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October 2020
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22October 2020 Monthly Report on the Electricity System
October 2020
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3
page 13
page 16
page 24
page 5
This month, we present a selection of ARERA resolutions
relevant for dispatching and transmission activities.
October 2020 Monthly Report on the Electricity System
October 2020
In October 2020, 47% of the electricity demand was met via
production from Non-Renewable Energy Sources, 37% from
Renewable Energy Sources and the remainder via foreign
exchange.
In October, production from Renewable Energy Sources
increased (+28.8%) compared to the same month of the
previous year. Specifically, there was an increase in
renewable hydroelectric production (+52.1%), wind
production (+56.6%) and photovoltaic production (+9.8%)
compared to the previous year.
In October 2020, electricity demand was 26,196 GWh, in line
with the same month of the previous year (-0.8%). In
particular, a reduction in thermoelectric production was
recorded (-16.9%), together with an increase in hydroelectric
(+48.9%) and wind production (+56.6%), compared to the
same month of the previous year. In 2020, cumulative
demand (251,290 GWh) fell (-6.2%) compared to 2019.
The October 2020 result was achieved with one less working
day (22 vs 23), and with an average monthly temperature
lower by as much as 2.5°C compared to October last year.
When adjusted for seasonal, temperature and calendar
effects, the figure represents a -0.6% variation.
The October total for withdrawal programmes on the DAM
was approximately € 1.1 Bn, down 13% compared to the
previous month and 22% compared to October 2019.
In October, the spread between average bid-up and bid-down
prices on the DSM was € 101/MWh, up 27% compared to the
previous month and 9% compared to October 2019. Total
volumes decreased compared to the previous month (-14%).
In October, the spread between bid-up and bid-down prices
was € 131/MWh, up compared both to the previous month (€
89/MWh; 46%) and, to a lesser extent, to October 2019 (€
122/MWh; 7%). Total volumes increased compared to the
previous month (+8%).
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44October 2020 Monthly Report on the Electricity System
October 2020
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5
Monthly Summary and Short-Term Analysis
Demand breakdown – coverage by sources
Source: Terna
(1) Electricity Demand = Production + Foreign Balance - Pumping Consumption
(2) Pumping production is calculated assuming theoretical efficiency during the pumping phase
(3) RES Production = Hydro - Pumping production + Biomass + Geothermal + Wind + Photovoltaic
Demand – seasonality adjusted
Source: Terna
October 2020 Monthly Report on the Electricity System
In October 2020, electricity demand was 26,196 GWh, in line with the same month of the
previous year (-0.8%). In particular, a reduction in thermoelectric production was recorded
(-16.9%), together with an increase in hydroelectric (+48.9%) and wind production (+56.6%),
compared to the same month of the previous year.
In 2020, cumulative demand (251,290 GWh) fell (-6.2%) compared to 2019.
In October 2020 there was
a slight reduction in
geothermal production
(-1.0%) and increases in
photovoltaic production
(+9.8%) and in the foreign
balance (+12.0%).
In 2020, a +37.9% increase
in exports was recorded
compared to the previous
year.
In October the trend of net
total production recorded
-2.8% compared to the
same month of 2019.
The value, adjusted for
seasonal, calendar and
temperature effects,
shows a positive change
of +0.4%.
The October 2020 result was achieved with one less working day (22 vs 23), and with an
average monthly temperature lower by as much as 2.5°C compared to October last year.
When adjusted for seasonal, temperature and calendar effects, the figure represents a -0.6%
variation.
The first ten months of 2020 decreased by 6.2% compared to the same period in 2019.
In adjusted terms, this variation does not change.
In annual terms, the data for October 2020, adjusted for seasonal, calendar and temperature
effects, recorded a slight increase in electricity demand: +0.4% compared to the previous
month. Considering this result, the trend remains stable.
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6
IMCEI
Monthly Industrial Electrical Consumption Index - IMCEI (2015 base = 100)
Source: Terna
IMCEI short-term analysis (base 2015 = 100)
Source: Terna
October 2020 Monthly Report on the Electricity System
The annual change of October 2020 (compared to October 2019) was a drop of 0.7% with
raw data. When adjusted for seasonal, temperature and calendar effects, this decrease
was -1.0%.
In the first ten months of 2020, the change in withdrawals by HV customers was -10%; with
data adjusted for seasonal and calendar effects the change comes to -8.9%.
In October, the change in the
monthly index of Italian
electricity consumption was
a drop of 0.7% compared to
October 2019.
When adjusted for seasonal,
temperature and calendar
effects, the monthly figure
for October 2020 was an
increase of 1.3% compared
to the previous month.
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7
Energy Demand Mix
Demand breakdown – coverage by sources
Source: Terna
Trend of 2020 energy demand mix compared to 2019
Source: Terna
October 2020 Monthly Report on the Electricity System
In October 2020, 47% of the electricity demand was met via production from
Non-Renewable Energy Sources, 37% from Renewable Energy Sources and the
remainder from the foreign balance.
In 2020, electricity demand was 251,290 GWh, 51% of which was met via production from
Non-Renewable Energy Sources, 39% from Renewable Energy Sources and the
remainder from the foreign balance.
In 2020, the demand for
electricity from the grid saw
a decrease of -6.2%
compared to 2019.
In 2020, energy production
from renewable sources
totalled 98.2 TWh, a +5.0%
increase compared to 2019.
In 2020, production from
Non-Renewable Energy
Sources recorded a
percentage decrease of
-10.2% compared to 2019.
In October, production from
Renewable Energy Sources
increased sharply (+28.8%)
compared to the same month
of 2019.
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8
Details of Renewable Energy Sources
RES Production - Breakdown
Source: Terna
Trend of 2020 RES net production compared to 2019
Source: Terna
October 2020 Monthly Report on the Electricity System
In October, production from Renewable Energy Sources increased (+28.8%) compared to
the same month of the previous year. Specifically, there was an increase in renewable
hydroelectric production (+52.1%), wind production (+56.6%) and photovoltaic production
(+9.8%) compared to the previous year.
In 2020, production from
renewable energy sources
increased by +5.0%
mainly due to an increase
in photovoltaic production
(+9.5%) and renewable
hydroelectric production
(+7.3%).
In 2020, 42.9% of net
national production was
from Renewable Energy
Sources.
In October 2020,
renewable production
represented 43.5% of total
net national production,
an increase compared to
the same month in 2019
(32.8%).
In October 2020, the
detailed breakdown of
production from
renewable energy sources
recorded a M-o-M
percentage increase
(+2.0%).
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9
Historical Energy Balance Sheets
2020 Historical Monthly Energy Balance Sheet
Source: Terna
2019 Historical Monthly Energy Balance Sheet
Source: Terna
(1) Electricity Demand = Production + Foreign Balance - Pumping Consumption
(2) Pumping production is calculated assuming theoretical efficiency during the pumping phase
(3) RES Production = Hydro - Pumping production + Biomass + Geothermal + Wind + Photovoltaic
October 2020 Monthly Report on the Electricity System
In 2020, total net production allocated for consumption (226,583 GWh) met 90.2% of
national electricity demand (251,290 GWh).
In 2020, net total
production was down
(-4.1%) compared to 2019,
and peak electricity
demand was reached in
July, with 28,908 GWh.
The developments in the monthly balance sheet for 2019 are provided below.
In 2019, the month with
the highest demand for
electricity was July, with
30,964 GWh.
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Demand by Operational Area
Demand by Operational Area
Source: Terna
10
Source: Terna
Demand by Operational Area – Map Chart
[GWh]
The regions are combined in clusters
on the basis of production and
consumption:
• TURIN: Piedmont - Liguria -
Valle d’Aosta
• MILAN: Lombardy (*)
• VENICE: Friuli Venezia Giulia -
Greater Venice - Trentino Alto
Adige
• FLORENCE: Emilia Romagna
(*) - Tuscany
• ROME: Lazio - Umbria -
Abruzzo - Molise - Marche
• NAPLES: Campania - Apulia -
Basilicata - Calabria
• PALERMO: Sicily
• CAGLIARI: Sardinia
(*) In these two regions, the geographical borders do not correspond to the electrical borders. Lombardy includes production
plants that are part of the geographical administrative territory of Emilia Romagna.
October 2020 Monthly Report on the Electricity System
In October 2020, there was a decrease in demand in the Northern zone (TO-MI-VE) and
on the Islands (CA-PA), in line with the Centre (RM-FI) and the South (NA) compared to
the corresponding period of the previous year.
In 2020, the Y-o-Y
percentage change in
demand is -7.4% in the
Northern zone, -5.9% in
the Centre, -3.9% in the
South and -5.1% for the
Islands.
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Source: Terna
11
Peak Demand
Peak Demand
Source: Terna
October 2020 Monthly Report on the Electricity System
Maximum peak
Coverage of demand - 22 October 2019 9:00-10:00
At its peak, production from
renewable sources
contributed to covering 30%
of demand, with thermal
production covering 53%
and the remainder covered
by the foreign balance.
At peak, the contribution from
thermal production was
24,847 MW, sharply down by
-23.6% compared to the
contribution from thermal
production at the October
2019 peak (32,518 MW).
In October 2020, peak demand was recorded on Thursday 22 October between 9:00 and
10:00 and was 46,974 MW (-0.7% Y-o-Y). The hourly demand diagram of the peak day is
presented below.
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12
Net Foreign Exchange – October 2020
Net Foreign Exchange on the Northern border
Source: Terna
Balance of Physical Exchanges – Annual Cumulative Figure
Balance of physical electricity exchanges: map
Source: Terna
October 2020 Monthly Report on the Electricity System
In 2020, a net exchange
was recorded from the
Northern zone to Emilia
Romagna and Tuscany of
11.0 TWh. The Continent
recorded a net exchange
towards Sicily of 2.7 TWh.
In October we can note a good saturation on the Northern frontier mainly in the second half
of the month.
In October 2020, there
were imports of 4,306
GWh and exports of 175
GWh.
The balance of physical electricity exchanges mainly shows the energy flows among the
various areas identified in the Italian electricity system.
The 380 kV connection between Sicily and the Mainland ensures secure management of the
electricity system in Sicily and Calabria.
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13
[MW]
Pinst ≤1500
1500< Pinst≤ 2500
2500< Pinst≤ 3500
3500< Pinst≤ 4500
Pinst> 4500
[MW]
Pinst≤ 150
150< Pinst≤ 1000
1000< Pinst≤ 2000
2000< Pinst≤ 3000
Pinst> 3000
October 2020 Monthly Report on the Electricity System
Source: Terna
Source: Terna
Photovoltaic Production and Capacity
Wind Production and Capacity
Production and Installed Capacity
Production from
photovoltaic sources
down -22.2% compared to
the previous month.
Energy produced by photovoltaic sources in October 2020 was 1,831 GWh, down on the
previous month by 522 GWh. The annual cumulative figure increased compared to the
previous year (+9.5%).
Energy produced from wind sources in October 2020 was 1,605 GWh, up compared to the
previous month by 255 GWh. The annual cumulative figure is in line with the previous year
(+0.3%).
Production from wind
sources was up compared
to the previous month by
+18.9%.
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14
[MW]
Pinst ≤1000
1000< Pinst≤ 2000
2000< Pinst≤3000
Pinst> 3000
Source: Terna
Source: Terna
Hydroelectric Production and Capacity
Hydroelectric Producibility and Reservoir Percentage
October 2020 Monthly Report on the Electricity System
In October, hydroelectric producibility increased compared to the previous month.
In October 2020,
considering Italy as a
whole, the current
reservoir percentage
compared to the
maximum reservoir
capacity was 55.9%, an
increase compared to the
same month in 2019
(53.6%).
Energy produced by hydroelectric sources (e.g. reservoirs, storage and run-of-river) in
October 2020 was 4,478 GWh, up compared to the previous month by 432 GWh. The
annual cumulative figure increased (+7.2%) compared to the previous year.
Production from
hydroelectric sources up
compared to the previous
month (+10.7%).
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15
[MW]
Pinst = 0
0 < Pinst ≤ 500
500 < Pinst≤ 1000
[MW]
Pinst ≤ 5000
5000< Pinst≤ 10000
10000< Pinst≤ 15000
15000< Pinst≤ 20000
Pinst> 20000
Source: Terna
Source: Terna
Geothermal Production and Capacity
Thermal Production and Capacity
October 2020 Monthly Report on the Electricity System
Thermal production
increased (+5.1%)
compared to the previous
month.
Energy produced by thermal sources in October 2020 was 477 GWh, up compared to the
previous month by 23 GWh. The annual cumulative figure was down (-1.1%) compared to
the previous year.
Thermal production was
down (-15.2%) compared
to the previous month.
Energy produced by thermal sources in October 2020 was 13,951 GWh, sharply down
from the previous month by 2,507 GWh. The annual cumulative figure was down (-9.2%)
compared to the previous year.
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16
[€/MWh]
Day-Ahead Market
October 2020 Monthly Report on the Electricity System
Day Ahead Market – amounts and volumes
Source: Terna calculation on GME data
Source: Terna calculation on GME data
Spread compared to the SNP
[€ Bn] [GWh]
The October total for withdrawal programmes on the DAM was approximately € 1.1 Bn,
down 13% compared to the previous month and 22% compared to October 2019.
The increase compared to September is due to growth in both the average Single National
Price (hereinafter SNP) and demand, while the decrease over the previous year is due to a
drop in the average SNP from € 52.8/MWh in October 2019 to € 43.6/MWh in October
2020.
Total amount in October
2020 down 22% compared
to October 2019
In October, the zonal prices were basically in line with the SNP, with the exception of the
Sicily zone, which recorded a spread of +€9.1/MWh.
Compared to October 2019, the prices of the Sicily zone recorded an average decrease of
€ 14/MWh, while for the other zones there was an average reduction of € 7.6/MWh.
October 2020 zonal prices
in line with the SNP for all
zones except Sicily
-
-700
0
700
1.400
2.100
-5
0
5
10
15
France Austria Slovenia Switzerland Greece Montenegro
[GWh][€/MWh]
DAM programme (RH) Price spread (LH)
17
Day Ahead Market – SNP and zonal prices [€/MWh]
Source: Terna calculation on GME data
Price spread with foreign exchanges and day ahead programmes
Source: Terna calculation
€/MWh PUN North Centre-North Centre-South South Sicily Sardinia
Average 43.6 42 42.5 44.9 44.9 52.7 45.3
Y-o-Y -9.3 -10.1 -9.4 -6.5 -6.1 -14 -6.1
∆ vs SNP - -1.6 -1.1 1.3 1.3 9.1 1.8
∆ vs SNP 2019 - -0.7 -1 -1.4 -1.8 13.9 -1.4
Peak 50.7 50.5 51.4 49 49 57 50.5
Off Peak 39.6 37.3 37.6 42.7 42.7 50.3 42.5
∆ Peak vs Off Peak 11.1 13.2 13.8 6.3 6.3 6.6 8.0
Minimum 4.9 4.9 4.9 4.9 4.9 4.9 0
Maximum 78.7 78.7 81.6 81.6 81.6 114.1 449
* In October the South-Greece transit limit was 0 MW
**No spread is represented for Montenegro because there is no power exchange
October 2020 Monthly Report on the Electricity System
In October, the spread between the peak and off-peak prices was €13.2/MWh for the Sicily
zone, €13.8/MWh for the Northern zone and €6.8/MWh on average for the remaining
zones.
In September, the spread between the peak and off-peak prices was €10/MWh for the
Sicily zone, €11.4/MWh for the Southern zone and €13.8/MWh on average for the
remaining zones.
.
Peak-off peak spread up
compared to the previous
month across all zones
except Centre-North
Net imports on the
Northern border of 4.1 TWh
October saw an increase in the price spread on all borders compared with the previous
month.
Imports totalled 4.3 TWh, with Montenegro and Switzerland accounting for 28% and 47%
of the total respectively. Total exports were 0.07 TWh, with Switzerland accounting for
46% and France 37%.
* **
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18
[€/MWh] [GWh]
[€/MWh] [GWh]
Ex-ante Ancillary Services Market
Ex-ante Ancillary Services - prices and volumes
Source: Terna
Source: Terna
Ex-ante Ancillary Services - prices and volumes by market zone
October 2020 Monthly Report on the Electricity System
In October, the spread between average bid-up and bid-down prices was €101/MWh, up
27% compared to the previous month and up 9% compared to October 2019.
The total volumes fell compared to the previous month (-14%), in particular upward volumes
decreased by 21% and downward volumes remained stable.
The upward volumes decreased by 7% and downward volumes by 12% compared to the
same month of the previous year.
Average bid-up price in
October 2020 of €123/MWh
Average bid-down price in
October 2020 of €21/MWh
The market zone featuring the highest spread (€203/MWh) is the Centre-South, as in the
previous month.
This spread recorded a 43% increase compared to the previous month, due to an increase
in the average bid-up price of 34% (from €169/MWh in September to €226/MWh in
October) and to a reduction in the average bid-down price of 16% (from €27/MWh in
September to €23/MWh in October).
Centre-South: zone with
the highest price spread
North: zone with the most
volumes moved
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19
[€/MWh] [GWh]
[€/MWh] [GWh]
Balancing Market
Source: Terna
Source: Terna
Balancing market – prices and volumes
Balancing market – prices and volumes by market zone
October 2020 Monthly Report on the Electricity System
In October, the spread between bid-up and bid-down prices was € 131/MWh, up compared
both to the previous month (€ 89/MWh; 46%) and, to a lesser extent, to October 2019
(€ 122/MWh; 7%).
Total volumes increased compared to the previous month (+8%), in particular, upward
volumes increased by 54% and downward volumes fell by 7%. Compared to October 2019,
upward volumes increased by 42% and downward volumes fell by 21%.
Average bid-up price in
October 2020 of €150/MWh
Average bid-down price in
October 2020 of €19/MWh
The market zone featuring the highest spread (€ 316/MWh) was the Centre-South, in line
with the previous month (spread of € 264/MWh).
In October, the North zone was confirmed as the area with the highest volumes (466 GWh
downward and 193 GWh upward).
The price spread increased across all zones, with the exclusion of Sardinia and
Centre-North where instead it decreased. The zone with the greatest change in spread
compared to the previous month is the South (+€30/MWh; +49%)
Centre-South: zone
featuring the highest price
spread
North: zone with the most
volumes moved
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20
Commodities – Spot Market
Spot electricity prices
Source: Terna calculation on GME, EPEX data
October 2020 Monthly Report on the Electricity System
In October 2020, Brent prices decreased compared to September, coming out at $40.4/bbl (-1.7%).
Coal prices (AP12) stood at $56.9/t, an increase compared to the previous month (+8.7%).
Gas prices in Europe increased in October up to a monthly average of € 13.9/MWh (+24.1% compared to the
previous month); the PSV also recorded an increase and came out at €13.6/MWh (+16.2%).
Electricity prices in Italy fell in October compared to the previous month, with a monthly average of € 48.7/MWh
(-11.1%). The French power exchange also saw an increase, with the price of electricity at € 37.1/MWh
(-21.1%); as did the German exchange, with € 33.2/MWh (-23.4%) compared to September.
-40
-20
0
20
40
60
80
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/MWh]
Germany France Italy
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21
Source: Terna calculation on Bloomberg data
Gas & Oil spot prices
Coal & Carbon spot prices Coal & Carbon spot prices
Source: Terna calculation on Bloomberg data
Source: Terna calculation on Bloomberg data
Clean Dark & Spark spreads Italy
October 2020 Monthly Report on the Electricity System
Monthly average change
PSV-TTF = €0.3/MWh
Monthly average change
API2-API4 = -$3.0/t
Clean spark spread PSV
monthly average =
+€6.9/MWh
Clean dark spread API2
monthly average =
+€3.6/MWh
10
20
30
40
50
60
70
80
0
5
10
15
20
25
30
35
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[$/bbl][€/MWh]
TTF (lh) PSV (lh) BRENT (rh)
0
5
10
15
20
25
30
35
30
40
50
60
70
80
90
100
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/t][$/t]
API 2 (lh) API 4 (lh) CO2 (rh)
-30
-20
-10
0
10
20
30
40
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/MWh]
Clean Spark (PSV) Clean Dark (API2)
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22
Commodities – Forward Market
Forward Electricity Prices – Year+1
Source: Terna calculation on Bloomberg data
October 2020 Monthly Report on the Electricity System
In October 2020, the forward prices of Brent came out at around $41.4/bbl, down compared to $42.4/bbl in
September (-2.4%).
The average forward prices of coal (API2) were up compared to September, at around $57 (+3.1%).
The average forward prices of gas in Italy (PSV) decreased compared to the previous month, coming out at
around € 14.5/MWh, while forward prices of gas in Europe (TTF) increased and came out at € 14/MWh
(+3.2%).
The average forward prices of electricity in Italy came out at around €49.3/MWh, down compared to the
previous month (-1.8%). There was also a downward trend on the French power exchange, where the price
came out at around € 44.2/MWh (-7.3%); as is the case in Germany, where the price was € 39.8/MWh
(-4.3%).
30
35
40
45
50
55
60
65
70
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/MWh]
Germany France Italy
-
23
Clean Year+1 Forward Dark & Spark spreads Italy
Year+1 Forward Gas & Oil Prices
Year+1 Forward Coal & Carbon Prices
Source: Terna calculation on Bloomberg data
Source: Terna calculation on Bloomberg data
Source: Terna calculation on Bloomberg data
October 2020 Monthly Report on the Electricity System
Monthly average change
PSV-TTF = +€0.6/MWh
Monthly average change
API2-API4 = -$5.1/t
Clean spark spread PSV
monthly average = +€11/MWh
Clean dark spread API2
monthly average =
+€9.4/MWh
20
30
40
50
60
70
10
15
20
25
30
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[$/bbl][€/MWh]
TTF (lh) PSV (lh) BRENT (rh)
10
15
20
25
30
35
40
50
60
70
80
90
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/t][$/t]
API 2 (lh) API 4 (lh) CO2 (rh)
5
10
15
20
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
[€/MWh]
Clean Spark (PSV) Clean Dark (API2)
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24
Below is a selection of ARERA provisions of major interest for dispatching and transmission
activities in October 2020. This selection is not exhaustive with respect to the regulatory framework.
Launch of proceeding for the adoption of measures on methods and criteria for determining
and updating the Weighted Average Cost of invested Capital (WACC) in the electricity and
gas sectors for the second regulatory period
The Authority launched the proceeding for the redetermination, from 1 January 2022, of the WACC
recognised for the regulated infrastructural services of the electricity and gas sectors. The resolution
identifies the general criteria that ARERA intends to adopt for the purposes of updating the WACC,
which will then be detailed in the context of a subsequent consultation stage. The proceeding also
provides for the possibility that specific auditions will be held and data collected/information
requested from operators. The term for the conclusion of the proceeding was set for the end of
2021.
Approval of the agreement on the shipping service related to the single intraday coupling
under the terms of article 68 paragraph 6 of Regulation (EU) 2015/1222 (CACM)
In coordination with the other European Regulatory Authorities, the Authority approved the
agreement on the transit shipping service, that is on the service of transfer of the physical and
financial items between offer zones of origin and destination of energy exchanges made in the
context of the single intraday coupling pursuant to the SIDC (Single IntraDay Coupling) Project.
Decisions on essential plants. Amendments and supplements to the reference regulation
The Authority amended/supplemented the regulation for essential plants for system security
contained in resolution 111/06. Specifically, for the 2021 calendar year, the Authority determined the
values of bonuses in order to apply the alternative remuneration regulation to typical systems and
also updated the calculation criteria of the fees for the same year for typical systems. In addition,
the Authority reprogrammed the deadlines laid down for the coming activities associated with the
definition of the list of essential plants.
Approval of an inspection in relation to the electricity transmission company on the subject
of service quality
The Authority approved an inspection of Terna, to be performed by 31 December 2020, to ascertain
the correct application of the obligations to record outages and of calculating the energy-not-
supplied indicators, communicated to the Authority in 2020.
October 2020 Monthly Report on the Electricity System
Resolution 380/2020/R/COM
Resolution 382/2020/R/eel
Resolution 428/2020/R/eel
Resolution 405/2020/R/eel
https://www.arera.it/it/docs/20/380-20.htmhttps://www.arera.it/it/docs/20/382-20.htmhttps://www.arera.it/it/docs/20/428-20.htmhttps://www.arera.it/it/docs/20/405-20.htm
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25
API2 – CIF ARA: the reference index for the coal price (with PCI of 6, 000 kcal/kg) imported from north-west
Europe. It is determined on the basis of an assessment on the CIF (Cost, Insurance and Freight) prices of coal
contracts, with delivery to the ports of Amsterdam – Rotterdam – Antwerp (ARA).
API4 – FOB Richards Bay: the reference index for the coal price (with PCI of 6,000 kcal/kg) exported from
Richards Bay in South Africa. It is calculated on the basis of an assessment on the FOB (Free On Board) prices
of contracts excluding transport starting from the port of Richards Bay.
Territorial Areas: these consist of one or more adjacent regions and are aggregated as indicated:TURIN: Piedmont - Liguria - Valle d’AostaMILAN: Lombardy (*);VENICE: Friuli Venezia Giulia - Veneto - Trentino Alto AdigeFLORENCE: Emilia Romagna (*) - Tuscany;ROME: Lazio - Umbria - Abruzzo - Molise - MarcheNAPLES: Campania - Apulia - Basilicata - Calabria;PALERMO: SicilyCAGLIARI: Sardinia
(*) In these two regions, the geographical borders do not correspond to the electrical borders. Lombardy
includes production plants that are part of the geographical administrative territory of Emilia Romagna.
The data related to the reservoirs table of tanks are aggregated by ZONE as indicated:NORTH - includes the Territorial Areas TURIN, MILAN and VENICE;CENTRE and SOUTH – includes the Territorial Areas FLORENCE, ROME and NAPLES;ISLANDS – includes the Territorial Areas PALERMO and CAGLIARI;
Brent: the oil price as global reference for the crude oil market. Brent Crude is the result of a mixture deriving
from the union of different types of oil extracted from the North Sea.
Clean Dark Spread: the difference between the price of electricity and the cost of the fuel of a coal power
station and the cost of the CO2 emission quotas.
Clean Spark Spread: the difference between the price of electricity and the cost of the fuel of a gas power
station and the cost of the CO2 emission quotas.
Dirty Dark Spread: the difference between the price of electricity and the cost of the fuel of a coal power
station.
Dirty Spark Spread: the difference between the price of electricity and the cost of the fuel of a gas power
station.
Day-Ahead Market (DAM): the trading venue of offers to buy and sell electricity for each relevant period of the
day after that of trading.
Balancing Market (MB): the set of activities performed by the Operator for selecting the offers presented on
the Dispatching Services Market to resolve the congestions and establish secondary and tertiary reserve power
margins, carried out on the same day as that to which the offers refer.
Dispatching Services Market (MSD): the trading venue of the resources for the dispatching service.
Dispatching Services Market - planning stage (Ex-ante Ancillary Services Market): the set of activities
performed by the Operator for selecting the offers presented on the Dispatching Services Market to resolve the
congestions and establish secondary and tertiary reserve power margins, carried out in advance with respect to
real time.
Key
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M-o-M - Month on Month: percentage change of the difference between the reference month and the previous
month
NET TRANSFER CAPACITY - NTC: the maximum transfer capacity of the grid for interconnection with other
countries. NTC D-2 indicates the same capacity defined in day D-2.
Peak hours: these, according to the agreement with the electricity market operator (Gestore del Mercato
Elettrico - GME), are the hours between 8:00 and 20:00 of working days only. Off-peak hours are all hours that
are outside of peak hours.
CO2 Price: determined by the European Union Emissions Trading Scheme (EU ETS), a system for the trading
of greenhouse gas emission quotas in Europe aimed at reducing emissions.
Single National Price - SNP: the Single National Price calculated as a result of the Day-Ahead Market (DAM).
DAM Zonal Price: the balanced price of each zone calculated as a result of the Day-Ahead Market (DAM).
PSV - Punto Scambio Virtuale: the price at the virtual exchange point for the buying and selling of natural gas
in Italy.
TTF - Title Transfer Facility: the price at the virtual exchange point for the buying and selling of natural gas in
the Netherlands.
Y-o-Y – Year on Year: percentage change of the difference between the period of the current year and the
same period of the previous year
IMCEI - Monthly Industrial Electrical Consumption Index: The monthly IMCEI index was constructed based
on the size of the monthly withdrawals of the approximately 530 customers directly connected to the high
voltage grid and for which Terna is responsible. These customers have been reclassified pursuant to the
Ateco2007 Codes and aggregated by electrically relevant product class. The adimensional index has been
created taking 2015 as a basis 100.
October 2020 Monthly Report on the Electricity System
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Disclaimer
1. The monthly electricity reports for 2019 are definitive, while those for 2020 are provisional.
2. More specifically, the monthly electricity reports for 2020 – prepared at the end of each month using the
operating archives – are subject to further and precise verification or recalculation in the following months
based on additional information. This operation to refine the monthly figures translates, for the reporting
data, into a higher degree of precision compared to the sum of the data processed in the single Monthly
Reports published on the website www.terna.it.
October 2020 Monthly Report on the Electricity System
http://www.terna.it/en
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