DOW JONES EUROPEAN ENERGY INDEXES
DEFINITIONS
1. DOW JONES FRENCH POWER INDEX (DJ FPI)
2. DOW JONES GERMAN POWER INDEX (DJ GPI)
3. DOW JONES POWER INDEX FOR ENGLAND AND WALES (DJ PIE)
4. DOW JONES SWISS ELECTRICITY PRICE INDEX (DJ SWEP)
5. DOW JONES ZEEBRUGGE INDEX FOR NATURAL GAS (DJ ZIG)
Zu 1.) DOW JONES FRENCH POWER INDEX (DJ FPI)
The Dow Jones French Power Index (DJ FPI) was established on June 1, 2002. The Index is the first transparent, auditable price reference for the French OTC electricity market based on verified trade data supplied by Europe’s top power companies.
Calculation
The Index is a collection of all physical electricity over 5MWh basis firm delivery traded daily on the French high-voltage (220-380kV) grid network up to 17:30 London time for next day and week-ahead delivery. It is a simple volume weighted average of all trades collected and is a calculation of four individual indexes:
Day-ahead peak index, for next day delivery Monday to Friday, 08:00-20:00 hours
Day-ahead base index, for next day delivery, Monday to Sunday, 00:00-00:00 hours
Week-ahead peak index, for next week delivery Monday to Friday, 08:00-20:00 hours
Week-ahead base index, for next week delivery Monday to Friday, 00:00-00:00 hours
Publication
Publication of the index currently takes place between 16:00 and 17:00 London time.
On days when there are public holidays in France only, the DJ FPI is published for both day-ahead peak and day-ahead base delivery.
If companies are not operating on these days, they submit trades executed for next day delivery one day prior to the start of the holiday for the entire holiday period.
The following is a list of UK and French Public Holidays in 2006:
Easter 14-17 Apr
Christmas 25-26 Dec
New Year’s Day 01 Jan
Zu 2.) DOW JONES GERMAN POWER INDEX (DJ GPI)
The Dow Jones German Power Index (DJ GPI) began publication in January 2001. The DJ GPI provides the clearest and most liquid spot market indication for OTC electricity trading in Germany. This includes on-border trading and trading at domestic hubs for next day and next week delivery.
Calculation
The calculation of the index is a volume weighted average of all trades collected.
The DJ GPI is a calculation of four individual indexes:
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Day-ahead peak index, for next day delivery Monday to Friday, 08:00-20:00 hours
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Day-ahead base index, for next day delivery Monday to Sunday, 00:00-00:00 hours
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Week-ahead peak index, for next week delivery Monday to Friday, 08:00-20:00 hours
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Week-ahead base index, for next week delivery Monday to Friday, 00:00-00:00 hours
Publication
Publication of the index is currently between 15:30 and 16:30 (London time).
When UK and German holidays coincide, the DJ GPI will be published one day prior to the start of the holiday for the entire period and also for the first working day thereafter. The Index also will be published on German only public holidays. In these circumstances, trades are submitted one day prior to the holiday.
Holidays that affect the usual submitting of trades in 2006 include:
UK AND GERMAN HOLIDAYS:
Easter 14-17 Apr
Christmas 25-26 Dec
New Year’s Day 01 Jan
GERMAN ONLY HOLIDAYS:
Erster mai (May Day) 01 May
Christi Himmelfahrt 25 May
Pfingsmontag 05 June
Frohleichman 15 June
Maria Himmelfahrt 15 Aug
Tag Der Deutschen Einheit 03 Oct
Zu 3.) DOW JONES POWER INDEX FOR ENGLAND AND WALES
(DJ PIE)
The Dow Jones Power Index for England and Wales (DJ PIE) was launched on August 5, 2002 and is the first fully independent and transparent electricity index to provide price indication for OTC electricity trading in England and Wales, including on-border trading and trading at domestic hubs for next day delivery.
Calculation
The Index is a collection of all physical electricity over 5Mwh basis firm delivery traded daily on the England Wales high-voltage (275-400kV) grid network by all Dow Jones PIE members up to 17:00 London time for next day delivery.
The index is a simple volume weighted average of all trades collected and is a calculation of 2 indexes:
1. Day-ahead base index, for next day delivery Monday to Friday, 23.00-23.00 hours
2. Weekend base index, for delivery Saturday and/or Sunday. Trades executed for delivery on U.K. public holidays, which fall on Fridays and/or Mondays are also incorporated into the Weekend Index.
Publication
The Index is currently being published between 17:00 and 18:00.
The Dow Jones PIE will be published one day prior to the start of a holiday for the entire holiday period and for the first working day thereafter.
When UK public holidays fall on Mondays, trades executed Friday for Monday delivery, are incorporated into the Weekend Index. In such circumstances, a Day-ahead Index is calculated Friday for Tuesday delivery, so trades for Tuesday delivery must also be submitted.
Zu 4.) DOW JONES SWISS ELECTRICITY PRICE INDEX (DJ SWEP)
The Dow Jones Swiss Electricity Price Index was initiated by Aare-Tessin AG für Elektrizität (ATEL) and Elektrizitäts-Gesellschaft Laufenburg AG (EGL), and launched in cooperation with Dow Jones in March 1998. The Index provides price indication for OTC electricity trading in Switzerland for next day delivery.
Calculation
The Index is a collection of all physical electricity basis firm delivery traded daily at the 380 kV Laufenberg hub by all DJ SWEP members up to 15:30 London time for next day delivery.
All deals with a maturity of 24 hours are used for the DJ SWEP calculation. Deals that don’t include the 11:00-12:00 hour are also included.
The Swiss Electricity Price Index is the volume weighted average of the profile adjusted price for hour 12 of all transactions having an impact on hour 11:00 – 12:00, also taking into account the Index for the last 20 days.
Publication
No index is calculated for Saturdays or Sundays. No index will be published on Swiss holidays. Trades for delivery the day after the holiday must be submitted the day prior to the holiday.
Zu 5.) DOW JONES ZEEBRUGGE INDEX FOR NATURAL GAS (DJ ZIG)
The Dow Jones Zeebrugge Natural Gas Index was launched on October 10, 2001 and is Europe’s first and only independent, auditable index to provide price indication for all trading of natural gas for next day and weekend delivery at the Zeebrugge hub: the main gateway for gas flows into and out of continental Europe.
Calculation
The Index is a volume-weighted average of all trades collected and is a calculation of two indexes:
1. Day-ahead Base Index for next day delivery Monday to Friday, 06:00-05:59 hours.
2. Weekend Base Index, for delivery on U.K public holidays, which fall on Fridays and or Mondays, also incorporated into the Weekend Index.
Publication
The day-ahead Index is published daily Monday through Friday between 17:30 and 18:30. The weekend Index is published every Friday between 17:30 and 18:30.
When UK public holidays fall on Mondays, trades executed Friday, for Monday delivery, are incorporated into the Weekend Index. In such circumstances, a Day-ahead Index is calculated Friday for Tuesday delivery, so trades for Tuesday delivery are submitted on the Friday.
For further information, index formulae and history requests, please contact:
