THE DOW JONES FRENCH POWER INDEX
1.) Aim.
To provide price indication for all OTC electricity trading in France, including on-border trading and trading at domestic hubs for next day delivery.
2.)Methodology.
Collection of all physical electricity over 5Mwh basis firm delivery traded daily on the French high-voltage (220-380kV) grid network by all Dow Jones FPI members up to 1730 London time for next day delivery.
3.) Calculation.
The index is a simple volume weighted average of all trades collected. The calculation is as follows:
Where: i = 1, 2, ..., n = Number of Index Participants Pi = Price in EURO per megawatt-hour V i = volume in megawatt-hour.
The Dow Jones FPI is a calculation of four individual indexes;
1. Day-ahead peak index, for next day delivery Monday to Friday, 08.00-20.00 hours.
2. Day-ahead base index, for next day delivery, Monday to Sunday, 00.00-00.00 hours.
3. Week-ahead peak index, for next week delivery Monday
to Friday, 08.00-20.00 hours.
4. Week-ahead base index, for next week delivery Monday
to Sunday, 00.00-00.00 hours.
4.) Publication.
Daily Between 1730 and 1830 London time by Dow Jones Newswires.
Index results delivered to contributors via public internet.
5.) Data Submission.
All trades should be sent daily to indexes@dowjones.com using the Dow Jones worksheet provided no later than 1730 London time.
Trades quoted in EUR per megawatt hours.
ECB reference rates based on regular daily concertation procedure between central banks within and outside the System of Central Banks, which normally takes place at 1415 ECB time. Reference exchange rates published both by electronic market information providers such as Dow Jones Newswires and on the ECB’s website shortly after the concertation procedure is completed.
Exchange trades are not included in the Dow Jones FPI calculation and must not be submitted.
Trades can only be submitted in the denomination quoted in the transactions.
Submitting Day-ahead Trades.
All trades for next day delivery to be submitted on the working day prior to delivery.
Example (i.) Trades executed for Tuesday delivery should be submitted on Monday.
Day-aheadPeak Index.
All trades executed for next day delivery, Monday to Friday, 08.00-20.00 hours to be submitted as day-ahead peak trades.
Day-ahead Base Index.
All trades executed for next day delivery, Monday to Sunday, 00.00-00.00 hours to be submitted as day-ahead base trades.
Weekend Trades.
Trades for Saturday, Sunday and Monday delivery to be submitted on Friday on one FPI worksheet.
Only trades for next day base delivery to be submitted for Saturday and Sunday delivery.
Submitting Week-ahead Trades.
All trades for next week delivery to be submitted daily throughout the week prior to the delivery week. Example (ii.) Trades executed for next week delivery can be submitted on any weekday during the week before delivery.
Week-aheadPeak Index.
All trades executed between Monday and Friday for next week delivery Monday to Friday between 08:00-20:00 to be submitted as week-ahead peak trades.
Week-ahead Base Index.
All trades executed between Monday and Friday for next week delivery Monday to Sunday between 00:00-00:00 to be submitted as week-ahead base trades.
Weekend Trades.
Week-ahead trades are not to be delivered on Friday for Saturday or Sunday delivery.
Holiday Trades.
Week-ahead trades can be submitted for or on a holiday.
6.) Holidays.
When French and U.K. holidays co-incide the FPI will be published one day prior to the start of the holiday for the entire holiday period and for the first working day thereafter.
Trades should therefore be submitted for the entire holiday period including the first working day back one day prior to the start of the holiday.
Where holidays fall on a weekend only day-ahead base trades should be submitted.
Both day-ahead peak and day-ahead base trades can be submitted for delivery during a holiday period assuming that holiday falls on a weekday.
When submitting data for more than one day all trades should be submitted on one Dow Jones FPI worksheet.
French Only Holidays.
The FPI will be published on these days for day-ahead peak and base load delivery.
If companies are not operating on these days they must submit trades executed for next day delivery one day prior to the start of the holiday for the entire duration of that holiday and for the first working day back.
7.) Contacts.
Dow Jones Energy Indexes
Dow Jones Indexes
P.O. Box 300
Princeton, NJ08543-0300
Tel: (609) 520 7374
Fax: (609) 452 3531
Ernest Onukogu
(609) 520 4663
Eric TungDo
(609) 520 4683
Melissa Nichols
(609) 520 7702