Total trading volume on all electricity dedicated markets of the Polish Power Exchange (POLPX) amounted to 126.679 TWh in 2011. This represents 78% of electricity produced in Poland and over 80% of its total consumption. The turnover increased by 55% in comparison with the previous year. In this way, POLPX is a leader among power exchanges in the Central and Eastern Europe, only behind the EPEX Spot exchange which is however a multinational marketplace.
The highest liquidity of POLPX on the trading floor was recorded in November, with the volume of 15.472 TWh, while the lowest in January, with the trading volume of 2.248 TWh.
The comparison of electricity trading volumes on the POLPX’s trading floor
in subsequent years of functioning the Exchange (MWh)
The summary of annual operation of so-called exchange obligation - i.e. legal obligation to direct at least 15% of electricity produced to public sale forms, was performed in 2011. Polish producers quickly assessed this requirement and became convinced that the balance between cunsumers and production sector may be provided only by an open and well-functioning electricity market, ensuring the transactions transparency. Therefore, almost 80% of electricity generated in Poland were directed on the trading floor of the Polish Power Exchange. It is much more than the statutory limit. The exchange obligation is not only an increased market transparency, it is primarily its greater liquidity enabling cross-boarder connections with neighbouring markets.
We are pleased that the power industry is actively participating in electricity sales on our Exchange. That is the reason to steady growth of liquidity of the Polish energy market and consequently the increase of Poland on the international arena. This is a good sign in the light of future challenges facing us, related to launching new markets on POLPX. At present, we are intensively working to make the possibility of wholesale gas trading on our trading floor as much interesting - said Grzegorz Onichimowski, the President of TGE S.A.
The Day-Ahead Market (DAM)
In 2011 on the DAM, the members of the Polish Power Exchange S.A. entered into transactions of purchase/sale of electricity of the total of 19,740, 974 MWh. This represents an increase of 160.52% compared to the total turnover in 2010.
On a monthly basis, the highest trading volume was recorded in May when the amount of electricity, which is the subject of transactions concluded on the Day-Ahead Market, amounted to 1,900,754 MWh. The lowest activeness on the DAM trading floor was in February when the amount of electricity involved in the transactions reached 1,363,414 MWh.
The weighted average electricity price for the whole day of all purchase/sale transaction in 2011 amounted to 205,19 PLN/MWh. This in an increase by PLN 4.17 as compared to the year 2010.
The highest monthly electricity price on the DAM was reported in November - 240.41 PLN/MWh, while the lowest in December. The weighted average price amounted then to 181.53 PLN/MWh.
Monthly turnover (MWh) and monthly price (PLN/MWh) on the DAM in 2011
The share of transactions concluded in 2011 on the Day-Ahead Market for the total hourly electricity demand of the National Power System increased from 4.83% in 2010 to 12.70%.
The Commodity Derivatives Market (CDM)
In 2011 on the CDM, the members of the Polish Power Exchange S.A. entered into transactions of purchase/sale of electricity of the total of 106,907 TWh. This represents an increase of 44% compared to the total turnover in 2010. In relation to the profile of contract delivery, the highest turnover was recorded in the BASE profile contracts - a total in 2011 was 93,888,581 MWh, in contracts of PEAK5 profile it was 11,284,710 MWh. It is worth mentioning that the electricity trading was also recorded in contracts on new delivery profiles that were put on the market on 21st December 2011. The total turnover until the end of 2011 amounted to 1,733,820 MWh.
On a monthly basis, the highest trading volume was recorded in November when the amount of electricity, which is the subject of transactions concluded on the CDM, amounted to 13,697,159 MWh. The lowest activeness on the CDM trading floor was recorded in January. Then the amount of electricity involved in the transactions reached 782,634 MWh.
The most liquid contract in 2011 was an annual contract on baseload in 2012. The trading volume of BASE_Y-12 contract amounted to 72,547,056 MWh (8,259 MW) - it is 68% of the total volume on the CDM trading floor. The average price of BASE_Y-12 contract throughout 2011 stood at 202.39 PLN/MWh.
Monthly turnover (MWh)
The Property Rights Market (PRM)
The increase in turnover was also recorded on the Property Rights Market of POLPX. The total turnover of all types of property rights in 2011 stood at the level of 50,606,981 MWh - which is over 3% increase as compared to 2010.
On a monthly basis, the highest trading volume was recorded in February when the amount of property rights, which is the subject of transactions concluded on the PRM, amounted to 7,854,859 MWh. The lowest activeness on the PRM trading floor was recorded in April. Then the amount of property rights involved in the transactions reached 2,448,318 MWh.
Monthly turnover (MWh)
Statistics by selected types of Property Rights
PMOZE_A
The total turnover of PMOZE_A instrument in 2011 stood at the level of 15,089,539 MWh. It included transactions on exchange sessions - 2,675,530 MWh and over-the-counter transactions - 12,414,008 MWh.
The weighted average price of property rights of PMOZE_A type of all purchase/sale transactions in 2011 amounted to 266.36 PLN/MWh. It included the weighted average price of transactions of the session - 281.78 PLN/MWh and the weighted average price of over-the-counter transactions - 263.03 PLN/MWh.
PMGM
The total turnover of PMGM instrument in 2011 stood at the level of 5,555,632 MWh. It included transactions on exchange sessions - 270,116 MWh and over-the-counter transactions - 5,285,515 MWh.
The weighted average price of property rights of PMGM type of all purchase/sale transactions in 2011 amounted to 123.05 PLN/MWh. It included the weighted average price of transactions of the session - 123.35 PLN/MWh and the weighted average price of over-the-counter transactions - 123.04 PLN/MWh.
PMEC
The total turnover of PMEC instrument in 2011 stood at the level of 29,841,050 MWh. It included transactions on exchange sessions - 2,929,640 MWh and over-the-counter transactions - 26,911,410 MWh.
The weighted average price of property rights of PMEC type of all purchase/sale transactions in 2011 amounted to 23.37 PLN/MWh. It included the weighted average price of transactions of the session - 18.23 PLN/MWh and the weighted average price of over-the-counter transactions - 23.93 PLN/MWh.
Certificates of Origin Register (COR)
In 2011, the Management Board of the Polish Power Exchange S.A. made a decision on granting the status of a member of the Certificates of Origin Register to 200 companies. This number includes: 170 companies that received the RES Certificates of Origin; 13 companies that received PMGM Certificates. The total number of entities registered in the COR at the end of 2011 amounted to 1,445.
In 2011, the members of COR received 39,005,522,032 of all types of property rights to the certificates of origin on their recording accounts (1 Property Right coresponds to 1kWh of electricity resulting from the certificates of origin). In 2011, the entities required to comply with the obligation to redeem the certificates of origin amortised 26,968,011,013 of property rights corresponding to the certificates.
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