apx gas overview - ofgem · with apx gas matching in excess of 4,000 trades per month providing a...
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Agenda
APX Gas and the EnEx
EnEx = OCM + NBP + ZEE + TTF
BackgroundTrade Management and ContractsTrade HistoryFee StructureCredit ArrangementsHow to join APX Gas
OCM Introduction
On-the-day Commodity Market (OCM) went live 30th September 1999Replaced Transco’s Flexibility Mechanism The market for Transco’s balancing tradesThe OCM sets the gas imbalance prices
System Average Price (SAP)System Marginal Price (SMPBuy, SMPSell)
Anonymous market, APX Gas as Central Counterparty24 hours x 7 daysInternet based
APX History
APX Spot market (electricity) May 1999APX UK (electricity) Feb 2003EnMO (gas) July 2003UKPX (electricity) Dec 2003APX Gas NL Feb 2005APX Gas Zee Feb 2005
www.apxgroup.com
Trade Management
OCM Markets - All trades deemed to take place at NBPNBP Locational - Single entry or exit point at which gas is bid/offered. Will change physical flow rate of gas.NBP Physical - Post trade acceptance, the bid originator shall identify the location(s) at which gas will be delivered, or offtaken. Will change physical flow rate of gas.NBP Title - This bid/offer is a transfer of title of gas between market participants and takes place at NBP. However, this trade may result in a physical flow rate of gas change.
On-the-day Commodity Market
Standardised:Counterparty APX GasContract NBP - Title, Physical & LocationalTrading period 12:00 D-1 to 03:45 DLot 1,000 Therms/day (29,307.1 kWh/day)
Minimum 4 lots (117,228.4 kWh/day)Tick size 0.01p/Therm (0.3412p/MWh)Delivery period Gas flow day (D)Settlement Physical obligation at delivery
APX Gas AT-Link nomination
OCM Trade Management Time Scales
D-7 D-2 D-1 D
12:00 06:0012:00 06:0006:00 03:3506:00
18 hrs 21.35 hrs
Matching active - 39.35 hrsOrder posted - Inactive
Note. NBP trading hours: 06:00 – 17:30 Mon-Fri
National Balancing Point (NBP)Standardised:
Counterparty APX GasContract NBP Title marketTrading period 7 Gas days ahead – Weekend,
BoW & WDNW strips06:00 – 17:30 Mon-Fri
Lot 1,000 Therms/dayMinimum 4 lots
Tick size 0.01p/ThermDelivery period Gas flow day (D)Physical settlement Physical obligation at deliver
APX Gas AT-Link and counter nomination
Total OCM Volumes Traded per Month Showing Individual Market Totals from October 1999 to Jul 2005
0
50
100
150
200
250
300
350
400
450
Oct
Jan
Apr
Jul
Oct
Jan
Apr
Jul
Oct
Jan
Apr
Jul
Oct
Jan
Apr
Jul
Oct
Jan
April
July
Oct
Jan
April Ju
l
PhysicalLocationalTitle
Month
Volu
me
in m
n th
erm
s
Num
ber o
f tra
des
Month
0
1,000
2,000
3,000
4,000
5,000
6,000
Oct
Jan
Apr Ju
lO
ctJa
nA
pr Jul
Oct
Jan
Apr Ju
lO
ctJa
nA
pr Jul
Oct
Jan
Apr
ilJu
lyO
ctJa
nA
pril
Jul
PhysicalLocationalTitle
OCM Trades per MonthOctober 1999 to Jul 2005
Volu
me
in th
e rm
s
Date
0
2,500,000
5,000,000
7,500,000
10,000,000
12,500,000
15,000,000
17,500,000
20,000,000
01/0
3/05
02/0
3/05
03/0
3/05
04/0
3/05
05/0
3/05
06/0
3/05
07/0
3/05
08/0
3/05
09/0
3/05
10/0
3/05
11/0
3/05
12/0
3/05
13/0
3/05
14/0
3/05
15/0
3/05
16/0
3/05
17/0
3/05
18/0
3/05
19/0
3/05
20/0
3/05
21/0
3/05
22/0
3/05
23/0
3/05
24/0
3/05
25/0
3/05
26/0
3/05
27/0
3/05
28/0
3/05
29/0
3/05
30/0
3/05
31/0
3/05
TranscoShippers
March 2005 Volumes – Transco Share
TranscoPercentage
Share7.31 %
Transco Volume of Total OCM MarketOctober 99 - May 05
0
2,000,000,000
4,000,000,000
6,000,000,000
8,000,000,000
10,000,000,000
12,000,000,000
14,000,000,000Se
p-99
Nov
-99
Jan-
00M
ar-0
0M
ay-0
0Ju
l-00
Sep-
00N
ov-0
0Ja
n-01
Mar
-01
May
-01
Jul-0
1Se
p-01
Nov
-01
Jan-
02M
ar-0
2M
ay-0
2Ju
l-02
Sep-
02N
ov-0
2Ja
n-03
Mar
-03
May
-03
Jul-0
3Se
p-03
Nov
-03
Jan-
04M
ar-0
4M
ay-0
4Ju
l-04
Sep-
04N
ov-0
4Ja
n-05
Mar
-05
Month
Vol
ume
(KW
h)
MarketVolumekWhTranscoVolumekWh
With APX Gas matching in excess of 4,000 trades per month providing a unique and valuable source of market data.
APX Gas makes daily and month trade data available to the market via media outlets.
A variety of data products are available:View-Only access to the EnEx system – for a fixed feeBespoke historical data – variable fees depending on requirement
APX Gas Data
Subscription Fee: £1,000/month for 1 concurrent user. Reduced by decreasing increments for multiple users: (2 = £1,800, 3= £2,400, 4= £2,800, 5 = £3,000)
Transaction fee: Within Office Hours (06:00 – 17:30)< 10 mn therms/mth 0.004p/th> 10 mn therms/mth 0
Outside Office Hours < 20 mn therms/mth 0.002p/th> 20 mn therms/mth 0.004p/th
Pricing Structure
Credit Arrangements
New Members need to be Credit Rated AA or above
Accepted forms of Credit :- Cash or Letter of Credit
Sign OCM and/or NBP rulebooks, to become View Only Member
You will then be allocated Username and Passwords, to allow you to access website
When credit received, your access rights will be changed immediately, to allow you to trade
How to Join APX Gas
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