Towarowa Giełda Energii S.A. (Polish Power Exchange)

The following is selected information on the profile of Towarowa Giełda Energii S.A. (TGE), senior management and other aspects of operations:

Base Profile
No Item
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 4 Książęca Street, 00-498 Warsaw
Tel: +48 22 341 99 12 F: +48 22 341 99 10
5. Website
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 8:00 to 15:30. 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 Direct membership in TGE
Brokerage houses – members of TGE
List of TGE’S members:
9. Access Rights Members of TGE
10. Trading Hours Every Day 8:00 – 15:30
11. Trading Currency  PLN
12. Key Regulations Energy Law Act of 10 April 1997
Energy Efficiency Act of 15 April 2011
Statute of TGE
The Trading Rules for the Commodities Market of Towarowa Giełda Energii S.A.
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 IRGiT (Commodity Clearing House)
22. Risk Mitigation

The system of securing of the clearings conducted by the IRGiT 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 88
2. Instrument Type

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

  • Month (BASE_M, PEAK5_M, OFFPEAK_M)
  • Quarter (BASE_Q, PEAK5_Q, OFFPEAK_Q)
  • Year (BASE_Y, PEAK5_Y, OFFPEAK_Y) […]”


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

  • Week (GAS_BASE_W)
  • Month (GAS_BASE_M)
  • Quarter (GAS_BASE_Q)
  • Season (GAS_BASE_S)
  • Year (GAS_BASE_Y)”
3. Broker Members Currently, there are 4 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, 



On-line registration

6. Settlement Type

Financial settlement

Physical Delivery

7. Settlement Settlement via Deutsche Bank – settlement bank
8. Settlement Cycle Daily (business days)
9. Margining Rules Initial and variation margin are calculated for delivery buckets
10. Client Position Limits IRGiT 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




PIOTR ZAWISTOWSKI President of the Management Board

Has been operating in the energy industry since 2000. Since 2008, he has worked as the Portfolio Management Department Director in TAURON Polska Energia S.A., participating in numerous key projects including: management of operations related to developing the TAURON Group's business model and integrations with GZE (Vatenfall) Group's company in the trading area. From May 2014 to December 2015, he worked as the President of the Management Board of TAURON Obsługa Klienta sp. z o.o. From December 2015 to March 2017, he held the position of the Deputy President for Customer Service and Trade in TAURON Polska Energia S.A., being responsible for development of the TAURON Group's offer for electric energy and gas. In 2016-2017, he held the position of the President of the Managing Board of the Association of Energy Trading, was a member of the Managing Board of the Polish Electricity Association, and a member of the Supervisory Board of the Polish Power Exchange. In October 2017, he became the President of the Management Board of TGE.

In 2002, Piotr Zawistowski graduated from the Wrocław University of Economics with an M.A. degree in company management. In 2007, he graduated from a sales management post-graduate course at WSB University in Wrocław.

PIOTR LISTWOŃ Vice President of the Management Board

Piotr Listwoń has professional experience in such areas as: trading, settlements on commodity derivatives markets, financial instrument markets as well as the settlement of transactions with market coupling, PCR. He started working for the TGE Capital Group in 2008. In 2010-2014, he held the position of the Deputy Director of the Settlement and Accounting Department in Izba Rozliczeniowa Giełd Towarowych S.A. (Commodity Clearing House). Since 2014, he has worked as the Department Director, managing activities connected with implementing a new financial settlement model based on Clearing House's cooperation with Krajowa Izba Rozliczeniowa S.A. and the largest Polish banks while dealing with payments resulting from transactions settled. In 2013-2018, he held the position of the International Cooperation Development Director for IRGiT. In 2018, he took the position of the Vice President of the Management Board, being responsible for TGE operational activity.

Piotr Listwoń graduated from the Strategic Management Department of the POU/Oxford Brookes University with an MBA degree.

DR PAWEŁ OSTROWSKI Vice President of the Management Board

Paweł Ostrowski has over 15 years of experience in operation on the capital market. He has worked for such institutions as PKO Bank Polski S.A., Societe Generale, Deutsche Bank Polska S.A. and BNP Paribas Polska S.A. Since 2007, he has held the position of the Sales Director in the Treasury Department of PKO BP Bank Polski S.A. He specialises in sales of treasury products and instruments securing commodity and interest rate risks. He has participated in projects related to implementing the MiFID I package and the merger with Nordea Bank Polska S.A. He has been a member of the of the Management Board of TGE since November 2016.

Paweł Ostrowski graduated from the SGH Warsaw School of Economics where he obtained a Ph.D. degree. He also graduated from the MBA Programme of the University of Illinois at Urbana — Champaign and Management Department of the University of Warsaw. He also has a post-graduate degree in capital markets, obtained at the Law and Administration Department of the University of Warsaw.