THE GERMAN POWER INDEX
1.) Aim.
To provide price indication for all OTC electricity trading in Germany, including on-border trading and trading at domestic hubs for next day and next week delivery.
2.)Methodology.
Collection of all physical electricity over 5Mwh basis firm delivery traded daily on Germany’s high-voltage (220-380kV) grid network by all GPI members up to 1530GMT for next day and or next week 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 GPI 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 1630 and 1800GMT 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 excel spreadsheet provided no later than 1530GMT.
Trades quoted in megawatt hours per EUR or DEM. All exchange rates calculated using the European Central Bank daily fixing.
Trades executed at the European Energy Exchange or the Leipzig Power Exchange are not included in the GPI calculation and must not be submitted.
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-ahead Peak 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 GPI worksheet.
Only trades for next day base delivery to be submitted for Saturday and Sunday delivery.
Holiday Trades.
Day-ahead peak and base trades to be submitted on weekdays, regardless of U.K. and or German holidays.
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.
UK and German Holidays (Table 1).
When U.K. and German holidays co-incide the GPI 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 be submitted for the entire holiday period including the first working day back.
Where holidays fall on a weekend only day-ahead base trades for delivery on Saturday and Sunday should be submitted.
Both day-ahead peak and base and week-ahead peak and base trades can be submitted on weekdays.
When submitting data for more than one day all trades should be submitted on one GPI worksheet.
German Only Holidays (Table 2).
The GPI will be published on these days for next day and next week delivery.
If companies are not operating on these days they must submit trades executed for next day and or next week delivery one day prior to the holiday.
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
Table 1 (UK and German holidays)
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Publish Day
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Holiday
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Data required on publish day for delivery on:
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Thursday 05 April 2007
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April 06- April 09 2007
(Easter)
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Fri 06 (Peak and Base)
Sat 07 (Base Only)
Sun 08 (Base Only)
Mon 09 (Peak and Base)
Tue 10 (Peak and Base)
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*Monday 24 December 2007
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Dec 25 - 26 2007 (Christmas)
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Tues 25 (Peak and Base)
Wed 26 (Peak and Base)
Thurs 27 (Peak and Base)
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*Monday 31 December 2002
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Jan 1 2008
(New Years Day)
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Tues 1 (Peak and Base)
Wed 2 (Peak and Base)
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Table 2 (German only holidays)
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Holiday (also publish day)
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Submission Day
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Data required for delivery on:
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Tues May 01 2007 (1. Mai)
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Mon Apr 30
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Wed May 2
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Thu May 17 2007 (Christi Himmelfahrt)
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Wed May 16
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Fri May 18
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Mon May 28 2007 (Pfingstmontag)
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Fri May 25
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Tue May 29
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Thu June 07 2007 (Frohleichnam)
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Wed Jun 06
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Fri Jun 08
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Wed Aug 15 2007 (Maria Himmelfahrt)
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Tues Aug 14
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Thurs Aug 16
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Wed Oct 3 2007 (Tag Der Deutschen Einheit)
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Tues Oct 2
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Thurs Oct 4
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Thurs Nov 1 2007 (Allerheiligen)
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Wed Oct 31
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Fri Nov 2
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