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Home » Members » Members Directory » Polish Power Exchange

Polish Power Exchange

The following is selected information on the profile of Polish Power Exchange, senior management and other aspects of operations:                                                                                             

Base Profile

No

Item

Details

1

Exchange operations

1999

2

Membership

EUROPEX, APEx (Association of Power Exchanges)

3

Time Zone

1 hour ahead of Greenwich Mean Time (GMT)

4

Address

Poleczki Str. 23 building H, 02-822 Warszawa, Poland

Tel: +48 22 341 99 12 F: +48 22 341 99 10


5

Website

www.tge.pl

6

Trading Days

Monday, Tuesday, Wednesday, Thursday, Friday (incl. weekends and other public holidays for The Day-Ahead Market)

7

Trading

Trading sessions take place every day from 7:15 to 14:30. The trading takes place in compliance with the rules specified in the Exchange Regulations and adequate terms of trading for a particular type of term contract.

8

Trading Access

Brokerage houses – members of POLPX

Direct membership in POLPX

List of POLPX’s members: http://tge.pl/en/73/polpx-members

9

Access Rights

Members of POLPX

10

Trading Hours

 

Every Day 7:15 – 14:30

11

Trading Currency

PLN

12

Key Regulations

  • Energy Law Act of 10 April 1997
  • Energy Efficiency Act of 15 April 2011
  • The Trading Rules for the Commodity Exchange of Polish Power Exchange
  • Statute of POLPX

16

Reports & Bulletins

  • Daily Market Bulletin – Kurier TGE, monthly reports, monthly press releases, public reports

17

Data Vending

Yes

18

Settlement Procedure

Delivery vs. Payment

19

Delivery

Automated Delivery System

20

Settlement

via Warsaw Commodity Clearing House

22

Risk Mitigation

  • The system of securing of the clearings conducted by the WCCH consisting of:
  • Transaction margins
  • Collateral margins
  • Guarantee fund
  • Transaction limits monitoring system

 

 

(Futures and Options Profile) Commodity Forward Instruments Market with Physical Delivery for electricity and natural gas

No

Item

Details

1

No of Instruments

84

2

Instrument Types

Commodity Forwards Instruments Market with Physical Delivery (CFIM) for electricity, contracts:

  • Weekly (BASE_W), (PEAK_W), (OFFPEAK_W)
  • Monthly (BASE_M), (PEAK_M), (OFFPEAK_M)
  • Quarterly (BASE_Q), (PEAK_Q), (OFFPEAK_Q) 
  • Yearly (BASE_Y), (PEAK_Y), (OFFPEAK_Y)

Commodity Forward Instruments Market with Physical Delivery (CFIM) for gas,

  • BASE – month, quarter, year

3

Broker Members

 

  • Currently, there are 5 brokerage houses

 

4

Trading Hours

  • Trading sessions at Commodity Forward Instruments Market with Physical Delivery (CFIM) take place on business days from Monday to Friday 8:00 to 14:00.

5

Delivery, Settlement, Registration

  • Warsaw Commodity Clearing House
  • On-line registration

6

Settlement Type

  • Financial settlement
  • Physical Delivery

7

Settlement

  • Settlement via Bank Ochrony Środwiska – settlement bank

8

Settlement Cycle

Daily (business days)

9

Margining Rules

  • Initial and variation margin are calculated for delivery buckets

10

Client Position Limits

  • WCCH can determine the limit of opened positions on the Commodity Derivatives Market for given Clearing Member. The limit should be determined in such way that the collateral margin value reckoned for the opened positions shall not exceed the level established for given CM.

11

Market-wide Position Limits

No

 

Management

Ireneusz Łazor, President of the Management Board of Polish Power Exchange, Board Member of EUROPEX

Starting from 1991, he was actively involved in the capital market working for major Polish banks.

In the years 1995-1999, he worked as Head of Quotations Department at the Warsaw Stock Exchange.

From 1999 until 2011 he was Vice-President of the Polish Power Exchange.

From 2008 until July 2012 he was the President of the Management Board of the Warsaw Commodity Clearing House. 

Since 5 July 2012, he has been serving as President of the Management Board of the Polish Power Exchange.

Professional achievements:

  • Launched the Polish Power Exchange
  • Set up the renewable energy market at POLPX
  • Set up and launched the Warsaw Commodity Clearing House
  • Prepared the distribution process for the Universal Share Certificates as part of the Universal Privatisation Programme in Poland
  • Led the first IPO underwriting process in Poland
  • Implemented the continuous trading system at the Warsaw Stock Exchange
  • Led the IPO processes for major Polish companies
  • Launched the WSE forward market

 

Adam Simonowicz - Vice-President

Graduate of Warsaw School of Economics (two faculties: Master in finance and banking, and Business Administration), and also graduate of the Institute Francaise de Gestion (IFG, international diploma in management).

Since the beginning of his career he has been associated with the financial and energy-fuel sector,: Vice-president of the Board of Directors of the PKO BP Group Investment SP. z o.o.: CFO of CP Energia S.A., Managing Director of Eurico SP. z o.o.

A specialist in the field of:

  • structuring of investment projects
  • build pricing models and business plans, financing and organizing
  • construction and implementation of business strategy
  • implementation and support of ERP-class systems (eg. SAP).