Establishment of Energy Exchange in Turkey

Transcription

Establishment of
Energy Exchange in Turkey
Sibel Çetinkaya
27 September 2012
Agenda
European Energy Exchanges
2
Examples from Turkey
14
Suggestions for Turkish Energy Exchange
17
1
©2012 Deloitte Turkey, Member of Deloitte Touche Tohmatsu Limited
European Energy
Exhanges
2
Europe Electricity Market Volume 2011
Efficient and liquid spot and
financial markets are a
prerequisite for competitive
electricity markets and hence
fair, cost-reflective prices
achieved for customers
316*
TWh
1,047.8
TWh
45,7
TWh
3,3
28.4**
TWh
40.4
TWh
1,075
TWh
• The increasing trade volumes and liquidity in
spot and derivatives markets confirm the
success of the energy exchanges.
313.9
TWh
8.8
TWh
34
TWh
Power spot market volume 2011
Power derivatives market volume 2011
* Including the day ahead auction at N2EX in the UK
** APX-Endex Power NL
3
311.4
TWh
31.7
TWh
• The derivatives markets in Europe are
monitored by European Securities and Markets
Authority (ESMA) in order to enforce uniform
standards.
• On the other hand, The Agency for the
Cooperation of Energy Regulators (ACER) is the
EU body created to further progress on the
completion of the internal energy market both for
electricity and for natural gas.
Europe Gas Markets Volume 2011
~4
TWh
• The products offered in natural gas
markets consist of day contracts,
withinday contracts, weekend contracts,
swap contracts, balance of month
contracts and a following-month contract.
238*
TWh
14.3**
TWh
35.5
TWh
23.1
TWh
4.78
TWh
Some of the energy
exchanges also operate spot
and futures gas markets in
Europe.
Gas spot market volume 2011
Gas derivatives market volume 2011
* APX-Endex TTF Gas futures volume 2011
** Includes APX- Endex TTF Gas spot market volume
2011 and Gas ZEE volume 2011
4
Electricity Market Examples
Nord Pool Spot (NPS) and NASDAQ OMX
NASDAQ OMX acquires Nord Pool
ASA, the world's largest power
derivatives exchange and one of
Europe's largest carbon exchanges
A joint Norwegian-Swedish
power exchange is
established, and renamed
as Nord Pool ASA
1993
1996
Spot market starts in
Norway
Denmark joins to the
exchange
1998
Finland joins to the
exchange
2000
2002
N2EX, the market for UK power
contracts was launched by NPS and
NASDAQ-OMX.
NPS opens bidding area in
Germany that
geographically gives
access to Germany
2005
Nord Pool's spot market
activities are organized in a
separate company, namely
Nord Pool Spot AS (NPS).
NPS opens a bidding area in Estonia
2008
NASDAQ OMX acquired
Nord Pool Clearing ASA
and Nord Pool Consulting
AS from Nord Pool ASA
2010
2011
Cross border intraday
market launches between
Belgium & Netherlands
Nord Pool Spot and NASDAQ OMX partnered together to form
liquid and transparent spot and financial markets
5
Nord Pool Spot and NASDAQ OMX
Nord Pool Spot
NASDAQ-OMX
Board of Directors
• Consists of a chairman and 3 board members
Management Team
• Consists of;
• CEO
• Director of markets and operations,
• General Counsel and head of market surveillance,
• Director of European integration,
• Head of communications and an IT director
Customer Advisory Board
• High level advisory board for all activities related to the
operations of Nord Pool Spot AS.
• Made up of power traders and industry representatives, it
reports to Nord Pool Spot's board of directors.
Market Surveillance
• Plays a key role in securing transparency and confidence in the
market.
• Continuously follows the trading activities and price formation
6
Supervisory
Authorities
Nord Pool Spot and Nasdaq
OMX market surveillance
functions have been separated
Supervision
Sanctions
any breach
However, both markets
continue to share information
on markets
Reports
Market
Surveillance
Monitoring
Trading Activity
Nord Pool Spot and NASDAQ
OMX constantly share
information about their
respective markets to efficiently
monitor the markets
Nord Pool Spot
Although Nord Pool Spot is
100% owned by the Nordic
TSO’s, it is neutral, transparent
and independent in all its
operations
Shareholder Structure
20%
30%
20%
30%
Statnet SF
Svenska Kraf tnät
Fingrid Oyj
Energinet.dk
Nord Pool Spot AS is governed by the
regulations of Norwegian Water Resources and
Energy Directorate (NVE), which is the energy
regulatory authority of Norway, whereas
NASDAQ OMX is supervised by Financial
Supervisory Authority of Norway, Finanstilsynet
7
Liquidity
Transparency
• Prices available at all
times
• Bid- and Ask-spreads
and volumes are visible
for all
• Adhoc-information
Market Surveillance
•
Compliance with
regulations and
transactions/Insider
trading
Members Equality
• Information (UMM,
prices, other external
and internal info)
APX-ENDEX
APX – Endex is owned by gas and electricity TSO’s
and it has supervisory and management boards for its
general policies and strategies to be set
Organisation Structure
APX Endex Holding B.V.
3.07%
20.00%
Reports on strategy
56.05%
20.88%
Board Committees
Reports
results
Audit
Committee
TenneT Holding B.V
N.V. Nederlandse Gasunie
Elia N.V
Fluxys Europe B.V.
The shareholders of APX-Endex are
Dutch electricity&gas TSOs, and
Belgian electricity&gas TSOs.
8
Shareholders
3 Members from
Supervisory Board
Supervisory
Board
Selection,
Appointment &
Remuneration
Committee
Some members are
the shareholders of
the APX Endex
Reports
results
Executive
Board
CEO, CFO,
COO, 2
Directors
Advice
Development
Boards
Includes members of
the market
participants
EPEX
EPEX is equally owned by EEX
and Powernext, where shareholders
of Powernext are the TSOs and
energy utilities of Europe
Shareholder Structure of Powernext
6.15%
5%
52.83%
6.72%
6.72%
• Market Surveillance is significant both in
spot and derivatives markets and is
trusted with monitoring and reporting the
activities and transactions in the market.
6.83%
9
EDF
Electrabel
Ensures a transparent and reliable
wholesale price formation mechanism.
Facilitates a more effective governance
and implementation of market coupling
projects.
5.82%
HGRT
• Shareholder’s being TSO and energy
utilities;
Standardizes and harmonizes trading
and clearing processes.
4.94%
4.99%
• EPEX Spot has been created through
the merger of the power spot activities of
the energy exchanges Powernext SA in
France and EEX AG in Germany.
GDF Suez
Total
E.ON
Alpiq
Enel
3GRT
EEX
Launch of Power
Spot Market (LPX,
Leipzig and EEX
Frankfurt
1998
Liberalization of the
European Energy
Markets in 1998
2000
EEX and Powernext agree
on an extensive cooperation in power
spot/derivatives trading;
Establishment of EPEX
Spot SE in which the
exchanges integrate their
power spot markets
EEX launches Spot
and Derivatives
Trading of Emission
Allowances within the
European Emission
Trading System (EU
ETS)
2002
2005
Merger of the former
Leipzig Power
Exchange LPX and the
EEX, Frankfurt to the
European Energy
Exchange AG
2007
EEX launches natural gas
trading (Spot and
Derivatives Market) in the
H-gas market areas BEB
and EGT, now GASPOOL
and NetConnect Germany
(NCG)
2008/09
• Currently, due to a
huge liquid market, the
prices quoted on EEX
are used as reference
prices across Europe.
• In 2010, after only 10
years after its
establishment , EEX
has become a leading
European trading
platform for energy an
related products with
in total 267
participants from 22
countries.
Since Leipzig Power Exchange LPX did not have enough
liquidity to continue with market operations it merged with
EEX, Frankfurt to form a more liquid market.
10
EEX
At present, EEX has 46 shareholders including energy
companies, banks and other financial institutions
• EEX AG’s biggest shareholder is Eurex
Zurich AG with 56% of the shares
Eurex Zürich AG
LVV Leipziger Versorgungsund Verkehrsgesellschaf t
mbH
19.66%
Freistaat Sachsen
3.48%
4.35%
56.14%
4.50%
4.51%
7.38%
Alpiq Trading AG
RWE
Beteiligungsgesellschaf t
mbH
E.ON Energy Trading SE
11
Governance of EEX and EPEX
EEX AG Organizational Structure
EPEX Spot Organizational Structure
EEX AG Holding
Exchange
Supervisory
Authority
Instructions
EEX AG and Powernext
Executive
Board
Supervisory
Board
(CEO, CFO and COO)
Reports
findings
Shareholders
CEO of the Executive
Board is a member
Appoints
Cooperation
EEX Exchange
Sanctions
Committee
Reports
findings
Market
Surveillance
Appoints the
head of
Market
Surveillance
EPEX Spot
Exchange
Council EEX
(24 members including
energy companies &
financial inst.)
Establishes
Recommends the head
of Market Surveillance
Continuous monitoring
Reports on
recommendations
Trader
Working
Committees
Issue
recommendations
Board of
Directors
Management
Board
Exchange
Council
(16 members including
energy companies,
financial inst. &
academia)
Reports findings
Reports findings
Market
Surveillance
EEX AG and EPEX Spot works closely on every level to reduce the risk
of fraud and achieve well functioning markets.
12
Examples from Turkey
13
Turkish Airlines (THY)
Turkish Airlines public offering process:
With law no.6623 it
was governed under
private law
1933
1955
With law no.2186 it was
established as a
government enterprise
under the Ministry of
Defense
14
1956
In official gazette
no.18570, it was
reestablished as state
owned enterprise
under legislative
decree no.233
1990
1984
With 60 million capital it
was affiliated to Ministry
of Transport under the
name of “Turkish
Airlines Incorporated
Company”
As the law no. 4046 came into
effect with the article no.35 of
the same law it was put under
privatization administration as
a state economic enterprise.
1994
With the cabinet decree no.
90/822 published in official
gazette no.20646 the company
was put under the scope of law
no.3291 to be privatized. With
decision no.90/18 the new
status of the organization was
accepted and at 5 November
1990 was registered to trade
registry. At that date the shares
open to public was 1.8%.
Turkish Airlines is a good
example when the
shareholder structure and
governance of the company is
taken into account, however it
was subject to privatization
28.75% of the shares
belonging to privatization
administration was opened
to public and the state
owned shares dropped to
49.12%.
2004
2006
23% of the shares that
belonged to privatization
administration was opened
to public and the state
owned share dropped to
75.18%
• Share transfers are subject to provisions of Turkish
Commercial Code, Capital Market Legislation and Civil
Aviation Act.
• The C group shares were given to privatization administration
under law no.4046 and can be transferred to another state
owned enterprise.
• Board of directors can increase the registered capital as much
as the equity ceiling by issuing new shares if it sees fit.
• Unless the newly issued shares are sold out no new shares
can be issued.
ISE Settlement and Custody Bank Inc. (Takasbank)
Similar to restructuring of MFSC (PMUM); ISE Settlement and
Custody Bank Inc. was a department operating under ISE, soon it was
established as a separate company without a privatization process
Transfer of assets/staff
• All of the assets and the
personnel, who
requested, was
transferred to the newly
established bank during
restructuring period
15
Organizational Structure
(Board Members)
• Members, except ISE, can hold
maximum 5% of the shares
• 80 shareholders in total, where
the biggest shareholder is ISE
with 36.65%
• ISE holds A type shares, which
cannot be transferred.
•
•
•
•
Chairman has to be an ISE Member
4 ISE Members (A type)
1 Capital Markets Board representative
5 members from intermediary firms
and banks (2 intermediary firm
member+2 bank member + 1 member
determined mutually)
• 1 general manager selected by the
exchange members
Suggestions
16
Key Points Regarding Establishment Process of Turkish Energy Exchange
Autonomous
Energy Exchange?
Harmonization
with EU
Legislation,
Compatible with
international
markets
Personal benefits
What should be considered?
Regulation and
Supervision
Shareholder
Structure
Being
autonomous
Transparency
Articles of
Association
Transfer of
assets, staff,
contracts
Price Signal for
Investments
Regional
integrated
markets
Organizational
restructuring
Infrastructure
Turkey considered knowhow transfer form Nordic Markets while
establishing spot markets since 2005 and further knowhow and
experience from EEX is being planned to reach an autonomous and
integrated Turkish Energy Exchange.
17

Establishment of Energy Exchange in Turkey

Transcription

Documents pareils

DSC | Flyer template

Audit CIPS

Mr MATHIQUES is taking the Eurostar to go to London. His train is

Exciting opportunity in growing `seniors` sector with potential for

Marketing and Sales, Marketing and Sales Fundamentals

Operating Systems, Unix / Mac OS X

Costa Blanca Nord // Benissa

Histoire sociale / Social History

Accordion on the Mountain