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

Piotr Zawistowski, President of the Management Board of Polish Power Exchange

Piotr Zawistowski has been in the energy industry since 2000. He started his career in the sector as a power trader at Zakład Energetyczny Legnica and later with EnergiaPro Koncern Energetyczny S.A. In 2007-2008, he actively participated in the inception of EnergiaPro Gigawat, where he became Director of the Analysis and Risk Management Department. From 2008, he was Director of the Portfolio Management Department of TAURON Polska Energia S.A., where he took part in a number of key projects including as Project Manager responsible for the development of TAURON Group’s business model and for the integration of trade functions with GZE (Vattenfall) Group companies.

From May 2014 to December 2015, he was President of the Management Board of TAURON Obsługa Klienta sp. z o.o., and from December 2015 to March 2017, Vice President of the Management Board and Head of Customer Service and Trade with TAURON Polska Energia S.A., responsible among others for the development of TAURON Group’s offer of electricity and gas products.

He was also President of the Executive Board of the Association of Energy Trading (TOE) from March 2016 to March 2017 and Member of the Executive Board of the Polish Electricity Association (PKEE). Since September 2017, he has been on the Supervisory Board of the Polish Power Exchange.

Piotr Zawistowski holds an MA in Corporate Management from the Wrocław University of Economics (2002). He completed a post-graduate programme in Sales Management at the Higher School of Banking in Wrocław (2007).

 

Pawel Ostrowski - Vice-President

Paweł Ostrowski has more than 15 years of experience in the capital market. He has worked with a number of financial institutions including PKO Bank Polski S.A., Societe Generale, Deutsche Bank Polska S.A., BNP Paribas Polska S.A. From 2007, he was Sales Director at PKO Bank Polski S.A.’s Treasury Department. His areas of expertise include sales of Treasury products as well as commodity risk and interest rate risk hedging products. He has participated in MiFID II implementation projects and the merger with Nordea Bank Polska S.A.

Paweł Ostrowski holds a PhD from the Warsaw School of Economics with his thesis on “Applications of Derivatives in Corporate FX Management.” He has completed the MBA Programme of the University of Illinois at Urbana – Champaign and the University of Warsaw’s Management Department as well as a post-graduate programme in capital market law at the Department of Law and Administration, University of Warsaw.

Since the end of November 2016, he was President of the Management Board of POLPX; during his mandate, POLPX paid outstanding VAT and its business stabilised. He is Vice President of the Management Board of POLPX as of 27 October.

 

Marek Moroz - Vice-President

Marek Moroz is a manager with more than 25 years of professional experience in investment banking, management, finance, planning and implementation of development projects, asset integration, and operational restricting. He has worked with international investment and commercial banks (including SG Warburg, Rabobank, HSBC, Citi-Handlowy), leading Polish fuel and energy groups including PKN Orlen and ENERGA, and in several Central European countries.