Mid-Columbia und US Steel Index

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WHOLESALE ELECTRICITY
PRICE INDEXES
 MID-COLUMBIA

 

The Dow Jones Mid-Columbia Electricity Price Indexes are volume-weighted averages of specifically defined bilateral, wholesale, physical transactions. Calculations for these indexes average together power transactions from Columbia, Midway, Rocky Reach, Wells, and Wanapum/Vantage, delivery points along the Columbia River.

Index participants provide Dow Jones with their itemized bilateral transactions and volume for eligible electricity products sold at the Mid-Columbia delivery points, as well as with any purchases made from entities not contributing to the indexes.

Participants are asked to provide Dow Jones with daily index data by 10 a.m. Pacific Time on the power flow date. Although some electricity indexes will be calculated for 365 days of the year, publication will occur only on business days. If a holiday falls during the week, data should be transmitted to Dow Jones on the first business day following a break.

INDEX CATEGORIES
DAILY
SUNDAY- AND NERC HOLIDAYS
Firm On-peak
24-Hour Firm
Firm Off-peak
Non-Firm On-peak
Non-Firm Off-peak
The following definitions have been designed to insure that each index category represents a specific power product. Since each category has a unique definition, no single transaction can be included in more than one category. If a transaction does not precisely fit into an index category, it will not be included in our index calculations.
 
Firm Daily Indexes: The firm daily indexes average together blocks of power sold on a one-day forward pre-scheduled basis. No real-time power is included in these indexes. Transactions are limited to power traded in 16-hour blocks during on-peak hours and 8-hour blocks for off-peak. Transactions which call for delivery for more than one day are not included in calculations for these indexes. Transactions which call for delivery for more than one day are not included in calculations for these indexes except for the standard multi-day trading that occurs on Thursdays and Fridays and NERC holidays. Multi-day trading that occurs as a result of schedulers’ conferences or month end trading is also included. Trading must follow the standard WECC trading schedule.   Volume should be reported to Dow Jones as total megawatts transacted per hour.
Firm Sunday and NERC Holidays Index: A 24-hour firm index will be published for Sundays and NERC holidays. Transactions included in this index are limited to power traded in 24-hour pre-scheduled blocks.
 
Non-firm Daily IndexesThe non-firm indexes combine one day ahead pre-scheduled transactions with real-time transactions. The non-firm indexes follow the same convention as the firm indexes with respect to single day delivery. Volumes reported for these indexes should reflect the total number of MWh transacted for the entire ON- or OFF-PEAK reporting period.
Revisions: Participants are encouraged to report any errors or revisions to submitted data promptly. Please note the revision and the reasons the revision are made. 
 
 
Confidential Disclosure Agreement: A confidential disclosure agreement must be signed by both parties before participants data can be used for the calculation of this index. 
 
TERMINOLOGY
 
On-peak Hours: Hours ending 0700 – 2200 (6 a.m. – 10 p.m.) Pacific Time at Mid-Columbia, seven (7) days a week including NERC holidays.
Off-peak Hours: Hours ending 2300 – 0600 (10 p.m. – 6 a.m.) Pacific Time at Mid-Columbia, seven (7) days a week including NERC holidays.
Sunday & NERC 24 Hour: Energy delivered firm on Sundays and NERC holidays, hours ending 0100 – 2400 (12:00midnight to 12:00midnight).
Firm Energy: Firm energy is defined as meeting minimum criteria of being financially firm and backed with liquidating damages.
Non-firm Energy: Non-firm energy is defined as being subject to interruption at any time for any reason. Any recall provision would be for less than one hour from the scheduled start of service.
NOTE: Power conforming to any other measures of “firmness” should not be included in the Mid-Columbia indexes.
INDEX DATES
 
Daily Indexes: INDEX DATE = POWER DELIVERY DATE

The date on a daily index corresponds to the date the power is delivered. For example, Monday’s prescheduled transactions are combined with Tuesday’s real-time transactions to form Tuesday’s index.

·        Both Mid-C FIRM daily indexes are calculated seven days a week, including NERC holidays
 
·        Both Mid-C NON-FIRM daily indexes are calculated seven days a week, including NERC holidays
·        The Mid-C 24-Hour FIRM index will be calculated for Sundays and NERC Holidays.

 

 Dow Jones Steel Index
 
Data Reporting Information/Specifications

Dow Jones & Company in cooperation with the Dow Jones Steel Index Advisory Board (SIAB) completed the trial-testing phase of the Dow Jones Steel Index for Hot-Rolled (HR) and Cold-Rolled (CR) Coils. The trial-testing phase of the assignment was between November 2003 and April 2004. The official launch of the Dow Jones Steel Index for HR/CR Coils was May 7, 2004. The index is published on the fifth business day of the month for the previous month’s transactions.

In order to design and calculate the HR and CR indexes, Dow Jones has established the following criteria as a guide:
 
Data Elements:                                            
 
1.     Hot Rolled Coils (HR)                           
2.     Cold Rolled Coils (CR)                          
 
 
Hot-Rolled Coils (HR)
 
Ø     Includes all prime (non-plate) tons shipped in the indicated month 
Ø     Transaction Price:
Ø     FOB Mill
Ø     Spot Transaction/Base Price for Coils Shipped in the Indicated Month
Ø     Average Transaction/Base Price for Coils Shipped in the Indicated Month
Ø     Excluding Extras
Ø     Including Surcharges
 
Cold-Rolled Coils (CR)
 
Ø     Includes all prime fully processed tons shipped in the indicated month
Ø     Transaction Price:
Ø     FOB Mill
Ø     Spot Transaction/Base Price for Coils Shipped in the Indicated Month
Ø     Average Transaction/Base Price for Coils Shipped in the Indicated Month
Ø     Excluding Extras
Ø     Including Surcharges
 
Please note: The data submissions will be used for the sole purpose of calculating the HR and CR index and no data will be shared with other data providers.

Data Provider Agreement

Dow Jones has a confidentiality disclosure agreement in place with every index provider sending data for the purposes of index calculation. This agreement was set in place in consultation with the Dow Jones Steel Index Advisory Board and the industry not only to ensure the privacy of the information being submitted to Dow Jones, but to give index participants the confidence to submit accurate information for the calculation of the indexes. The confidentiality agreement stipulates that Dow Jones can conduct an audit by a third party at Dow Jones’ sole discretion and expense. The auditing firm will verify the authenticity of the data being used in the formulation of the index. These audits are necessary to establish the index as a reliable mechanism for trading and analysis purposes. The audits are for internal use only and are not released to the general public. Firms found in violation of the index criteria agreed to by the advisory board are removed from the index.
 
Data transmission should include the following elements:
 
1.     Date of steel shipment (Prime) (mo./yr.).**
2.     Number of tons bought or sold (2,000 lbs./ton).
3.     Spot transaction/base price of steel coils (FOB Mill). 
4.     Average transaction/base price of steel coils (FOB Mill). 
5.     Indication of whether the transaction was either Domestic or Foreign.
 
** Given the nebulous nature of the steel order book, and its propensity to turn to water when prices fall, the hard data required for the Steel Index must come from sales transactions, not order bookings. Since all reporting parties record sales transactions according to Generally Accepted Accounting Principles (GAAP), the existence of complete and accurate records is assured, and an audit of the reported data by Dow Jones will not be burdensome on the participants. The index must be based on the dollar value of tons that actually changed hands during the period reported.
Rechtsanwalt Hanno Blatzheim

Über Rechtsanwalt Hanno Blatzheim

Rechtsanwalt Hanno Blatzheim ist seit 1997 (Magazin Focus) auf dem Spezialgebiet des Energierechts tätig. Er hat die Liberalisierung des Energiemarktes seit April 1998 von Beginn an begleitet und schon 1997 im Nachrichtenmagazin Focus und 1998 und 1999 im ZDF-Magazin Frontal auf erhebliche Missstände bei Stromtarifen und Stromabrechnungen hingewiesen. Laut ZDF-Magazin Frontal ist er einer der Experten in Deutschland. Er berät Energieverbraucher und Unternehmen in Deutschland und Europa in allen rechtlichen Fragen der Energieversorgung. Für Stromkosten. de und Energiekosten.de schreibt er exklusiv über aktuelle Themen und berichtet aus der anwaltlichen Praxis.
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