| EXAA | |
|---|---|
| Energy Exchange Austria | |
| Type | energy exchange market |
| Location | Vienna, Austria |
| Founded | 2001 |
| Key people | Mag. Dr. Rudolf Schneider, Dipl. Ing. Jürgen Wahl |
| Currency | EUR |
| Website | EXAA |
Energy Exchange Austria (EXAA) is Austria's energy exchange market.
EXAA is located in Vienna. It is owned partly by the Vienna Stock Exchange. Since 2005 the EXAA is a partner in the European Union Emission Trading Scheme, which enables actors to trade EU emission allowances (EUA), also referred to as CO2 certificates.
Contents |
Members of the executive board: Mag. Dr. Rudolf Schneider, Dipl. Ing. Jürgen Wahl [1]
Mag. Dr. Rudolf Schneider is a member of the EXAA executive board since 2006 and CISMO Clearing Integrated Services & Market Operations GmbH Senior Project Manager since 2005.[2]
Dipl. Ing. Hansjörg Tengg is the chairperson of the supervisory board. There are two vice chairpersons, Dr. Heinrich Schaller and Mag. Herbert Seidlmann.[3]
The most important shareholders of EXAA are APCS Power Clearing and Settlement AG, Wiener Börse AG (WBAG), Oesterreichische Kontrollbank AG (OeKB) and smart technologies.[4]
The Austrian electricity market is liberalised since October 2001. The liberalisation was an important condition for the foundation of an Austrian electricity exchange market.[5]
In June 2005 EXAA started trading CO2 certificates. The certificates are traded in auctions. Each market participant is able to place a hidden order which can not be seen by the other participants. The orders are collected in a closed order book. The auction takes place on the particular trading day, where they determine the market clearing price (MCP) and the amount allocated to the participants. [6]
The CISMO Clearing Integrated Services and Market Operations GmbH (CISMO) supports companies with expertise in the liberalized energy markets. The company has been founded in 2000 and is located in Vienna.[7]
EXAA became a member of the CISMOgroup in 2005.[8]
Since May 2010 EXAA is operating the Hungarian market area that was formerly operated by the Power Exchange Central Europe (PXE). The members of EXAA are holding a licence for trading in Hungary. EXAA expects a rise in members trading on the Hungarian spot market of more than double.[9]
EXAA is operating in the following foreign markets [10] :
A long-term objective is to connect different energy exchange markets in Central and Eastern Europe (CEE).[11]
There is a cooperation between EXAA, the Hungarian Power Exchange Central Europe (PXE) and the Polish Towarowa Gielda Energii SA (TGE). In December 2009 the Memorandum of Understanding (MoU) was signed by seven ministers (Germany, Poland, Czech Republic, Slovakia, Austria, Hungary and Slovenia) to create the Central Eastern European Forum for Electricity Market Integration (CEE Forum). The CEE Forum supports the aim to implement a CEE power market which is an advancement towards a single energy market for the whole EU. Furthermore they provide coordination among participating ministries and political support. A main objective of the cooperation is to establish a mechanism for price-coupling in Central and Western Europe, the Nordic countries and South Europe. [12]
EXAA trades the products on the spot markets in auctions where the market participants can place hidden orders. They collect the orders in a closed order book. During the auction they determine the market clearing price (MCP) and volumes. After the auction they allocate the volumes to the participants. The concept is called day-ahead trade because the fulfilment of each trade occurs on the following day. The delivery of the electricity, which is traded on a per hour basis, happens one day after the auction.[13][14]
Oesterreichische Kontrollbank AG (OeKB) is responsible for the financial clearing, risk management and credit assessments. EXAA has put OeKB in charge of the operation of the financial clearing and settlement.[15][16]
There are two types of products on the spot market, the individual trading products and the block products. Trading participants can trade every single hour, which means that there are 24 individual products each day. This gives the market participants the possibility to satisfy their individual needs. Standardized block products include a combination of different single hours. The lowest amount of electricity that can be traded is 0.1 MWh.[17]