Serbia: Electricity Trading in Serbia – The Formation of the Serbian Power Exchange (SEEPEX)

Launch of SEEPEX

The Serbian day-ahead electricity market was launched on 17 February 2016. The spot market is operated by “SEEPEX” a.d. Beograd (“SEEPEX”), a listed joint-stock company established as a joint venture between JP “Elektromreža Srbije”, a Serbian TSO, and “EPEX SPOT” S.E., a European power exchange, holding a 75 % and 25 % share respectively. SEEPEX is a holder of the only licence for management of an organised electricity market in Serbia, issued so far by the Serbian Energy Agency (“AERS”).

In line with the liberalisation of the Serbian electricity market, SEEPEX was formed with the aim of encouraging competition in the wholesale electricity market, increasing energy stability and decreasing the wholesale prices of electricity.

Trading on SEEPEX

Trading on SEEPEX is carried out in accordance with the Market Rules, which consist of Exchange Rules, Operating Rules and a Code of Conduct, as well as the Trading Agreement (“Agreement”), which invokes the application of SEEPEX’s internal acts to all its members.

The Agreement contains standard provisions regulating the rights and operations of SEEPEX and its members. It is provided in a template form, valid for an indefinite period of time and governed by Serbian law. The Agreement will enter into force upon the fulfillment of the conditions precedent set under the Operating Rules, which amongst others include obtaining the necessary licence and authorisations, concluding a valid balance responsibility agreement with the TSO, securing an orderly settlement of transactions, including conclusion of the Clearing Agreement with European Commodity Clearing AG, fulfillment of technical requirements for connection to the SEEPEX trading system, and engaging exchange traders (brokers).

The SEEPEX entrance fee is EUR 15,000, while the annual fee is EUR 10,000 and transaction fees are 0.095 EUR/MWh. The price range for the traded quantities is set between 0.0 EUR/MWh (minimum price) and 3,000 EUR/MWh (maximum price), with no negative prices imposed by SEEPEX so far.

Licence for trading on SEEPEX

As of October 2015, foreign companies can also become SEEPEX members without having to establish a local subsidiary. Pursuant to the Serbian Rulebook on Licence for Performing Energy Activities and Certification (Pravilnik o licenci za obavljanje energetske delatnosti i sertifikaciji), foreign companies can now obtain a licence for the wholesale trading of electricity issued by AERS, upon which they will become eligible to trade on SEEPEX.

Local companies can qualify for admission to SEEPEX if they have obtained a licence for wholesale supply, a supply licence, or a generation licence, also issued by AERS.

Certain end-users purchasing electricity for their own consumption (such as industrial consumers) may also become SEEPEX members, as well as TSOs and DSOs in need of quantities for covering grid losses.
By the end of October 2016, SEEPEX had 11 registered members.

SEEPEX in numbers

As regards trading volumes, in an auction held on 5 September 2016, SEEPEX reached the maximum trading volume per day, which amounts to 7,177 MWh, as well as the maximum trading volume per hour amounting to 441.7 MWh. The trading volume increased by almost 50 % in comparison to the June volume, when it amounted to 4,682 MWh.

Main benefits of SEEPEX

An organised market such as SEEPEX will give market participants more competitive prices, unlike those emerging from bilateral transactions. Trading rules and admission requirements are unified and public, whereas the Agreement is provided in the standard/template model, which ensures the equal and non-discriminatory treatment of participants. Moreover, the trading process is transparent, the trading rules are harmonised with Western European standards and the administration process is simpler, making trading more efficient for all participants. Finally, centralised settlement with a central counterpart (the clearing house) will enhance financial security for market participants and lower the financial and counterparty risks.

SEEPEX will become the cornerstone for regional power trading for all of Southeast Europe. Until then, SEEPEX will contribute to the more rapid and efficient market-coupling of the Serbian electricity market and 4MMC consisting of the power exchanges of Hungary, Romania, Slovakia and the Czech Republic, intended to be implemented by the end of 2017.

SEEPEX will become the cornerstone for regional power trading for all of Southeast Europe.

Trgovina strujom u Srbiji – Stvaranje srpskog tržišta električne energije (SEEPEX)

→ Aleksandra Petrović

→ Miloš Laković

Pokretanje SEEPEX-a

Srpsko dan-unapred tržište električne energije pokrenuto je 17. Februara 2016. godine. Spot tržištem upravlja “SEEPEX” a.d. Beograd (“SEEPEX”), listirano akcionarsko društvo osnovano kao zajedničko ulaganje između srpskog operatora prenosnog sistema JP “Elektromreža Srbije” (“EMS”) i Evropske berze električne energije “EPEX SPOT” S.E., sa 75%, odnosno 25% udela. SEEPEX poseduje jedinu licencu za upravljanje organizovanim tržištem električne energije izdatu do sada od strane Agencije za energetiku Republike Srbije (“AERS”).

U skladu sa liberalizacijom tržišta električne energije u Srbiji, SEEPEX je formiran u cilju podsticaja konkurencije na veleprodajnom tržištu električne energije, povećanja energetske stabilnosti i smanjenja veleprodajnih cena struje.

Trgovina na SEEPEX-u

Trgovanje na SEEPEX‑u vrši se u skladu sa Tržišnim pravilima koja se sastoje od Pravila organizovanog tržišta, Operativnih pravila i Pravila ponašanja, kao i u skladu sa ugovorom o trgovini (“Ugovor”), na osnovu kog se sva navedena interna akta SEEPEX‑a shodno primenjuju na sve učesnike.

Ugovor sadrži standardne odredbe koje regulišu prava i aktivnosti SEEPEX‑a i njegovih učesnika. Ugovor je predviđen u formi modela, važi na neodređeno vreme i na njega se primenjuje pravo Republike Srbije. Ugovor će stupiti na snagu nakon ispunjenja odložnih uslova određenih u Operativnim pravilima, koja između ostalih sadrže obavezu pribavljanja neophodne licence i dozvola, zaključivanja važećeg ugovora o balansnoj odgovornosti sa EMS-om, obezbeđivanje urednog izmirenja transakcija, uključujući i zaključenje kliring sporazuma sa centralnom evropskom klirinškom kućom za trgovinu energijom i energetskim produktima- the European Commodity Clearing AG, ispunjenje tehničkih uslova za povezivanje na tržišni sistem SEEPEX‑a i angažovanje brokera.

Naknada za pristup SEEPEX‑u iznosi 15.000 evra, godišnja naknada iznosi 10.000 evra, dok transakcioni troškovi iznose 0,095 EUR/MWh. Raspon cena za količine kojima se trguje postavljen je između 0,0 EUR/Mwh (minimalna cena) i 3.000 EUR/MWh (maksimalna cena), bez negativnih cena nametnutih od strane SEEPEX‑a do sada.

Licenca za trgovinu na SEEPEX-u

Od oktobra 2015. godine, strana pravna lica takođe mogu postati učesnici na SEEPEX‑u, bez osnivanja lokalnog privrednog društva. U skladu sa Pravilnikom o licenci za obavljanje energetske delatnosti i sertifikaciji Republike Srbije, strana pravna lica sada mogu dobiti licencu za snabdevanje na veliko električnom energijom, koju izdaje AERS, nakon čega ostvaruju pravo da trguju na SEEPEX‑u.

Domaća privredna društva se mogu kvalifikovati za pristup SEEPEX‑u ukoliko poseduju licencu za snabdevanje na veliko električnom energijom, licencu za snabdevanje električnom energijom ili licencu za proizvodnju električne energije, koje takođe izdaje AERS.

Učesnici na SEEPEX‑u mogu postati i određeni krajnji korisnici koji kupuju električnu energiju za sopstvene potrebe (npr. industrijski potrošači), kao i operatori prenosnog i distributivnog sistema, za potrebe pokrivanja gubitaka u mreži.
Do kraja oktobra 2016. godine SEEPEX ima 11 registrovanih učesnika.

SEEPEX u brojkama

Kada je u pitanju obim trgovine, na aukciji održanoj 5. Septembra 2016. godine SEEPEX je ostvario najveću dnevnu količinu trgovine koja iznosi 7.177 MWh, kao i najveću satnu količinu trgovine koja iznosi 441,7 MWh. Obim trgovine se povećao za skoro 50% u odnosu na obim ostvaren u Junu ove godine, kada je iznosio 4.682 MWh.

Osnovne prednosti SEEPEX-a

Organizovano tržište, poput SEEPEX‑a, obezbediće učesnicima na tržištu konkurentnije cene, za razliku od onih koje proizilaze iz bilateralnih transakcija. Tržišna pravila i zahtevi za pristup su jedinstveni i javni, a Ugovor je predviđen u standardnom/model formatu, što obezbeđuje jednak i nediskriminatorni tretman učesnika. Dodatno, proces trgovine je transparentan, pravila trgovine su usklađena sa zapadno-evropskim standardima, a administracija procesa je jednostavnija, što trgovinu čini mnogo efikasnijom za sve učesnike. Konačno, centralizovano poravnanje sa centralnim saugovaračem (kliring kuća) će povećati finansijsku sigurnost za učesnike na tržištu i smanjiti finansijske i saugovaračke rizike.

SEEPEX će postati temelj regionalne trgovine električnom energijom za celu jugoistočnu Evropu. Do tada, SEEPEX će doprineti bržem i efikasnijem povezivanju tržišta električne energije Republike Srbije sa tržištima 4MMC, koje se sastoji od mađarskog, rumunskog, slovačkog i češkog tržišta električnom energijom, a čije se sprovođenje planira do kraja 2017. godine.