What is PXE ?
The Power Exchange Central Europe, a.s. (PXE,
http://www.pxe.cz) is a
business platform for trading with electricity in the Czech
Republic, Slovak Republic and hungary. Established on 5th March, 2007 (under the
old name Prague Energy Exchange), it aims at setting
new rules for trading with electricity; causing it to enter a whole new era where the
price is driven mainly by the relationship between the
current supply and demand.
The PXE is the first market of its
kind in Central and Eastern Europe. Inspiration for its
establishment and pricing system derives from the energy
exchanges already operating elsewhere in Europe. By its
activities,the PXE intends to create a solid and
standardized platform for electrical energy trading, both from the point of view of its size and
liquidity.
The PXE has introduced a
competitive environment to the electrical energy market,
thereby promoting its liberalization. It provides all PXE
participants with the same trading conditions regardless of
the size of their transactions. One of the main advantages
of energy trading on PXE is the
transparency in energy pricing that is based on principles
identical to those commonly used in other countries of the
European Union. Another major benefit of the new market is
the continuous energy trading not only one year, but also three years in advance; thus bringing price stabilization to the
market which facilitates price development forecasts, in
turn significantly helping to eliminate price shocks. The
operation of the new Energy Exchange should positively influence the sale of electricity to end users
and consumers.
Who is Behind PXE?
The prime mover behind the PXE is the Prague Stock
Exchange. PXE can therefore draw from
the wide experience of the organizer of investment
instruments market in the Czech Republic. Its specially
adjusted trading system combines uniqueness of capital with
commodity markets to create an unrivalled system that
remains unprecedented in Central and Eastern Europe.
The
highest supervisory body of the PXE is the General Meeting gathering founders of the company - Prague Stock Exchange,
Central Securities Depository Prague (former Univyc) and Central Counterparty.
The
next important body of the PXE is
the Exchange Chamber:
- Petr Koblic, President and CEO of the Prague Stock
Exchange
- Helena Čacká, Vice president – CEO of the Central Securities Depository
Prague
- JUDr. Bohumil Havel, PhD. – Member of the Legislative
Council of the Czech Government
The activities of the PXE is governed by the
Secretary General, David Kučera.
The operation of the PXE is guided by three committees:
- Trading Committee – an association of selected
market participants recommending adjustments to the
Exchange’s trading system and trading rules
- Settlement Committee – suggests the principles and
rules of the method of Trade Settlement
- Strategic Committee – submits proposals for the
further development of the PXE; it is
attended by representatives of the Ministry of Finance,
the Ministry of Industry and Trade, the Energy
Regulatory Office (ERO), ČEPS and the Czech Energy
Market Operator (OTE)