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30/10/2021

ACER Market Monitoring Report 2020 - Electricity Wholesale

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Annual Report on the Results of

Monitoring the Internal Electricity

and Natural Gas Markets in 2020

Electricity Wholesale Markets Volume

October 2021

ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020 © European Union Agency for the Cooperation of Energy Regulators and the Council of European Energy Regulators, 2021 Reproduction is authorised provided the source is acknowledged.

Legal notice

Council of European Energy Regulators is protected by copyright. The European Union Agency for the

Cooperation of Energy Regulators and the Council of European Energy Regulators accept no responsibil-

ity or liability for any consequences arising from the use of the data contained in this document. ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020

ACER/CEER

Annual Report on the Results of Monitoring

the Internal Electricity and Natural Gas

Markets in 2020

Electricity Wholesale Markets Volume

The support of the Energy Community Secretariat in coordinating the collection and in analysing the information related to the Energy Community Contracting Parties is gratefully acknowledged. CEER

T +32 (0)2 788 73 30

E brussels@ceer.eu

Cours Saint-Michel 30a, box F

1040 Brussels

Belgium

Trg republike 3

1000 Ljubljana

Slovenia

If you have any queries relating to this report, please contact: ACER

T +386 (0)8 2053 417

E press@acer.europa.eu

ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020

Contents

Recommendations ......................................................................................................21

1

Introduction ..........................................................................................................24

Part I: Electricity Market trends in 2020 ..............................................................................27

2

Overview of market developments ................................................................................27

2.1

Electricity supply and demand .............................................................................27

2.2

Market trends related to the energy transition ...........................................................28

3

Evolution of day-ahead prices .....................................................................................34

3.1

Electricity price developments .............................................................................34

3.2

Price spikes and negative prices ...........................................................................36

3.3

Price convergence ..........................................................................................38

Part II: The Internal Electricity Market .................................................................................40

4

Cross-zonal capacity ...............................................................................................40

4.1

Level of cross-zonal capacity where NTC calculation applies ..........................................40

4.2 Evolution of capacity on borders where flow-based capacity calculation applies (CWE region) ....42 4.3

Remedial actions ............................................................................................45

4.4 Efficiency of current bidding zone configuration (market report pursuant to Article 34(1) of

the CACM Regulation) ......................................................................................47

4.5

Use of cross-zonal capacity across timeframes ..........................................................52

5

Liquidity across market timeframes ...............................................................................65

5.1

Forward markets liquidity ...................................................................................65

5.2

Day-ahead markets liquidity ................................................................................68

5.3

Intraday markets liquidity ...................................................................................68

6

Capacity mechanisms and resource adequacy ..................................................................70

6.1

Status of CMs ...............................................................................................71

6.2

Costs and financing of CMs ................................................................................72

6.3

Technologies remunerated under CMs ....................................................................75

6.4

Cross-border participation in CMs .........................................................................76

6.5

Interruptibility schemes .....................................................................................77

7 Efficient price formation and easy entry and participation for new entrants and small actors in

wholesale electricity markets .....................................................................................83

7.1

Price limits and restrictions on features of imbalance settlement ......................................85

7.2

Limited competitive pressure and/or liquidity in wholesale markets ....................................88

7.3

Insufficient cross-zonal capacity ..........................................................................89

7.4

Bidding zones not reflecting structural congestions .....................................................90

7.5

Restrictive requirements in prequalification and/or the design of products for balancing ...........91

7.6

Lack of a proper legal framework to enable new entrants and small players ..........................95

7.7

Restrictive requirements to participate in capacity mechanisms and interruptibility schemes .......97

7.8

Limited competitive pressure in retail markets ...........................................................99

7.9 End-user price interventions ............................................................................100

7.10

Limited incentive to contract dynamic retail prices .....................................................102

7.11

Insufficient information provided by system operators ................................................103

ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020

Part III: Energy Community outlook ..................................................................................105

8

Coordination of the market reforms in the Energy Community ................................................105

9

Specific progress made by Contracting Parties ...............................................................106

9.1

Albania .....................................................................................................106

9.2

Bosnia and Hercegovina ..................................................................................106

9.3

Georgia ......................................................................................................107

9.4

Kosovo* .....................................................................................................107

9.5

North Macedonia ...........................................................................................107

9.6

Moldova ....................................................................................................108

9.7

Montenegro ................................................................................................108

9.8

Serbia .......................................................................................................108

9.9 Ukraine .....................................................................................................108

Annex 1: Additional figures and tables ..............................................................................109

Annex 2: Efficiency of current bidding zone configuration (indicators, qualification criteria and detailed

Annex 3: Unscheduled flows ..........................................................................................119

Annex 4: Methodology to estimate the scores per barrier ........................................................123

Annex 5: Data sources ................................................................................................135

Annex 6: List of acronyms ............................................................................................136

ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020

List of figures

of EU Member States - 2010 - 2021 (euros/MWh) .....................................................9

Figure ii:

Level of efficiency in the use of interconnectors in Europe in the different timeframes - 2020 (% use of available commercial capacity in the 'right economic direction') ...12

Figure iii:

Interruptibility schemes in Europe - 2020 .............................................................19

Figure 1:

Year-on-year changes in electricity demand in the EU-27 + Norway, Switzerland,

and the UK - 2016-2020 (%) ............................................................................27

Figure 2:

Evolution of generation from RES, per type of RES technology, compared to generation from fossil fuels in the EU-27 + Norway, Switzerland, and the UK -

2016-2020 (TWh) ........................................................................................28

Figure 3:

Year-on-year percentage change for the main generation technologies in EU-27 +

Norway, Switzerland, and the UK - 2020 (%) ..........................................................28

Figure 4:

Evolution of installed capacity for the main types of renewable (left) and conventional (right) generation technologies, in the EU-27 + Norway, Switzerland,

and the UK - 2016-2020 (GW) .........................................................................29

Figure 5:

Capacity factors of EU-27 coal and gas-fired power plants, 2016-2020 (%) .......................29

Figure 6:

Evolution of the EUA price (euros/tonne CO

2 ), and German month-ahead clean spark and clean dark spreads (euros/MWh) - 2011-2020 ............................................30

Figure 7:

Greenhouse gas emission intensity of electricity generation, EU-27 average - 1990-

2020 (g

CO 2 e/kWh) ......................................................................................31

Figure 8:

Total emissions of EU-27 electricity generation, share per MS (areas of rectangles

correspond to each MS's share) - 2020 ...............................................................31

Figure 9:

Share of electric passenger cars among all newly registered electric cars in the EU-

27 in 2016 (left) and 2020 (right) (%) ..................................................................32

Figure 10:

Growth in the total number of EVs in the EU-27 (left) and the number of public

electric vehicle charging points in the EU (right) ......................................................32

Figure 11:

Average annual DA electricity prices and relative changes compared to the previous year in European bidding zones - 2020 (euros/MWh and % change compared to 2019) .........35

Figure 12:

Evolution of annual DA electricity prices in a selection of European markets - 2016-

2020 (euros/MWh) .......................................................................................36

Figure 13:

DA price spikes across Europe - 2020 (left), and evolution of price spikes in Europe

- 2016-2020 (right) ......................................................................................37

Figure 14:

DA negative prices across Europe - 2020 (left), and evolution of negative prices in

Europe - 2016-2020 (right) .............................................................................37

Figure 15:

DA price convergence in Europe by region - 2016-2020 (% of hours) ..............................39

Figure 16:

NCT averages of both directions on cross-zonal borders, aggregated per CCR -

2016-2020 (GW) .........................................................................................40

Figure 17:

Changes in tradable capacity (NTC) in Europe - 2019-2020 (MW) ..................................41

Figure 18:

Average size (nth root of the volume) of the directional FB DA domain in the economic direction in the Core (CWE) - 2016-2019 (GW) ............................................42 Figure 19: Share of active constraints in the Core (CWE) domain per TSO control area and

category - 2020 (%) .....................................................................................43

Figure 20:

Density function of the minimum hourly RAM over Fmax among all CNECs in the

Core (CWE) region, per MS - 2019-2020 (%) ..........................................................44

Figure 21:

Distribution of redispatching volume by underlying cause (left) and by objective

(right) - 2020 (%) ........................................................................................46

Figure 22:

National performances with respect to the use of costly remedial actions - evaluation of the cost of remedial actions per unit of demand - 2018-2020 .......................50

Figure 23:

Forward capacity allocation - status of the implementation as of 1 January 2021 .................53

Figure 24:

Level of efficient use of cross-zonal capacity in the DA market timeframe, per

border in Europe - 2020 (%) ............................................................................54

Figure 25:

Estimated social welfare gains still to be obtained from further extending DA market

coupling per border - 2018-2020 ......................................................................55

Figure 26:

Absolute sum of net ID nominations at relevant EU borders - 2018-2020 (TWh) ..................56

Figure 27:

Weighted average prices of balancing energy activated from aFRRs (upward and downward activations) in a selection of EU markets - 2020 (euros/MWh) ..........................57

Figure 28:

Average prices of balancing capacity (upward and downward capacity from aFRRs)

in selected EU markets - 2020 (euros/MW/h) .........................................................58

ANNUAL REPORT ON THE RESULTS OF MONITORING THE INTERNAL ELECTRICITY MARKETS IN 2020

Figure 29:

Overall costs of balancing (capacity and energy) over national electricity demand in selected European markets - 2020 (euros/MWh) .....................................................59

Figure 30:

Repartition of the procurement lead time of each type of reserve in selected

European markets - 2020 (%) ..........................................................................60

Figure 31:

Repartition of procurement lead time of each MS, for all types of reserve (FCR,

aFRR, mFRR, RR) - 2020 (%) ............................................................................60

Figure 32:

EU balancing energy activated cross-border as a percentage of the amount of total balancing energy activated to meet national needs (left) and EU balancing capacity contracted cross-border as a percentage of the system requirements of reserve

capacity (upward FCRs) (right) - 2020 (%) ............................................................61

Figure 33:

Imbalance netting as a percentage of the total need for balancing energy (explicitly activated or avoided by means of netting) from all types of reserves in national

balancing markets - 2020 (%) ..........................................................................61

Figure 34:

Churn factors in major European forward markets - 2016-2020 ....................................65 Figure 35: Forward markets churn factor per type of trade in the largest European forward

markets - 2020 ..........................................................................................66

Figure 36:

Share of yearly traded volumes of selected European forward markets by product

type - 2016-2020 (%) ...................................................................................67

Figure 37:

Average bid-ask spreads of OTC yearly products in European forward markets per

year of delivery - 2020-2022 (euros/MWh) ...........................................................67

Figure 38:

Churn factors in major European DA markets - 2016-2020 ..........................................68

Figure 39:

Yearly ID churn factors in major European markets by type of trade - 2018-2020 .................69

Figure 40:

Share of continuous ID-traded volumes according to intra-zonal vs. cross-zonal nature of trades in Europe and yearly continuous ID-traded volumes - 2017-2020 (% and TWh) 69quotesdbs_dbs7.pdfusesText_13

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