Powernext Trading, Clearing & Settlement

TRADING, CLEARING & SETTLEMENT ANURAG SINGH

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],1

ABOUT POWERNEXT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2

AIM OF POWERNEXT ,[object Object],[object Object],[object Object],3

GENERAL MARKET OPERATIONS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],4

OFFICIAL REGULATORS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],5

PRODUCT SPECIFICATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7

POWERNEXT® DAY-AHEAD AUCTION 8 Underlying Electricity traded on day d for delivery the following day in 24 hourly intervals Quotation method Auction Auction times The auction takes place at 11:00 am CET, 7 days a week (non-business days included) Volume tick 1 MWh Price tick 0,01 Euro per MWh Trading interface ElWeb Simple bids Members can send Powernext® an order form containing up to 256 price/quantity combinations for the 24 one-hourly periods of the following day Block bids ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object], Settlement The value of the settlement is equal to the MCP multiplied by the volume traded. LCH.Clearnet SA, as the central counterparty, ensures the financial security of the transactions and is responsible for collecting payment from net buyers and distributing it to the net sellers Delivery Powernext SA nominates all physical commitments of the balance responsible members. Deliveries are made to the French electricity grid managed by RTE

POWERNEXT® DAY-AHEAD CONTINUOUS 9 Underlying Electricity traded on day d for delivery the following day on 11 standardized blocks of hours Quotation method Continuous trading Trading hours From 7:30 am to 11:30 am CET, 7 days a week Volume tick 1 MWh Price tick 0,01 Euro par MWh Trading interface Global Vision Block bids ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Bid types ,[object Object],[object Object],[object Object],[object Object],[object Object],Settlement The value of the settlement is equal to the MCP multiplied by the volume traded. LCH.Clearnet SA, as the central counterparty, ensures the financial security of the transactions and is responsible for collecting payment from net buyers and distributing it to the net sellers Delivery Powernext SA nominates all physical commitments of the balance responsible members. Deliveries are made to the French electricity grid managed by RTE

POWERNEXT® DAY-AHEAD INTRADAY 10 Underlying Electricity traded on day d for delivery on the same day or on the following day on 24 individual hours, 11 standardized blocks or on user-defined blocks linking at least 2 consecutive hours Quotation method Continuous trading Auction times From 7:30 am CET to 11:00 pm CET, 7days a week. Trading hours for the following day begin at 11:30 am CET Volume tick 1 MWh Price tick 0,01 Euro par MWh Trading interface Global Vision Block bids Participants have the possibility to submit price limited block orders that link a minimum of two hours of the day together. By default, the offered block products are: Block Bid 1-4 covering hours 1 - 4, Block Bid 5-8 covering hours 5 to 8, Block Bid 9-12 covering hours 9 to 12, Block Bid 13-16 covering hours 13 to 16, Block Bid 17-20 covering hours 17 to 20, Block Bid 21-24 covering hours 21 to 24, Block Bid 1-24 covering hours 1 to 24, Block Bid 9-20 covering hours 9 to 20, Block Bid 1-6 covering hours 1 to 6, Block Bid 1-8 covering hours 1 to 8, Block Bid 9-16 covering hours 9 to 16. Bid types ,[object Object],[object Object],[object Object],[object Object],[object Object],Settlement The value of the settlement is equal to the MCP multiplied by the volume traded. LCH.Clearnet SA, as the central counterparty, ensures the financial security of the transactions and is responsible for collecting payment from net buyers and distributing it to the net sellers Delivery Powernext SA nominates all physical commitments of the balance responsible members. Deliveries are made to the French electricity grid managed by RTE

POWERNEXT® FUTURES 11 Baseload Peakload Underlying The physical power delivered 24h a day on the French hub during the delivery period The physical power delivered during the peak hours (8 am to 8 pm) on the French hub during the delivery period (including holidays and excluding weekends) Delivery periods 3 Months 4 Quarters 3 Years Nominal 1 MW x 24hours x number of days=number of MWh (744 MWh for 31 days) 1 MWx12 hours x number of peak days=number of MWh (240MWh for 20 days) Price tick 0,01 €/MWh Minimum volume 1 MW Trading hours 9:00 am - 4:00 pm on business days (according to the Banque de France Target calendar) Clearing LCH.Clearnet SA is Powernext Futures™‘s central counterparty. It guarantees the financial settlements and the delivery of the electricity that has not yet been nominated to RTE, i.e. the electricity which delivery is to start the day after tomorrow at the earliest. All contracts are cleared as one or a series of individual months. Daily variation margin Variation margins are calculated as the delta of value of the position valued at daily settlement price minus previous daily settlement price or traded price for the new open or closed positions Last trading day The first business day prior to the calendar day preceding the first day of the delivery month Settlement Physical delivery on the basis of the last settlement price fixed on the last day of trading Method of last settlement Open position on the last trading day are delivered (nominated to RTE every day of the delivery period and the money amount is called to the purchaser)

PWX BALANCING GRTGAZ 12 Balancing Gas Within-Day Nord Balancing Gas Within-Day Sud Balancing Gas Day-Ahead Nord Balancing Gas Day-Ahead Sud Commodity High calorific natural gas Quantity Need Set by GRTgaz. Can be different for each of the 4 products. Send by GRTgaz before each gate closure Direction Set by GRTgaz (Buy or Sell). Can be different for each of the 4 products. Published after delivery*. Counterparties GRTgaz and the Member Delivery Point ,[object Object],[object Object],[object Object],[object Object],PEG South ,[object Object],[object Object],[object Object],[object Object],PEG South Price Tick 0,01 €/MWh Volume Tick 1 lot = 150 MWh at 25°C Bookbuilding period 60-minute period before opening Matching Technique Fixing Delivery Day Running gas day Coming gas day Gate opening time 10:15 CET 15:15 CET Gate closure time 11:15 CET 16:15 CET Results Publication Time 11:30 CET 16:30 CET Trading Calendar French working days .Members will be informed in advance by Powernext and GRTgaz

MEMBERSHIP ,[object Object],[object Object],[object Object],14

MEMBERSHIP (CONTD.) Membership Application ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Agreement Letter ,[object Object],[object Object],[object Object],[object Object],Start-up Notice ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],16

FEES/ TARIFF (CONTD.) ,[object Object],[object Object],[object Object],[object Object],[object Object],19

CLEARING trade order order Powernext® Seller Buyer Trade Acceptance LCH Registers the contract in the name of clearers Novation LCH acts as CCP Netting Netting will result in Payment & Delivery obligations at each account level Nominations Cash Settlement Only in case of physical products LCH Clearnet SA 21

NETTING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

NOMINATIONS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

RISK MANAGEMENT ,[object Object],[object Object],[object Object],23

MARGIN REQUIREMENT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],24

MARGIN REQUIREMENT (CONTD.) ,[object Object],[object Object],[object Object],[object Object],[object Object],25

MARGIN REQUIREMENT (CONTD.) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],26

MARGIN REQUIREMENT (CONTD.) ,[object Object],[object Object],[object Object],[object Object],27

CLEARING FUND ,[object Object],[object Object],[object Object],[object Object],28

CLEARING FUND (CONTD.) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],29

CONTRIBUTION TO THE CLEARING FUND ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CONTRIBUTION TO THE CLEARING FUND ,[object Object],[object Object],[object Object]

CLEARING FUND WITHDRAWAL CONDITIONS ,[object Object],[object Object],[object Object],[object Object],[object Object]

COLLATERAL ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],30

SETTLEMENT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],32

REFERENCES ,[object Object],[object Object],[object Object],33

Powernext Trading, Clearing & Settlement

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Powernext Trading, Clearing & Settlement