Power Spot Market of the European Energy Exchange and Its Influence on the Czech Power Market
| Název práce v češtině: | Spotový trh Evropské energetické burzy a jeho vliv na český trh s elektřinou |
|---|---|
| Název v anglickém jazyce: | Power Spot Market of the European Energy Exchange and Its Influence on the Czech Power Market |
| Klíčová slova: | EEX, PXE, spot markets, clearing process, COSMOS, diskrétní optimalizace, branch-and-bound |
| Klíčová slova anglicky: | EEX, PXE, spot markets, clearing process, COSMOS, discrete optimization, branch-and-bound |
| Akademický rok vypsání: | 2010/2011 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | RNDr. Michal Červinka, Ph.D. |
| Řešitel: | skrytý - zadáno vedoucím/školitelem |
| Datum přihlášení: | 02.06.2011 |
| Datum zadání: | 02.06.2011 |
| Datum a čas obhajoby: | 20.06.2012 00:00 |
| Místo konání obhajoby: | Opletalova 26 |
| Datum odevzdání elektronické podoby: | 18.05.2012 |
| Datum proběhlé obhajoby: | 20.06.2012 |
| Oponenti: | prof. PhDr. Ladislav Krištoufek, Ph.D. |
| Zásady pro vypracování |
| The liberalization of energy markets over the past ten years resulted in the establishment of several energy exchange markets including the EEX in 2002 and PXE in 2007. Unlike the financial markets, the energy exchanges have to cope with other limitations that follow from the nature of electricity.
There are several power markets operated by the EEX of which only the spot (day-ahead) market will be subject of our further study. The goal of this thesis is to describe in detail the price-generating mechanism at the EEX. Many Czech market players enter the contracts on German power as hedge and thus it is believed that the prices in the Czech Republic copy (with certain discount) their German counterparts. Another goal of the thesis is to determine to what extent clearing prices of the spot market at the EEX affect Czech energy price levels and determine the lag using standard methods of time series analysis. |
| Seznam odborné literatury |
| EEX (2011a). Annual Report 2010 [online]. [Accessed 12 March]. Available from: <http://cdn.eex.com/document/95489/GB_EEX_2010_web_e.zip>.
EPEX Spot SE (2012a). EPEX Spot Operational Rules [[online]. Available from: <http://static.epexspot.com/document/18657/20120427_EPEX_SPOT_RR_EN.ZIP>. EPEX Spot SE (2012b). EPEX Spot Exchange Rules [online]. Available from: <http://static.epexspot.com/document/18657/20120427_EPEX_SPOT_RR_EN.ZIP>. EPEX Spot SE (2011). COSMOS description: CWE Market Coupling algorithm [online]. Available from: <http://static.epexspot.com/document/9606/COSMOS_public_description.pdf>. Li, D. Sun, X.(2006). Nonlinear Integer Programming. 1. ed. New York: Springer Science + Business Media. PXE (2012c). Trading Rules [pdf].. Available from: <http://www.pxe.cz/Pxe_downloads/Rules_Regulation/Eng/PXE_trading_rules.pdf>. |
| Předběžná náplň práce |
| 1. Introduction to power exchanges and their markets, description of EEX and PXE
2. Description of static clearing process at the spot market of EEX 3. Time series analysis of clearing prices of power spot markets of EEX and PXE 4. Concluding remarks |
| Předběžná náplň práce v anglickém jazyce |
| 1. Introduction to power exchanges and their markets, description of EEX and PXE
2. Description of static clearing process at the spot market of EEX 3. Time series analysis of clearing prices of power spot markets of EEX and PXE 4. Concluding remarks |