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OPENING OUR
means
04
OPENING OUR
OPENING OUR
OPENING OUR
102
CONTENTS
ANNUAL REPORT 2019
36 1
TOWA R D S N E W H O R I ZO N S
O
sector closer together.
ur core markets are the back-
bone of our business, and The past year has also brought a major
the annual trading volume challenge to our company, which was the
reached a new record again, technical incident leading to the decou-
for the fourth year in a row. We pling of several of our markets in June. It is
further diversified our product suite, with crucial that we grow from such experiences.
the introduction of new Intraday auctions, Not only on an organisational level but
and broke new ground for our services. including all processes and instances of the
European Market Coupling. Everything we
Looking back on the achievements of the take away from such a crisis makes us more
past decade, during the celebrations of our resilient as an energy community.
10 years of power, also brought up the oblig-
atory contemplation: what lies ahead of us? This has proven true, unfortunately, quicker
2019 was a true turning point on all fronts. than anticipated: as I am writing these words,
the world is being rattled by the Covid-19
pandemic. The organisational setup of our
Opening company allowed us to quickly respond to
our mind. We continued to redefine our the crisis and to secure the operations of
role within the ever-changing energy indus- Europe’s wholesale markets in a reliable
try, to further drive forward the decarboni- manner. While I am confident that the energy
sation, digitalisation and decentralisation of community will come out of this crisis
the sector. Our joint fight against climate stronger, even more aware of its responsibility
ralph
change brings new responsibilities for all towards society, it is also a time where a look
actors. We have taken up ours and continue into the possibilities of the future can keep
to make our markets fit for renewables while our spirits up.
danielski
innovating to create markets that are inclu- I look forward to what is to come, to opening
sive of new energy actors, new technologies new horizons together with our teams, our
and new business models. customers and business partners.
Chairman of the Management Board
and Chief Executive Officer of EPEX SPOT
WE ARE
insights. We continuously listen to and meet
the needs of our community to shape the
future of European power markets together.
A
and agriculturals. As part of EEX Group,
s the Power E xchange for EPEX SPOT can offer unique cross-selling
CELEBRATED Europe, there are three foun- synergies to trading members as well as
access to unmatched expertise across
dations to our activity that
10 YEARS OF POWER, have been cemented over the commodities and markets.
past decade.
OUR TENTH
WE GIVE VALUE TO POWER
ANNIVERSARY SINCE We give value to electricity by delivering a
IN FEBRUARY 2019,
THE PROJECT
PARTNERS OF
THE ENERA MARKET
ANNOUNCED
THE SUCCESSFUL
LAUNCH OF
THE FIRST LOCAL
FLEXIBILITY MARKET
IN THE WINDY
NORTH-WEST OF
GERMANY.
ENERA IS A
MARKET-BASED
SOLUTION TO TACKLE
GRID CONGESTIONS.
EWE AND EPEX SPOT
LAUNCHED THE
ENERA MARKET
WITH AVACON NETZ,
EWE NETZ, AND
TENNET.
2
energy self-sufficient, covering a maximum
of their electricity consumption with their own
production. Geographical areas with high renewable
Connecting these microlocal energy generation often experience grid congestions. The wholesale market relies on large bidding
communities to our wholesale markets allows The abrupt increase of electricity feed-in due zones to create a reliable and transparent price
MW
traded at
prosumers to value their electricity to high winds or sun exposure creates a signal for electricity in Europe. A maximum of
and to adjust production and consumption bottleneck on the grid, which has to be solved liquidity is pooled in all market areas and -45.50€/MWh
behavior according to the market price. It’s a through costly measures. Our Local Flexibility electricity flows according to the price signal, on 4 February 2019
win-win situation for both; prosumers who get markets efficiently handle congestions before from the cheaper to the more expensive
an added economic value for their electricity, they occur by incentivizing actors to buy or sell region. This way, interconnectors are used
and market participants, who have increased flexibility that triggers additional electricity to efficiently, price peaks are attenuated and
trading opportunities. be added or removed from the grid. security of supply is secured.
DECENTRALISATION DECARBONISATION
THREE
Local flexibility markets DIGITALISATION Flexibility contracts
Microgrids and the real-time trading
wholesale market Application programming
MEGATRENDS
Interfaces (APIs)
Partnerships with
independant Software
FORGE A Vendors (ISV’s)
NEW ENERGY
LANDSCAPE
THE MARKET - CENTRAL
PILLAR OF A DECARBONISED,
The answer of the electricity sector to this DECENTRALISED AND
challenge are renewable energies, meaning
sources of energy that are not depleted by DIGITALISED ENERGY WORLD
use, such as water, wind, or solar power. These
The role of the power market evolves in light of
power generation assets are set up with many
the 3D trends. The most important task of the
distributed small units rather than one large
power market is to efficiently integrate renewa-
central unit, as it is the case for conventional
T
bles. Because what good does renewable ener-
power generation. This leads to the second
gy do if it doesn’t reach the end consumer?
he energy world has been held in megatrend, decentralisation.
EPEX SPOT has been a pioneer in this field. We
the grip of three megatrends, the In parallel to this, technology has evolved quickly, introduced our first flexibility products already
so-called 3Ds, which have pro- paving the way for digitalisation to transform in 2014 and over the years they have become a
foundly transformed the sector our every-day lives. Digitalisation is more cornerstone of decarbonisation. Flexibility
and continue to do so. than just a technical evolution, it’s rather products allow market participants to trade
Decarbonisation, the first of the first of the an industrial and social revolution driven by electricity in smaller bundles than the usual
3Ds, has become the main pillar of Europe’s businesses and citizens. The possibilities to 60-minute products. In continuous Intraday
fight against climate change. By decarbonising use technology to change the way we live, trading, EPEX SPOT offers 15 minute or 30 minute
various sectors, the European Union plans to work and communicate with each other seem continuous contracts in seven market areas,
be carbon neutral by 2050. The energy sector endless. This is also true for the electricity complemented by Intraday auctions in three
is at the forefront of this battle with a special sector, the way we steer our electricity use, countries –with more to come. In Germany,
focus on electricity generation, which historically the emergence of new business models and where net electricity generation of renewables
heavily relied on conventional power plants, the extremely quick pace of innovation in the has surpassed fossil generation for the first time
such as coal-fired or nuclear plants. energy world. in 2019, over 25% of Intraday volumes are traded
on 15 minute contracts.
You A
record 160 companies have
replied –over 50% of our
market participants– with
general satisfaction largely
maintained at 87% despite
speak
–
We were able to derive three major topics
that are being addressed in the upcoming In June 2019 EPEX SPOT experienced a technical
months: first and foremost, continuing to issue on the Day-Ahead markets which lead to a
implement a series of improvements on the partial decoupling of the Multi-Regional Coupling
M7 system, increasing the number of webi- (MRC). The root cause of the technical issue was
nars and topics covered from new products
an unsupported order that was entered into the
On our Intraday markets, electricity is traded and system functionalities to safety and
ETS system, causing two consecutive server locks.
continuously and up to 0 minutes before compliance, and last but not least, sharp-
When the system was up and running again, the
delivery, to allow for last-minute corrections ening the priorities of projects and prod-
ucts to be delivered in the course of the deadline for the Market Coupling processes,
in case of changing weather or consumption
conditions. year to best reflect our member’s needs. according to the Price Coupling of Regions, had
been reached. The Austrian, Belgian, Dutch,
The decentralised setup of an energy French, German and British Day-Ahead markets
sector in transition requires new market were decoupled from MRC.
models. The wholesale market which is After further technical issues on the local markets,
highly liquid and covers large bidding zones
will be complemented by smaller local FOR THE 12TH TIME, EPEX SPOT was able to publish firm market results
at 15h38 CET. All nominations and payments were
markets. The price signal provided by the
wholesale market used to be exclusive in WE HAVE CONDUCTED completed and settled correctly.
use to utilities, suppliers, industrial consum- Even though detailed processes are in place
ers, trading companies, system operators A DETAILED CUSTOMER for all types of decoupling scenarios, all actors
and aggregators -all actors trading on the were strongly impacted by this incident, revealing
wholesale market. With prosumers on the SURVEY AT THE insecurities concerning fallback procedures.
rise, forming small energy communities, a Since then, EPEX SPOT has instigated several
reliable and transparent price signal is need- END OF THE YEAR dedicated tests and simulations for EPEX SPOT
ed to provide the missing impetus that members, to rehearse different scenarios. We have
allows the new setup to evolve in an eco- TO GAIN INSIGHTS organised a dedicated webinar to present and
nomically sustainable direction. The Power
review the Coupling processes with market
Exchange as a neutral actor brings the
expertise to provide such a price signal.
INTO THE WAY OUR participants, collected feedback from trading
members and used it to review communication
Last but not least, EPEX SPOT provides an
MEMBERS PERCEIVE channels and market messages, in order to bring
a new level of clarity and guidance to market
adequate environment for our highly digi-
talised customers to make the best of their OUR SERVICES, OUR participants. In addition to this, EPEX SPOT, along
trading experience on our markets. Our with the other involved partners, plays an active
systems have to be stable and reliable to OFFER AND THE TOOLS role in the different European Market Coupling
host digitalised trading activity, also instances to drive forward the improvement of
referred to as algo trading. WE PUT AT THEIR processes, timings and market messages.
More information on algo DISPOSAL. Such incidents are and remain extremely rare, but
being prepared is key to secure an orderly market
trading on page 16.
with reliable results.
47%
adjustments can be made up to 0 min before
delivery.
Every trading desk has its strategy to optimally
use the opportunities provided on the market.
To translate this strategy into market activity,
they can either trade manually or with an Auto- of traded volume
mated Programming Interface (API). APIs are comes from APIs
either provided by an Independent Software
Vendor (ISV), developed in-house by our cus-
65 %
tomers or provided by EPEX SPOT directly.
APIs work 24/7, with very limited human inter-
ference and are scalable and resilient. They
allow for extremely fast reactions because
they automatically manage the complexity of
WHAT IS ALGORITHMIC
fundamentals like changing weather conditions, of the number of
TRADING?
available generation capacities and market trades comes from APIs
Algorithmic trading essentially describes one developments such as volatility.
thing: a computer is programmed to automati-
cally submit and execute an order, with limited
ALGORITHMIC TRADING, or no human intervention. Put in the global
context of the energy sector, however, there is
TOMORROW
ARTIFICIAL
High-frequency trading is a specific subset of INTELLIGENCE
algorithmic trading where a trading system
analyses data or signals from the market at high
For years software specialists have
speed and then sends or updates large num-
been working on the next big step
bers of orders within a very short period.
in the field, which is the involvement
All APIs available on the EPEX SPOT markets of Artificial Intelligence.
have been put to the test of strict implementa- This opens the possibility
tion principles and are certified by us to guar- to programme software to achieve
antee their safety and the best experience for not only a certain goal, such as
close to
250
the market. profit maximisation but to learn
how to achieve this goal.
SPEED AND PERFORMANCE – The software acquires knowledge
EVERY MILLISECOND COUNTS through training and trial-and-error
explorations, it maps complex
With the automation of trading via APIs, every inputs and is eventually able to plan
API connections millisecond counts. The factors speed and data ahead, to predict and execute the
250 on M7 volume become crucial and translate into an optimal actions needed to achieve
increased load on EPEX SPOT side. This means the goals that have been set.
that the trading systems, and the Intraday sys- Exciting times lie ahead of us!
tem M7 in particular, have to cope with a steep-
ly increasing amount of activity. To prepare the
150 M7 system for such load levels, EPEX SPOT has
been heavily investing in this system for years:
today, over 200 APIs are connected to the
Exchange, with 40% following market develop-
ments using this technology, and 60% imple-
50 menting their automated trading strategies.
In an increasingly automated world of trading,
where speed and ability to handle high load is
crucial, the statistics show that M7 is the most
performant Intraday trading system in Europe.
Jan 17 Jan 20
Maximum
SPEED COST ACCURACY
1,393,800 REDUCTION
Algorithms are written beforehand Typing mistakes and human
and the set of instructions are errors are reduced.
executed automatically. This provides Algorithms do not need constant
much better trading opportunities human supervision. There is,
than the manual alternative. however, necessity to control the
M7 orders per day behaviour in real time.
O
DIGITS
point in time. In a decentralised energy system,
ver the past years, EPEX SPOT This is where the price signal comes into play. the price signal is the missing link between the
has been working on different A reliable price signal is created by supply and levels to provide concrete incentives as to
projects, with a variety of part- demand in a market. Nothing breaks down the which flexibility sources are to be activated and
ners, to bring the benefits of a complexity of an economic situation as simply when.
transparent and reliable price and as efficiently as a price signal. The market
signal to new actors of the power system. price is never random and always reflects an Instead of considering each element of the en-
actual market situation so that resources can be ergy system individually, the holistic approach of
The decarbonisation of the energy system has sector coupling using renewable energies helps
important consequences for the electricity used optimally. The price signal carries informa-
tion on the electricity sector as a whole. to decarbonise all sectors of the economy.
grid, which was originally built for individual
large production plants. With the spread of At EPEX SPOT we develop ways of bringing By enabling the market participants to value
decentralised renewable energy plants –often the benefits of the price signal to all levels of their flexibility not only within but across these
levels, Siemens and EPEX SPOT aim at unlock-
stefan
far away from the centres of consumption– the the power system, down to the prosumer. It is
grid is under pressure. Decentralised consump- the very expertise we have as a Power Exchange ing the full flexibility potential of decentralised
niessen
tion and production models are on the rise and that qualifies us for this. As a neutral market assets to achieve a market-based sector
we have entered a new era of flexibility, with operator, EPEX SPOT provides a price signal integration.
prosumers, home storage and local electricity that is transparent and reliable. See schema on the next page.
Head of Technology Field Energy Systems
at Siemens Corporate Technology
WATCHFUL EYES
TAKING MARKETS TO ALL LEVELS
ON EVERY ORDER
National or
NATIONAL / SUPRA NATIONAL Bid Ask Supra-national
order book STAYING ON TOP OF THE DATA
THE TREND OF IN A HIGHLY DYNAMIC MARKET
Algorithmic trading significantly increases the
ALGORITHMIC number of orders submitted as well as the com-
Regional Other regional plexity of the trading strategies.
TRADING HAS A
REGIONAL Bid Ask Bid Ask
order book order book
The team works with specific indicators and has
DIRECT IMPACT introduced complementary monitoring tools,
specifically designed for the needs of the con-
tinuous evolution of the power market. The goal
ON THE WORK is to systematically comb through all data
LOCAL Local optimisation Other local optimization
generated by the market and all relevant stake-
OF OUR MARKET holders and to reveal patterns that could point
to suspicious behaviour. Deeper investigations
SURVEILLANCE are done when needed.
One of the risks associated with algorithmic
BUILDING TEAM. trading is a very high ratio of unexecuted orders
to transactions. If an extremely large number
of orders results in only a few transactions,
this may raise doubts about the economical
justification behind the orders. This is why
EPEX SPOT has established a so-called order-
to-trade ratio, setting the maximum number of
FOUR LEVELS IN THE ELECTRICAL SYSTEM ARE CONCERNED
T
submitted orders out of which at least one must
he Market Surveillance office is an result in a trade. Non-compliance with this rule is
LEVEL 1 LEVEL 2 LEVEL3 LEVEL 4
independent exchange body that penalised.
Within a building or site. Within a local distribution Within a region National or even directly reports to the EPEX SPOT
Buildings are more and area, such as a village, encompassing larger transnational areas. Management Board as well as to
more equipped to smaller city or a city cities. If there are no grid THE POWER EXCHANGE AS EXPERT
the Exchange Council. The way it ON ALGORITHMIC TRADING
self-supply their electricity district. On a regional distribution constraints, participants can
needs and even store power The system automatically area, flexibility can be also value their flexibility or
operates is unique in Europe. By continuously
monitoring all market activity, the office ensures The expertise of the Market Surveillance team
for future use. Energy generates offers to other valued on flexibility markets procure with their overload
Management Systems for buildings and market operated by EPEX SPOT. directly on the wholesale orderly trading, a fair market price and that allows them to live up to the daily challenges.
buildings combine these participants expressing the They are complementary to market, which covers trading members comply with the European The team is composed of profiles from various
assets with data on forecast willingness to buy, sell or the wholesale and national and trans-national transperancy regulation REMIT, the EPEX SPOT fields: experts from the political and legal side
and energy use, on a give access to flexibility. balancing markets. areas. work along with system specialists, algorithm
Market Rules and the Code of Conduct at all
building level. The Building This flexibility can then be experts, market experts and team members
Energy Management made available locally to times. Upon detection of a suspected abuse or
breach, the office conducts an investigation with trading desk experience.
System developed by other participants, covering
Siemens can interact with areas such as villages or city and promptly notifies EPEX SPOT in case of As Power Exchange, EPEX SPOT has been pro-
such equipped buildings to districts. The role of the substantiated suspicion. EPEX SPOT may addi- viding the environment for algorithmic trading
achieve optimisation, in optimisation is to aggregate tionally decide on a sanctioning procedure, e.g. for years and has solid expertise in the field. We
order to generate additional individual offers through
revenues for the owner. peer-to-peer transactions suspension of membership. In addition to this, are sharing this expertise with regulators across
BY ENABLING THE MARKET PARTICIPANTS
and to offer the remaining TO VALUE THEIR FLEXIBILITY NOT ONLY
the office closely cooperates with and reports Europe and attend and organise workshops
flexibility or overload WITHIN BUT ACROSS THESE LEVELS, IT WILL suspected breaches of REMIT to relevant regu- and events on the topic.
(excess supply or additional latory authorities.
consumption needs) on the
BE POSSIBLE TO UNLOCK THE FULL In addition to this, we take a strong stance for
regional or the wholesale FLEXIBILITY POTENTIAL OF DECENTRALISED Our Market Surveillance team works with state prevention. Through workshops, e.g. on REMIT
market. ASSETS TO ACHIEVE A MARKET-BASED of the art tools and its processes take into Understanding, and constant dialogue, we sup-
SECTOR INTEGRATION. account all trading and market trends, such as port our customers in meeting requirements to
algorithmic trading. guarantee a fair and orderly market.
+11.3%
593
TWh
TOTAL TRADED VOLUMES
.2 AUSTRIA
+20.2% REACHING 2.9 TWH
SWITZERLAND
0.8 TWH
YEARLY INTRADAY THE EPEX SPOT
VOLUMES (TWH) COMMUNITY
302
GERMANY
TOTAL TRADED
529.3 TWh 534.7 TWh 567.3 TWh 593.2 TWh
53.7 TWH
VOLUME
Trading participants
21
FRANCE
DAY-AHEAD 467.7 TWh 463.7 TWh 485.0 TWh 501.6 TWh +29.9% REACHING 7.7 TWH
57.0 TWh 65.8 TWh 75.4 TWh 83.2 TWh Certified ISVs
INTRADAY
CONTINUOUS
24
GREAT BRITAIN
4.6 TWh 5.2 TWh 6.9 TWh 8.4 TWh PASSED THE 20 TWH MARK FOR THE
INTRADAY
AUCTIONS FIRST TIME AND REACHED
2016 2017 2018 2019 Total member
21.6 TWH
admissions in 2019
NETHERLANDS
+55.7% REACHING
3.3 TWH
24 ANNUAL REPORT 2019 ANNUAL REPORT 2019 25
OPENING OUR
A
As renewable production increases, Intraday
complemented by further “waves” of countries
markets are of growing importance to market
fter an extremely active year in such as Greece and Italy joining the coupling
participants. This is because it has become
2018, the Market Coupling par- mechanism. In addition to this, the target mod-
more challenging for market participants to be
ties didn’t rest for one moment el continues to evolve, and new requirements
in balance (i.e. supplying the correct amount
and continued their joint work have to be implemented, such as new pan-
of energy) after the closing of the Day-Ahead
towards the European target European Intraday auctions.
market.
models throughout the year 2019. These evolutions require not only close coordina-
The next major milestone in Day-Ahead cou- tion between Power Exchanges, Transmission
pling will be the implementation of so-called TAKING MARKET COUPLING System Operators and market participants,
Multi-Nemo Arrangements across Europe, for TO THE NEXT LEVEL they also call for changes down to every indi-
which the foundation has already been laid in The involved Power Exchanges and Transmis- vidual system. The European Market Coupling
Central Western Europe. sion System Operators are currently preparing mechanisms absorb an increasing complexity,
The Cross-Border Intraday market project XBID major enhancements of SDAC in the upcoming demanding constant developments and
saw the go-live of its so-called second wave, years: Multi-Nemo Arrangements (MNA) are investments from all involved parties. 1st wave - June 2018
with new countries joining the pan-European to be implemented across Europe. They allow The ongoing work on new Market Coupling 2nd wave - November 2019
Intraday coupling. This was a major step for more than one Power Exchange to be active features will keep us busy for many years to 3rd wave - TBC
towards the target model Single Intraday in a market area. This fosters competition, to come and we look forward to the next steps in
Coupling (SIDC). the benefit of the market. this European endeavour.
TERRE
MONITORING SERVICES FOR EUROPEAN TSOs
THE EU GUIDELINE ON
“These monitoring services European level, can optimise the exchange of balanc-
ing energy.
NEW BALANCING ELECTRICITY BALANCING
allow us to bring our
MARKET PROJECTS Entered into force in 2017, it signalled profound
changes to the organisation of balancing in
expertise in operating
FOR EUROPEAN Europe. This new EU Guideline will create a
harmonised playing field for market partici-
TRANSMISSION SYSTEM pants in Europe where countries can share markets to the TERRE
the resources used by TSOs to ensure gener-
FREQUENCY
TRIAL IN GREAT BRITAIN
OPENING UP THE MARKET TO MORE DIVERSE ACTORS
A
nother essential service of TSOs
is the provision of Frequency
response services, the procurement setup in
place until last year was adapted to long-term a core objective of the
provision only, largely catered to by conven-
Response. It ensures that in
cases of interruption of supply, tional electricity producers. Electricity System
the frequency of the electricity
system is kept stable at all times. TSOs have dif- This is why, in line with their System Needs & Operator to remove
ferent ways of procuring frequency response Product Strategy, NG ESO decided to trial a
from the actors of the power market. In Great new route to market to procure frequency re- barriers to entry and
Britain, where National Grid Electricity System sponse from industry providers, by launching a
FIRST AUCTION ON
Operator (NG ESO) is in charge of frequency weekly auction. promote competition.
29 Nov.
EPEX SPOT developed and operatesthe
platform which hosts the Frequency Reponse
Participation in the
auction trial in Great Britain. The weekly,
pay-as-clear auctions take place every Friday. auction by new providers
supports us in achieving
2019
Order books close at 9:30 GMT and results are
published on the NG ESO website at 14:00 GMT,
for service delivery starting the same day. The
frequency response auction trial was launched carbon-free operation by
on 29 November 2019, with 10,284 MW traded
during the first auction. 2025 and the net-zero
The new auction allows the provision of fre- transition. We expect
quency response services to a wider mix of
technology types. By moving closer to real-
time, less predictable technologies, such as
the auction to increase
wind, can participate as well, along with indus- liquidity in the frequency
10,284
trial and commercial sites and traditional
providers.
response market, reduce
our overall balancing MW
costs, and deliver value TRADED DURING FIRST AUCTION
colm for the end-consumer.”
murphy
Head of Electricity Market Change
Delivery for National Grid ESO
O
ver the years, the reference
price emerging from our liquid
202.9
TWh
and transparent markets has
become an essential pillar of
the energy transition. 2009
14 DEC. 9 DEC.
CORPORATE
2001 2002 17 September 2008 2011 2014
Establishment of Establishment of EEX AG, The European Power Launch of the first Successful launch
Powernext SA, operator of operating the German and Exchange EPEX SPOT SE flexibility product: of 15-minute Intraday
the French power market. Austrian power market. is created as legal entity, 15-minute contracts auction in Germany.
owned 50/50 by Power- to facilitate the
next SA and EEX AG. integration of power
from renewable
energy sources.
10 YEARS OF EPEXIANS
FORWARD
TO A BETTER ENERGY UNION TEAMS HAVE GROWN, BUT SO HAS THE SCOPE AND IMPACT
IS WHAT MOTIVATES US OF OUR WORK. WE BELIEVE THAT EFFICIENT MARKETS ARE AN
EVERY DAY. INDISPENSABLE ASSET TO ACHIEVE THE ENERGY TRANSITION.
2009 2019
1st January 2015 17 April 2015 4 May 2015 31 March 2016 13 October 2018 April &
New shareholder structure:
Transmission system
EPEX SPOT and APX
Group announce their
New shareholder structure:
EEX Group now holds 51%
Clearing activities for British,
Dutch and Belgian markets,
Jean-François Conil-Lacoste,
CEO and founder of EPEX SPOT,
November 2018
Migration of the UK 2019
operators of HGRT take integration in order to form and transmission system formerly operated by APX, steps down from his CEO mandate. Day-ahead and Intraday EPEX SPOT celebrates
36.7% stake in EPEX SPOT, a Power Exchange covering operators of HGRT rise to are being migrated to He is followed by Ralph Danielski. markets to ETS and M7 10 years of Power,
EEX at 13.3%, Powernext at 8 countries. 49%. EPEX SPOT becomes European Commodity Clearing respectively, completing its 10th anniversary.
50%. 100% owner of APX. (ECC). This lays the foundation the integration of APX
for the integration of systems and EPEX SPOT.
between APX and EPEX SPOT.
24 February 2015 15 December 2015 12 June 2018 February 2019 November 2019
Second extension of PCR: EPEX SPOT obtains NEMO Go-live of the European Launch of enera, the first Launch of the Frequency
Italy and Slovenia join the status in all its core markets Cross-Border Intraday Solution Local Flexibility Market in Response Auction trial in
Multi-Regional Coupling. and announces extension XBID connecting the Intraday the North-West of Great Britain, EPEX SPOT’s
of services to Nordics and market of 14 countries. Germany. first step into the field of
Poland. balancing services
Innovation
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