underlying is greater than K.)
The most obvious use of a put is as a type of insurance. In
the protective put strategy, the investor buys enough puts to
cover their holdings of the underlying so that if a drastic
downward movement of the underlying's price occurs, they
have the option to sell the holdings at the strike price.
Another use is for speculation: an investor can take a short
position in the underlying without trading in it directly.
Puts may also be combined with other derivatives as part of
more complex investment strategies, and in particular, may
be useful for hedging. Note that by put-call parity, a
European put can be replaced by buying the appropriate call
option and selling an appropriate forward contract.
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