Post on 19-Mar-2020
CESEC, Brussels, 24.10.2018
Independent Bulgarian Energy Exchange EAD (IBEX)
CESEC Electricity Plenary and Working Group
Table of content
Participation in the EU and regional projectsParticipation in EU (MRC, XBID) and regional (WB6, IBWT) integration projects.
IBEX role on the Bulgarian and regional marketCompany set up, structure and main achievements.
WB6 initiative and the BG-MK regional projectUnique chance for the regional markets development and integration.
BG-MK coupling project statusProject structuring, model for cooperation, achievements and issues.
Further steps, critical milestones and roadmapWhat is planned in short and medium term perspective for the successful accomplishment of the first EU/non EU coupling.
Successful regional integration
This project is supported by the European Union. The contents of this publication are the sole
responsibility of the Energy
Community Secretariat and can in no way be taken to reflect the views of the European Union.
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CESEC, Brussels, 24.10.2018
IBEX role on the Bulgarian power market (1)
Q1 2014г.
IBEX incorporation as a 100% owned by BEH EAD company and its licensing by the NRA
24.10.2016
Launch of the
second IBEX segment – CMBC (based on the contract with Trayport ltd.
09.01.2018
IBEX withdraw from its
CCP role on the “Auction” screen of the CMBC market
19.01.2016
Go-live of the first organized market segment in Bulgaria – Day Ahead Market (based
on the Nord Pool service agreement)
22.12.2017
Energy Act amendments defining the mandatory participation on IBEX
04.2018
Intraday market Go-live (based again on the service agreement with Nord Pool)
Launch of the BG-MK coupling project as a part of the WB6
Q2
2018Q1
2018
Q4
2017Q4
2016Q1
2016Q1
2014
01.07.2018
Changed market design with higher liquidity on IBEX.
Q3
2018
Company achievements in time
CESEC, Brussels, 24.10.2018
Set up and structure – typical solution for an emerging market
Price and volumes
calculation(MCP, MCV,
EUPHEMIA)
Technical support
“First line”support
Settlement and risk
management
Customer acquisition
process
Market development
Market surveillance
IBEX responsibilities
“Service
provider” responsibilities
Energy Act (primary legislation)
Market Rules (secondary legislation adopted by the NRA)
IBEX Operational rules IBEX Settlement rules
IBEX Market conduct rules
Rulebook
CESEC, Brussels, 24.10.2018
Day Ahead market (DAM) status
Maximum average daily volume (DAM): 914,7 MWh/h (21 952,8 MWh) reached on the 13.08.2018;
Average price (DAM) for the period 01.2018 / 08.2018: 34,52 EUR/MWh Number of members (DAM) – 69; Number of members (IDM) – 40; Number of members (CMBC) – 55;
0,0 €
10,0 €
20,0 €
30,0 €
40,0 €
50,0 €
60,0 €
0 GWh50 GWh
100 GWh150 GWh200 GWh250 GWh300 GWh350 GWh400 GWh450 GWh500 GWh550 GWh600 GWh650 GWh
IBEX traded volumes in [GWh]
Traded volume (GWh) Average price in EUR/MWh
CESEC, Brussels, 24.10.2018
Others
4MMC members
Full MRC members
IBEX and the EU Integration process
Memberships
MRC full membership since DAM Go-live in Jan. 2016;
PCR associate membership through a Service agreement contract since Dec. 2016;
NEMO designation for the BG market zone – Jan. 2016;
EUROPEX full membership since Feb. 2016;
XBID accession stream membership since Mar. 2016 and LIP 15 member (Go-live with second wave);
WESTERN BALKAN 6 and BG-MK coupling – Apr. 2018 MOUs signed
IBWT potential membership in order to facilitate future DAM integration project with Greece – planned for 2019
CESEC, Brussels, 24.10.2018
BG
MK
Unique chance for the regional markets development and integration
Western Balkan 6 (WB6) Initiative, initiated in
the 2015 WB6 Summit, where the WB6 parties
agreed at the highest political level to create a
regional electricity market in the Western Balkans,
under the leadership of the Energy Community
Secretariat (ECS).
The WB6 MoU sets a ground for cooperation
between the WB6 and neighbouring EU Member
States.
Under the ECS’s facilitation, 15 stakeholders from
all six neighbouring EU MSs adhered to the WB6
MoU in 2017 and thus became active project
parties.
CESEC, Brussels, 24.10.2018
Project fundaments and objectives
• Scope of work: providing support to the
implementation of market coupling of Bulgaria
and Macedonia
• Expected benefits: Facilitation of development
and approval of deliverables necessary for market
coupling of Bulgaria and Macedonia.
• Structure: Separate project (WB6.A1.R02) under the
WB6 Day-ahead Market Integration Program.
• A consultancy consortium has been assigned by the
ECS to support the implementation of the project.
• Beneficiaries of the project: TSOs, PXs and NRAs of
Bulgaria and Macedonia.
CESEC, Brussels, 24.10.2018
Project model of cooperation
2 MoUs signed – one between Ministries and one
between the stakeholders (TSOs, PXs and NRAs). The
draft MoUs were developed based on MoUs used in the
European coupling initiatives (CWE, CEE, 4MMC).
Expected deliverables: Cooperation agreements,
procedures, analysis and other supporting documents
necessary to formalise cooperation and support
implementation of market coupling between Bulgaria and
Macedonia and between a EU and non EU country in
general. At a second stage, the change request
towards MRC will be submitted.
The MoUs:
Explain the background and intention to
cooperate;
Specify the targets for implementation,
namely, ATC-based day-ahead electricity
market coupling, with the aim to create
added value for both countries’ economies,
and increase market efficiency;
Concrete timelines for implementation;
Establish a project with a single governance
structure;
CESEC, Brussels, 24.10.2018
Project achievements (Status quo)
Ministries MoU signed – 18 May 2018;
Completing the signature of the MoUs - end of May 2018;
PSC and Project team establishment – 1st of June 2018;
ToR preparation and approval – 23rd of June 2018;
WGs structuring and first physical meetings – 18th of July 2018;
MRC letter concerning the EU-non EU coupling and the DAOA implications – 6th of July 2018;
First meeting between MRC JSC and ECS – 11th of September 2018;
Project parties NDA approval process – September 2018;
Legal GAP analysis launch – September 2018;
Budget estimation and cost sharing and recovery principles definition - October 2018.
CESEC, Brussels, 24.10.2018
Project structure (Status quo)
Vice-ChairmanChairman
MK (TSO, NRA, PX, ME)BG (TSO, NRA, PX, ME)
BG MK Project Steering Committee
Working GroupsInter-TSO Inter-PX PR
• TSOs • NRAs
• IBEX • (MK PX)
• IBEX
• (MEPSO)
MRC
• Relevant Sub-project
WB6 DAMI PSC Project Manager
Project Team
Escalation of high-level decisions
Steering Reporting
Legal Financial
Convenor ConvenorConvenor Convenor Convenor
Steering ReportingEscalation of
project decisions
Transversal TSO/PX Topics
Facilitation
Facilitation
CESEC, Brussels, 24.10.2018
Next steps and critical milestones
Establishment of the Macedonian PX
(incorporation) – expected December 2018;
Decision on the PX administration model
(Serviced, own LTF, etc.);
Full or partial CACM adoption in MK - NEMO
designation process (NRA);
MK to become a signatory of the global DAOA;
Removal of the "export tariffs" from the
Bulgarian side;
Market coupling Go-live preparation - end of
2019 (subject to MRC CR approval)
Critical milestonesUpcoming activities
Signature of the Project NDA – end of October
2018;
Finalization of the legal GAP analysis – end of
November 2018;
Budget finalization and cost sharing agreement –
end of November 2018;
Support in the Macedonian PX establishment –
expected in December 2018;
Drafting of the TSO-TSO and PX-PX agreements for
implicit capacity allocation, CCP-CCP arrangement,
etc. - Q1 2019
CESEC, Brussels, 24.10.2018
Thank you for your attention!
IBEX EAD
www.ibex.bg
E-mail: office@ibex.bg