Introduction
The various wholesale power markets in Europe are at widely differing stages
of development. They range from the Nord Pool which is one of the world' s most
highly liquid and efficient markets down to various nascent markets where
liquidity is barely established. This brief examines the current status of
these markets and also highlights how they are likely to develop over the
coming five years.
Scope of this report
- Insight into the current level of liquidity, trading activity and
development currently prevailing in Europe' s wholesale power markets
- Analysis of nascent and emerging markets where liquidity is currently weak
or barely existent
- Visibility on likely competitive development dynamics in these wholesale
markets, the likely evolution of liquidity and the prospects for growth
- A conceptual framework of wholesale market development, evolution and the
pivotal stages of wholesale market evolution
Research and analysis highlights
In eastern European, current levels of wholesale power market liquidity are extremely limited, though have considerable growth potential. In Western Europe the already well established nature of wholesale power in various markets creates less scope for liquidity growth.
Key reasons to read this report
- Understand current levels of liquidity in both established and
non-established wholesale power markets
- Gain insight into the likely evolution of these wholesale markets as an
input to longer term market entry analysis
- Segment the levels of competitive development achieved in European
wholesale power markets
Table of Contents
- DATAMONITOR VIEW
- ANALYSIS
- Eastern Europe has the greatest scope for wholesale market growth
- Incumbents should prepare for the arrival of ' genuine' wholesale
competition
- Central and Eastern Europe is yet to embrace forward trading activity
- New member states have the greatest upside potential for liquidity
growth
- Romania' s emerging wholesale market will set the tone for Eastern
Europe
- Western Europe must address notable wholesale market impediments
- Vertically integrated utilities provide a key obstacle to wholesale
competition
- Auctions are not an effective mechanism for stimulating liquidity
growth
- Wholesale power liquidity across Europe' s major power markets has
stagnated
- Wholesale liquidity varies markedly in volume and type across Europe
- Financial institutions are increasingly pivotal actors in established
power markets
- Ownership unbundling would be keenest felt by German utilities
- Nascent electricity markets will be the key targets for Europe' s
leading utilities
- Key structural factors are required to catalyse wholesale development
- Wholesale markets tend to follow a preset pattern of development
- Cyclical wholesale market development spawns support services
- Support services then reinforce the cycle to fuel liquidity growth
- Support elements are crucial in driving wholesale market maturity
- Motivations to trade wholesale power differ along the value chain
- APPENDIX
- Thirteen European wholesale power markets are assessed in this brief
- Incumbent dominance continues to hamper liquidity in the Austrian
wholesale power market
- Czech wholesale power trading centres on system balancing
- Wholesale trade in the import dependent Dutch power market is closely
tied to neighbouring Germany
- EDF' s dominance and subsequent influence on virtual power plant
auctions creates a volatile French wholesale sector
- Germany' s wholesale power market is yet to fully establish itself due
to ongoing network access issues that limit competition
- Italian spot wholesale power trading has witnessed significant growth
since its introduction
- The Nord Pool exchange is Europe' s largest and most successful
multi-national wholesale power market
- Polish wholesale power trading centres on system balancing
- Portuguese forward wholesale power trading is set to receive a boost
from the creation of an Iberian electricity market
- Romanian wholesale power liquidity has received a boost from the
arrival of new market entrants
- Slovenia is failing to embrace wholesale electricity trading
- Market impediments continue to hamper Spanish wholesale power trading
from realising its potential
- UK wholesale power market liquidity is showing signs of recovery
- This brief contains a number of industry standard terms
- Datamonitor offers bespoke services that can be tailored to supplement
your understanding of the European utility market
- This analysis builds on a variety of external data sources in addition
to existing Datamonitor content in the wholesale arena
- The MCI draws on nine underlying metrics grouped into three broad
clusters: Market framework; Supplier Push; Customer Pull
- ' Wholesale Market Fragmentation' accounts for 10% of the overall score
and is one of the three Supplier Push pillars
- ' Traded Market Maturity' accounts for 20% of the overall score and is
one of the three Supplier Push pillars
- Disclaimer
- List of Figures
- Figure 1: Eastern European wholesale power activity is predominantly
' spot' orientated
- Figure 2: The East-West divide in wholesale power market maturity
- Figure 3: Eastern European wholesale market competitive intensity
- Figure 4: French wholesale liquidity dramatically lags its
neighbouring power markets
- Figure 5: Trading activity in Europe' s largest power markets is
failing to take-off
- Figure 6: Western Europe' s major utility players are targeting further
eastward expansion
- Figure 7: The five distinct stages of wholesale market progression
- Figure 8: Wholesale support services emerge as the cycle builds
momentum
- Figure 9: The interaction between structural and support factors
creates a ' snowball' effect
- Figure 10: The key support elements to wholesale market growth
- Figure 11: Different players engage in wholesale trading for different
reasons
- Figure 12: Austrian wholesale power market overview
- Figure 13: Czech wholesale power market overview
- Figure 14: Dutch wholesale power market overview
- Figure 15: French wholesale power market overview
- Figure 16: German wholesale power market overview
- Figure 17: Italian wholesale power market overview
- Figure 18: Nordic wholesale power market overview
- Figure 19: Polish wholesale power market overview
- Figure 20: Portuguese wholesale power market overview
- Figure 21: Romanian wholesale power market overview
- Figure 22: Slovenian wholesale power market overview
- Figure 23: Spanish wholesale power market overview
- Figure 24: UK wholesale power market overview
- Figure 25: Market Competitive Intensity pillars
- Figure 26: Wholesale Market Fragmentation scoring breakdown
- Figure 27: Traded Market Maturity scoring breakdown
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