Thesis (Selection of subject)Thesis (Selection of subject)(version: 336)
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Power Spot Market of the European Energy Exchange and Its Influence on the Czech Power Market
Thesis title in Czech: Spotový trh Evropské energetické burzy a jeho vliv na český trh s elektřinou
Thesis title in English: Power Spot Market of the European Energy Exchange and Its Influence on the Czech Power Market
Key words: EEX, PXE, spot markets, clearing process, COSMOS, diskrétní optimalizace, branch-and-bound
English key words: EEX, PXE, spot markets, clearing process, COSMOS, discrete optimization, branch-and-bound
Academic year of topic announcement: 2010/2011
Type of assignment: Bachelor's thesis
Thesis language: angličtina
Department: Institute of Economic Studies (23-IES)
Supervisor: RNDr. Michal Červinka, Ph.D.
Author: hidden - assigned by the advisor
Date of registration: 02.06.2011
Date of assignment: 02.06.2011
Date and time of defence: 20.06.2012 00:00
Venue of defence: Opletalova 26
Date of electronic submission:18.05.2012
Date of proceeded defence: 20.06.2012
Reviewers: prof. PhDr. Ladislav Krištoufek, Ph.D.
 
 
 
Guidelines
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.
References
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>.
Preliminary scope of work
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
Preliminary scope of work in English
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
 
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