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Market Coupling

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EU Electricity Trade Law

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Abstract

Because of physical constraints, electricity markets have been national or regional. Electricity firms can nevertheless benefit from a larger market. Market coupling is a way to integrate neighbouring physical markets. Market coupling increases the market’s size and liquidity and makes it attractive to participants. Market coupling belongs to the cornerstones of efforts to create the single (or internal) electricity market and has been estimated to bring large benefits.

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Notes

  1. 1.

    Booz & Company (2013), pp. 3–4.

  2. 2.

    Article 1(1) of ENTSO-E NC CACM (27 September 2012). See also recitals 25 and 31.

  3. 3.

    Article 11(2) of ENTSO-E Network Code on Electricity Balancing (6 August 2014).

  4. 4.

    Booz & Company (2013), p. 74.

  5. 5.

    Annex I to Regulation 714/2009, point 2.5.

  6. 6.

    Booz & Company (2013), p. 74.

  7. 7.

    For definitions, see points 13–14 of Article 2 of Directive 2009/72/EC (Third Electricity Directive) and Article 2(1) of Regulation 714/2009 (on conditions for access to the network for cross-border exchanges in electricity). See also recitals 5 and 59–60 of Directive 2009/72/EC (Third Electricity Directive).

  8. 8.

    Supponen M (2011), p. 81: “There is no natural end to the development of this generation imbalance if there is a permanent advantage in investing in one price zone compared to the other”.

  9. 9.

    Article 3(10) of Directive 2009/72/EC (Third Electricity Directive). See also Article 6(1).

  10. 10.

    Article 15(5) of Directive 2009/72/EC (Third Electricity Directive).

  11. 11.

    Point (d) of Article 12 of Directive 2009/72/EC (Third Electricity Directive).

  12. 12.

    See, for example, Supponen M (2011), pp. 11–12.

  13. 13.

    Regulation 714/2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228/2003.

  14. 14.

    ACER, Framework Guidelines on Capacity Allocation and Congestion Management for Electricity (29 July 2011), section 2.1.1.

  15. 15.

    Ibid, section 4.1.

  16. 16.

    Ibid, section 3.1.

  17. 17.

    Ibid, section 5.

  18. 18.

    Recital 28 of Commission Regulation …/.. (CACM Regulation).

  19. 19.

    First subparagraph of Article 7(1) of Commission Regulation …/.. (CACM Regulation): “NEMOs shall act as market operators in national or regional markets to perform in cooperation with TSOs single day-ahead and intraday coupling. Their tasks shall include receiving orders from market participants, having overall responsibility for matching and allocating orders in accordance with the single day-ahead coupling and single intraday coupling results, publishing prices and settling and clearing the contracts resulting from the trades according to relevant participant agreements and regulations”.

  20. 20.

    Article 4(5) of Commission Regulation …/.. (CACM Regulation).

  21. 21.

    Articles 4–6 of Commission Regulation …/.. (CACM Regulation). For the application of the NEMO designation criteria, see, for example, Ofgem, Implementing the Electricity EU Network Codes (18 December 2014).

  22. 22.

    Point 30 of Article 2 and Article 7(2) of Commission Regulation …/.. (CACM Regulation).

  23. 23.

    Article 7(3) of Commission Regulation …/.. (CACM Regulation).

  24. 24.

    Article 7(4) of Commission Regulation …/.. (CACM Regulation).

  25. 25.

    Article 7(6) of Commission Regulation …/.. (CACM Regulation).

  26. 26.

    ERGEG, Draft Framework Guidelines on Capacity Allocation and Congestion Management for Electricity: Initial Impact Assessment. Ref: E10-ENM-20-04 (8 September 2010), p. 45: “… this was and still is the allocation method used at most of the European continental borders (e.g. Northern borders of Italy, France-Spain, France-England, CEE Region) for day-ahead capacity allocations”.

  27. 27.

    Meeus L (2011), p. 413.

  28. 28.

    Ibid.

  29. 29.

    ACER/CEER (2012), p. 51.

  30. 30.

    ACER/CEER (2012), p. 51.

  31. 31.

    ACER/CEER (2012), p. 51, para 85.

  32. 32.

    ACER/CEER (2012), p. 51, para 86: “Market Coupling also operates between Slovenia and Italy (2011), and between the Czech Republic and Slovakia (2010), while Market Splitting is applied in the Iberian market MIBEL between Portugal and Spain (2007)”.

  33. 33.

    Daily capacities at the French–Belgian and Dutch–Belgian borders were implicitly allocated via price coupling in 2006–2010 (Trilateral Coupling, TLC). ERGEG, Draft Framework Guidelines on Capacity Allocation and Congestion Management for Electricity: Initial Impact Assessment. Ref: E10-ENM-20-04 (8 September 2010) p. 47: “Price coupling is performed in the TLC (Trilateral Coupling between France, Belgium and The Netherlands), in the Nordic area (by … Nord Pool), in MIBEL (by … OMEL in Portugal and Spain), and in Italy …”

  34. 34.

    For the principle of subsidiarity, see, for example, recitals 30 and 13 of Regulation 714/2009 on conditions for access to the network for cross-border exchanges in electricity.

  35. 35.

    Recital 10 and Article 1 of Regulation 714/2009.

  36. 36.

    Article 16(1) of Regulation 714/2009.

  37. 37.

    Article 16(3) of Regulation 714/2009.

  38. 38.

    Article 16(1) of Regulation 714/2009.

  39. 39.

    Article 16(4) of Regulation 714/2009.

  40. 40.

    Article 16(5) of Regulation 714/2009.

  41. 41.

    Article 13(1) of Regulation 714/2009.

  42. 42.

    Article 16(6) of Regulation 714/2009.

  43. 43.

    Article 17 of Regulation 714/2009. See Talus K (2005); Cameron PD (2007), pp. 158–160, para 5.100.

    The first formal decision was made with respect to the Estlink project between the Finnish and Estonian grids.

  44. 44.

    Article 13(2) of Regulation 714/2009.

  45. 45.

    Article 14(1), recital 15, Article 14(2) and recital 14 of Regulation 714/2009.

  46. 46.

    Article 14(5) of Regulation 714/2009.

  47. 47.

    Article 14(2) of Regulation 714/2009.

  48. 48.

    Article 13(3) of Regulation 714/2009.

  49. 49.

    Article 18 of Regulation 714/2009.

  50. 50.

    Article 19 of Regulation 714/2009.

  51. 51.

    Annex I to Regulation 714/2009, Guidelines on the management and allocation of available transfer capacity of interconnections between national systems.

  52. 52.

    Point 2.1 of Annex I to Regulation 714/2009.

  53. 53.

    Recital 13 of Commission Regulation …/.. (CACM Regulation).

  54. 54.

    Article 91 of ENTSO-E NC CACM (27 September 2012).

  55. 55.

    Article 92 of ENTSO-E NC CACM (27 September 2012).

  56. 56.

    Article 95 of ENTSO-E NC CACM (27 September 2012).

  57. 57.

    Article 61 of Commission Regulation …/.. (CACM Regulation).

  58. 58.

    Article 1(1) of ENTSO-E NC FCA (2 April 2014).

  59. 59.

    Annex I to Regulation 714/2009, point 2.2.

  60. 60.

    Recital 7 of ENTSO-E NC FCA (2 April 2014).

  61. 61.

    Recital 5 of ENTSO-E NC FCA (2 April 2014).

  62. 62.

    Annex I to Regulation 714/2009, point 2.3.

  63. 63.

    Annex I to Regulation 714/2009, point 2.5.

  64. 64.

    Annex I to Regulation 714/2009, point 2.7.

  65. 65.

    Annex I to Regulation 714/2009, point 2.10.

  66. 66.

    Annex I to Regulation 714/2009, point 2.8.

  67. 67.

    Annex I to Regulation 714/2009, point 3.3.

  68. 68.

    Annex I to Regulation 714/2009, point 3.4.

  69. 69.

    See, for example, recital 18 of Commission Regulation …/.. (CACM Regulation).

  70. 70.

    See Meeus L (2011); Energimarknadsinspektionen (2010), p. 16.

  71. 71.

    “Agreement between the Portuguese Republic and the Kingdom of Spain relative to the constitution of an Iberian Electrical Energy Market” signed on 1 October 2004.

  72. 72.

    Elia, RTE, and TenneT.

  73. 73.

    Annex I to Regulation 714/2009, point 3.2: “A common coordinated congestion-management method and procedure for the allocation of capacity to the market at least annually, monthly and day-ahead shall be applied by 1 January 2007 between countries in the following regions: (a) Northern Europe (i.e. Denmark, Sweden, Finland, Germany and Poland), (b) North-West Europe (i.e. Benelux, Germany and France), (c) Italy (i.e. Italy, France, Germany, Austria, Slovenia and Greece), (d) Central Eastern Europe (i.e. Germany, Poland, Czech Republic, Slovakia, Hungary, Austria and Slovenia), (e) South-West Europe (i.e. Spain, Portugal and France), (f) UK, Ireland and France, (g) Baltic states (i.e. Estonia, Latvia and Lithuania) …”.

  74. 74.

    Nord Pool Spot, Exchange information, 18/2014, 24 April 2014.

  75. 75.

    Article 1 of Commission Regulation …/.. (CACM Regulation).

  76. 76.

    The Florence Regulatory Forum of 4–5 June 2009.

  77. 77.

    On 1 October 2013, CASC had 14 TSOs as shareholders: Creos, Elia, TransnetBW GmbH, TenneT TSO GmbH, TenneT TSO B.V, RTE, Amprion, Austrian Power Grid AG, Elektro—Slovenija, Independent Power Transmission Operator S.A., Swissgrid, Terna, Energinet.dk, and Statnett.

  78. 78.

    CWE Auction Rules, Version 1.0, Article 4.02.

  79. 79.

    CASC, Rules for Capacity Allocation by Explicit Auctions within Central West Europe Region (CWE), Central South Europe Region (CSE) and Switzerland (CWE Auction Rules), Version 1.0, Article 1.01.

  80. 80.

    CWE Auction Rules, Version 1.0, Article 3.03.

  81. 81.

    CWE Auction Rules, Version 1.0, Article 1.01.

  82. 82.

    CWE Auction Rules, Version 1.0, Articles 1.01 and 1.04.

  83. 83.

    The CWE MC Project, Project Document: A report for the regulators of the Central West European (CWE) region on the final design of the market coupling solution in the region (January 2010), section 10.2.2.

  84. 84.

    CWE Auction Rules, Version 1.0, Article 1.04.

  85. 85.

    CWE Auction Rules, Version 1.0, Article 1.03.

  86. 86.

    CASC-CWE S.A. was renamed CASC.EU S.A. on 10 November 2010.

  87. 87.

    Article 16(6) Regulation 714/2009 (on conditions for access to the network for cross-border exchanges in electricity).

  88. 88.

    Nord Pool Spot Market, Trading Appendix 1, Definitions (27 November 2014): “NWE Price Coupling [means] Price Coupling by and between certain power exchanges (including Nord Pool Spot) and transmission system operators of, respectively, the CWE region, the Nordic/Baltic Region and the UK pursuant to the terms of the NWE Day Ahead Operations Agreement”.

  89. 89.

    See, for example, Nord Pool Spot’s Physical Markets, General Terms, Trading Rules (1 February 2015), section 14.2.4.

  90. 90.

    EPEX Spot Exchange Rules (28 November 2014), Title 1, Preamble. APX Power NL Market Rules, Version 3.0 (20 January 2014), section 1.3.

  91. 91.

    Nord Pool Spot Market, Trading Appendix 1, Definitions (27 November 2014), see the definition of Price Coupling.

  92. 92.

    See, for example, EPEX Spot Operational Rules (28 November 2014), Article 1.7.

  93. 93.

    See, for example, APX Power NL Market Rules, Version 3.0 (20 January 2014), para 25.1.

  94. 94.

    See, for example, Nord Pool Spot Physical Market, Trading Appendix 2a, Elspot Market Regulations (18 November 2014), section 2.3.1 (setting a price range), section 4.3.1 (procedure in case of non-matching), section 5 (reopening in case of unforeseen decoupling), section 9.1 (roll-back or fall-back from NWE price coupling).

  95. 95.

    See Nord Pool Spot Market, Trading Appendix 1, Definitions (27 November 2014).

  96. 96.

    See Nord Pool Spot Market, Trading Appendix 1, Definitions (27 November 2014).

  97. 97.

    See Nord Pool Spot Market, Trading Appendix 1, Definitions (27 November 2014).

  98. 98.

    EPEX Spot Exchange Rules (28 November 2014), Title 1, Preamble.

  99. 99.

    See, for example, EPEX Spot Exchange Rules (6 June 2013), Title 1, Preamble: “The purpose of the merger is … to create the largest possible zone where the prices of different electrical areas are set and coordinated via transparent mechanisms, including a tight price-coupling (market splitting) wherever possible”. See also EPEX Spot Exchange Rules (6 June 2013), Title 4.

  100. 100.

    See EPEX Spot Exchange Rules (28 November 2014), Title 1, Preamble; EPEX Spot Exchange Rules (28 November 2014), Article 4.2.

  101. 101.

    EPEX Spot Exchange Rules (28 November 2014), Article 5.3 and Article 5.4.

  102. 102.

    EPEX Spot Exchange Rules (28 November 2014), Article 5.10.

  103. 103.

    EPEX Spot may extend price coupling to other market areas. EPEX Spot Exchange Rules (28 November 2014), Article 5.8.

  104. 104.

    EPEX Spot Exchange Rules (6 June 2013), Article 4.10.

  105. 105.

    EPEX Spot Operational Rules (28 November 2014), Article 1.7.

  106. 106.

    According to the older version of the Rules, they were called Implicit Participants. EPEX Spot Exchange Rules (21.7.2010), Article 2.7: “An Implicit Participant is a Transmission System Operator (TSO), or any other entity appointed by a TSO, which can have transmission rights or capacity on one or more electrical interconnections linking transmission networks to an interconnected power transmission system. The intervention of Implicit Participants on EPEX Spot SE is restricted to the activities required for the purpose of Market Coupling as Price Coupling within TLC”. See also EPEX Spot Exchange Rules (21.7.2010), Article 2.28.

  107. 107.

    For earlier rules, see EPEX Spot Exchange Rules (6 June 2013), Article 2.26. For present rules, see EPEX Spot Exchange Rules (28 November 2014), Article 5.3.

  108. 108.

    Articles 13 and 15 of Directive 2009/72/EC (Third Electricity Directive); Regulation 714/2009 on conditions for access to the network for cross-border exchanges in electricity.

  109. 109.

    Article 9(1) of Directive 2009/72/EC (Third Electricity Directive).

  110. 110.

    EPEX Spot Exchange Rules (28 November 2014), Article 2.1.

  111. 111.

    EPEX Spot Exchange Rules (28 November 2014), Article 5.3.

  112. 112.

    EPEX Spot Exchange Rules (28 November 2014), Article 4.1.

  113. 113.

    EPEX Spot Exchange Rules (28 November 2014), Article 6.7.

  114. 114.

    EPEX Spot Exchange Rules (28 November 2014), Article 4.1.

  115. 115.

    EPEX Spot Exchange Rules (28 November 2014), Article 4.1.

  116. 116.

    EPEX Spot Exchange Rules (28 November 2014), Article 4.1.

  117. 117.

    Energy Market Authority, Finland (2013), p. 9.

  118. 118.

    Moreover, congestion used to be moved the borders of control areas. This practice was not in compliance with points 1.7 and 1.8 of Annex I to Regulation 714/2009. ERGEG, Draft Framework Guidelines on Capacity Allocation and Congestion Management for Electricity: Initial Impact Assessment. Ref: E10-ENM-20-04 (8 September 2010), p. 35.

  119. 119.

    Nord Pool Spot, Elspot Market Regulations (1 July 2014), sections 4.1.3, 4.1.1 and 6.1.1.

  120. 120.

    For the definition of area and area price, see also NASDAQ OMX, Trading Appendix 2/Clearing Appendix 2, Contract Specifications, Commodity Derivatives (24 November 2014), Part B, section 1.2.1.

  121. 121.

    NordREG (2013), p. 5.

  122. 122.

    The Nordic shareholders include Statnett (Norway), Energinet.dk (Denmark), Svenska Kraftnät (Sweden), and Fingrid (Finland). Fingrid is owned partly by the Finnish State but has even other shareholders. The Baltic transmission system operators that are shareholders of Nord Pool Spot include Elering (Estonia), Litgrid (Lithuania), and Augstsprieguma tīkls (AST, Latvia).

  123. 123.

    Nord Pool Spot, Elspot Market Regulations (1 July 2014), section 2.2.4: “The Participant can only quote Orders in Bidding Areas where the Participant or Client undertakes production, consumption or is party to contracts relating to physical delivery or purchase”.

  124. 124.

    Energimarknadsinspektionen (2010), p. 16.

  125. 125.

    See also Meeus L (2011).

  126. 126.

    Lov nr. 1384 af 20. december 2004 om Energinet.dk, § 1 stk. 1: “Klima- og energiministeren kan oprette Energinet.dk som en selvstændig offentlig virksomhed”.

  127. 127.

    50Hertz Transmission GmbH was formerly known as Vattenfall Europe Transmission. 50Hertz Transmission GmbH is a wholly-owned subsidiary of Eurogrid GmbH, a German limited-liability company, which is a wholly-owned subsidiary of Eurogrid International CVBA/SCRL, a cooperative limited-liability company incorporated under Belgian law. 60 % of the shares of this company are owned or controlled by Elia, a Belgian TSO, and 40 % by Industry Funds Management (IFM) through Luxembourg No. 2 S.à.r.l., a private limited liability company incorporated under the laws of the Grand Duchy of Luxembourg.

  128. 128.

    Lov nr. 1384 af 20. december 2004 om Energinet.dk, § 1 stk. 2: “Den overordnede infrastruktur på el- og gasområdet, som varetages af Energinet.dk, skal forblive i offentligt eje”.

  129. 129.

    Energimarknadsinspektionen (2010), p. 14.

  130. 130.

    § 4(1) EmWG: “Die Aufnahme des Betriebs eines Energieversorgungsnetzes bedarf der Genehmigung durch die nach Landesrecht zuständige Behörde”.

  131. 131.

    EPEX Spot Exchange Rules (28 November 2014), Article 2.4.

  132. 132.

    Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland, paras 23–26.

  133. 133.

    Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland, para 23.

  134. 134.

    Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland, para 24.

  135. 135.

    Energinet.dk, TenneT, 50Hertz, Rules for the Long-Term Capacity Allocation by Explicit Auctions on the German–Danish borders and the interconnector between Denmark West and Denmark East (Great Belt) for the year 2014 (1 October 2013) (Long-Term Auction Rules), Article 4.3.

  136. 136.

    For Energinet.dk. see Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland.

  137. 137.

    Energinet.dk, TenneT, 50Hertz, Rules for the Long-Term Capacity Allocation by Explicit Auctions on the German–Danish borders and the interconnector between Denmark West and Denmark East (Great Belt) for the year 2014 (1 October 2013) (Long-Term Auction Rules), Article 6.

  138. 138.

    Regulation 714/2009 requires the use of market-based methods for the allocation of cross-border transmission capacity, that is, implicit or explicit auctions and FTRs or PTRs for the allocation of long-term transmission capacity.

  139. 139.

    Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland, para 18: “Som konsekvens sendte SET og Bundesnetzagentur den 4. juli 2013 et fælles brev til Energinet.dk og 50 Hertz Transmission, hvor de to selskaber anmodes om at indføre PTR på Kontek fra den 1. januar 2014”.

  140. 140.

    Energinet.dk, TenneT, 50Hertz, Rules for the Long-Term Capacity Allocation by Explicit Auctions on the German–Danish borders and the interconnector between Denmark West and Denmark East (Great Belt) for the year 2014 (1 October 2013) (Long-Term Auction Rules), Article 3.2.

  141. 141.

    Energinet.dk, TenneT, 50Hertz, Rules for the Long-Term Capacity Allocation by Explicit Auctions on the German–Danish borders and the interconnector between Denmark West and Denmark East (Great Belt) for the year 2014 (1 October 2013) (Long-Term Auction Rules), Article 4.3.

  142. 142.

    EPEX Spot Exchange Rules (28 November 2014), Article 1.2. See also EPEX Spot Exchange Rules (28 November 2014), Article 5.3. The delivery procedure for these Market Coupling Contracts is nomination by ECC to TSOs (that is, Tennet TSO GmbH-Energinet for EPEX SPOT Germany to Denmark and Energinet-Tennet TSO GmbH for Denmark to EPEX SPOT Germany).

  143. 143.

    For the different futures, see NASDAQ OMX, Trading Appendix 2/Clearing Appendix 2, Contract Specifications, Commodity Derivatives (24 November 2014).

  144. 144.

    Energitilsynet, Sekretariatsafgørelse 24. oktober 2013 (13/09342), Metodeanmeldelse Energinet.dk—PTR på Kontek og nye auktionsregler for PTR gældende for begge grænser til Tyskland, paras 10–11.

  145. 145.

    Ibid, para 26.

  146. 146.

    Ibid, Boks 1.

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  1. Dept. of Accounting and Commercial Law, Hanken School of Economics, Vaasa, Finland

    Petri Mäntysaari

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Mäntysaari, P. (2015). Market Coupling. In: EU Electricity Trade Law. Springer, Cham. https://doi.org/10.1007/978-3-319-16513-4_6

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