TGE in numbers in year 2020

21

years of experience                       

79

members

5

types of commodities

243,2 TWh

the volume of trading in electricity

151,1 TWh

the volume of trading in natural gas

About the company

TGE is a pioneer in implementing innovative solutions in the field of commodity trading. It is the only licensed commodity exchange in Poland operating under the Act on Commodity Exchanges, which holds a permit to operate a regulated market. TGE is supervised by the Polish Financial Supervision Authority with regard to the transactions on the markets operated by the exchange, including the electricity, natural gas, property rights and CO2 emission allowances markets

TGE continues to consolidate its position as Central and Eastern Europe’s leading exchange in terms of its commercial offer. The volume of electricity and natural gas traded on TGE places it as the largest in the region. This results, among others, from the adopted business model, which enables market players to sell and buy various exchange products under a single roof. 

TGE is involved in a wide range of international cooperation initiatives both at the European and regional levels. In December 2015, TGE became the Nominated Electricity Market Operator for the Polish pricing area. In December 2019, this status was extended for the next 4 years. Since 15 November 2017, TGE has been active on the European Day-Ahead Market SDAC, and on 19 November 2019, the Exchange launched its cross-border SIDC Intraday Market based on the XBID model. TGE is included on the ACER’s list of platforms for reporting transaction information according to REMIT requirements. The trading system, implemented in cooperation with Nasdaq, enables TGE to provide world-class services to the markets it operates.

TGE is an active member of the following national and international organisations:

  • The Chamber of the Natural Gas Industry
  • Europex - European Association of Energy Exchanges
  • APEx - Association of Power Exchanges, the organisation gathering energy exchanges from around the globe
  • AFM - Association of Futures Markets
  • Polish and Lithuanian Chamber of Commerce

Company's governing bodies

Management Board of Polish Power Exchange

  • Piotr Zawistowski - President of the Management Board
  • Piotr Listwoń - Vice President of the Management Board
  • Adam Młodkowski - Vice President of the Management Board

Supervisory Board

  • Izabela Olszewska - President of the Supervisiory Board
  • Iwona Zatorska-Pańtak - Vice President of the Supervisiory Board
  • Marek Wodnicki – Secretary of the Supervisory Board
  • Piotr Kajczuk
  • dr Wojciech Nagel
  • Aleksander Zawisza*
  • Tomasz Poznański*
  • dr Artur Bartoszewicz*

* Independent Member of the Supervisiory Board according to §15.3 of the Articles of Association of TGE S.A .

Read more

TGE history

Towarowa Giełda Energii S.A. was established in December 1999, on the wave of transformation liberalising energy markets in Europe. Since the beginning of its activity TGE has been striving to set the highest standards by identifying and offering the participants of energy markets the most advanced trading products. Already in 2000, i.e. a few months after beginning the operations, the spot market for electricity was launched, offering all active and potential participants of bilateral trade the opportunity to compare prices generated by the new trading platform. In 2003, TGE was the first (and so far the only) entity to have obtained a licence from the Polish Financial Supervision Authority (at that time the Securities and Exchange Commission) to operate a commodity exchange.

Read more
  • 1999
    • Creation of TGE

     

  • 2000
    • Launch of the Day Ahead Market for electricity

     

  • 2001
  • 2002
  • 2003
    • Obtaining the licence from the PFSA to operate exchange license

     

  • 2004
  • 2005
    • Launch of the Property Rights Market and Certificate of Origin Register for electricity produced in RES

     

  • 2006
    • Launch of the spot market for CO2 emission allowances

     

  • 2007
    • Launch of Property Rights Market and Certificate of Origin Register for electricity generated in CHP 

     

  • 2008
    • Launch of the Commodity Forward Instruments Market for electricity

     

  • 2009
  • 2010
    • Market Coupling with Sweden

     

  • 2011
  • 2012
    • Launch of Commodity Forward Instruments Market and Day-Ahead Market for natural gas
    • TGE becomes part of the GPW Group

       

  • 2013
  • 2014
    • Launch of the Exchange Information Platform
    • Launch of the Register of Guarantees of Origin
  • 2015
    • Launch of the Financial Instruments Market
    • Acquiring the Nominated Electricity Market Operator (NEMO) status in Poland
    • Launch of the  RRM TGE platform
    • Market Coupling with Lithuania

     

     

  • 2016
  • 2017
    • Launch of a new trading system: X-Stream Trading and SAPRI
    • TGE starts operating as a full-rights exchange/PCR coordinator and operator on the European Multi–Regional Market Coupling (MRC)
  • 2018
    • Launch of the low-methane gas (Lw) market
  • 2019
    • Trading of CO2 emission allowances on the FIM
    • Trading of guarantees of origin for electricity generated in high-efficiency cogeneration sources in the GOR 
    • Launch of the cross-border SIDC Intraday Market based on the XBID model 
    • NEMO status retained for the next 4 years 
  • 2020
    • Pilot implementation of the Agricultural and Food Commodities Market for wheat

     

  • 2021
    • the go-live of Interim Coupling as a part of SDAC and the resulting extension of cross-border electricity trading on TGE onto new connections, i.e. with Germany, the Czech Republic and Slovakia (in addition to the existing ones, i.e. Sweden and Lithuania)
    • TGE, Hellenic Energy Exchange Group and Romanian Commodities Exchange (Bursa Romana de Marfuri) signed in Athens a Memorandum of Understanding (MoU)

Mission and vision

Mission

  • Support the country’s energy security policy by ensuring access to electricity and natural gas markets at acceptable reference prices for fuels in cooperation with transmission system operators responsible for their continuous supply.
  • Ensure the operation of the commodity and financial markets under transparent price-setting principles and transaction procedures.
  • Provide access to transparent markets and ensure the security of trading through supervision according to standards conforming to the EU requirements, publication of market information and clearing services.
  • Retain the position of the market of choice for transactions concluded on the gas and electricity markets in Poland.


Vision

  • Retain the position of a leading exchange in the CEE region in terms of liquidity and commercial offering by leveraging the company’s expertise and employee capabilities, technology and high quality of the services.
  • Act as the market maker and creator of the internal market for electricity, gas and liquid fuels in cooperation with transmission system operators.
  • Support the development of the Polish economy by offering a variety of products for commodity and financial markets related to its key sectors.
  • Play a proactive role in the development of the internal European market for electricity and gas.

 

 


CSR - Corporate Social Responsibility

TGE adopted its Corporate Social Responsibility (CSR) Strategy on 16 November 2015 as part of the WSE Group.

Read more

Corporate governance

In 2014, the Polish Financial Supervision Authority (KNF) adopted a document entitled “Corporate Governance Principles for Supervised Institutions” (“Principles”, “CGP”), which are a set of principles defining the internal and external relations of supervised institutions, including relations with the shareholders and clients, their organisation, operation of their internal supervision and key internal systems and functions, as well as statutory bodies and the rules governing their interaction.

Read more

Ownership structure

TGE belongs in 100% to Warsaw Stock Exchange


TGE CAPITAL GROUP

The activity of the TGE Group is focused on commodity trading as well as clearing and settlement services. The TGE Group includes two subsidiaries:
Izba Rozliczeniowa Giełd Towarowych S.A. and InfoEngine S.A.

Read more

Warsaw Stock Exchange

The WSE Group operates trading platforms for stocks, treasury and corporate bonds, derivatives, electricity and natural gas, and provides market indices and benchmarks, including WIBID and WIBOR. In 2018, FTSE Russell rated the Polish capital market among developed markets.

Read more

Career on TGE

The culture of work in TGE is very important for us. The company structure based on cooperation and our engagement in building a better and more effectively functioning market makes TGE an ideal place for developing one's competence and career.

Read more