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Electricity Trading

* Exchange students do not have to consider this information when selecting suitable courses for an exchange stay.

Course Unit Code410-2316/03
Number of ECTS Credits Allocated4 ECTS credits
Type of Course Unit *Compulsory
Level of Course Unit *First Cycle
Year of Study *Third Year
Semester when the Course Unit is deliveredWinter Semester
Mode of DeliveryFace-to-face
Language of InstructionCzech
Prerequisites and Co-Requisites Course succeeds to compulsory courses of previous semester
Name of Lecturer(s)Personal IDName
MED40doc. Dr. Ing. Zdeněk Medvec
The subject outlines basic issues related to the electricity trade. The subject focuses on a theoretical and legal part necessary for electricity trading as well as on practical examples of solving specific electricity deals. Both types of the electricity trade – trading and supplies to final consumers – are emphasized. Within the subject scope the learners will also become acquainted with the contents of concrete contracts contained in the Energy Act and with the rights and duties of particular contracting parties.
Learning Outcomes of the Course Unit
The objective of the subject is to acquaint students with the electric energy trading in the energy market in the Czech Republic and in Europe.
Course Contents
A) Legislative Establishment Of Liberalization
1) The European Treaty – a foundation of the legislative frame for power engineering
2) Beginnings of liberalization – European legislation in the 90ies, directive 1996/92/EC and regulation 549/1999/EC
3) Liberalization start – 1st EC Evaluation Report
4) Lisbon Summit – objectives of the EU in the field of power engineering, assignment of the 2nd liberalization package and the EC medium-term vision
5) 2nd Energy Package:
a) Directive 2003/54/EC
b) Regulation 1228/2003/EC and 1229/2003/EC
6) Period of the 2nd Energy Package implementation:
a) The implementation stage and market development in individual member countries
b) ITC mechanism and failures of the Guide Lines formation
c) Harmonization of markets or by divergence towards unity
7) 3rd EC Evaluation Report, DG COMP sector research, assignment of the 3rd Energy
8) The Green Book and 3rd EC Energy Package
9) Various liberalization concepts – Scandinavia, Great Britain, Spain

B) Forms Of Liberalization Outside Europe
1) Liberalization development in the USA – California, PGM, Texas, role of FERC
2) Russia – liberalization in Russia and CIS

C) The Czech Legislation
1) Energy Act No. 458/2000 Coll. and its gradual revision of the Market Regulation and the
Energy Regulatory Office decrees
2) Technical rules of an access to electrical networks – MPO decrees
3) Terms of access to PS, the PS Code and PS trade terms
4) Terms of access to DS, the DS Code and DS trade terms
5) OTE trade terms
6) Environment and an effective use of energy (Act 406, KVET)
7) Other acts affecting electricity markets and their impacts – the Commodity Exchange Act, and the MIFID directive implementation – terms of trading of financial instruments -> PXE
8) Overview of the electricity market in the Czech Republic – the strongest actors, marketplaces, products

The system access mode and variation responsibility
Contracts in the electricity market and their appurtenances
a) Electricity wholesale – trading
b) Electricity retail – sale to final consumers
Products in the electricity market and marketplaces
Purchase optimization from the perspective of trade orientation
Sale of electricity to final consumers
Optimization of sale prices and purchase prices – business partners’ portfolio construction
Support services
Accounting of variations – in detail
Portfolio construction and risk management
Derivatives in the electricity market
Distinctions of trading electricity on the stock exchange and in the spot market
Cross-border trade
Trading distinctions in the countries of Central Europe
a) Germany and Austria – contract terms and trading distinctions, marketplaces, access to marketplaces
b) Poland – contract terms and trading distinctions, marketplaces, access to
c) Slovakia – contract terms and trading distinctions, marketplaces, access to
d) Hungary – contract terms and trading distinctions, marketplaces, access to
Broker systems – terms of their use
Information systems to support the electricity trade
PPS and OTE information systems
Load profiles, work with them and optimization of the work with load profiles.
Recommended or Required Reading
Required Reading:
1. Samuelson, P. A., Nordhaus, W. D.: Economics. New York. McGraw-Hill 2005.
2. Cole, G. A.: Management - theory and practice. 3. ed. London. DP Publications, 1990.
1. Šolc, P., Kužela, M. a kol.: Trh s elektřinou, Asociace energetických manažerů (EAM), Praha, 2011.
2. Tůma, J. a kol.: Obchod s elektřinou. CONTE spol. s r.o., Praha, 2010.
Recommended Reading:
1. Jobber, D., Lancaster, G.: Selling and Sales Management. 4th ed. PITMAN PUBLISHING 1997.
2. Marsch, W.D.: Economics of Electric Utility Power Generation. Clarendon press, New York 1980.
1. Směrnice a rozhodnutí:
• Směrnice EC: 2001/77
• Směrnice EC 2003/54
• Směrnice EC 2005/89
• Nařízení EC: 1228/2003
• Rozhodnutí EC: CMT Guidelines
• Rozhodnutí EC: 1229/2003
• Rozhodnutí ECJ : C-17/03
• UCTE: Final report of the Investigation comitee on the Italian Blackout.
• CIGRE CM Tutorial final . doc
• BELPEX . pdf
• TOP 3 - Concept FBCA
• Sektorové šetření – závěry (COM 2006 851)
• Návrh novelizace směrnice 03/54 (COM 2007 528)
• Návrh novelizace nařízení 1228/2003 (COM 2007 531)
• Návrh rozhodnutí o zřízení ACER (COM 2007 530)
• Návrh novelizace směrnice 03/87 (COM 2008 16)
• Návrh rozhodnutí o limitech CO2 (COM 2008 17)
• Návrh směrnice o skladování CO2 (COM 2008 18)
• Návrh směrnice o podpoře užívání energie z OZE (COM 2008 19)
2. Zákony a vyhlášky:
• Energetický zákon (č. 458/2000 Sb, novela 670/2004 Sb.): Zákon o podmínkách podnikání a výkonu státní správy
v energetických odvětvích
• Zákon o hospodaření energií (č. 406/2000 Sb.)
• Zákon o podpoře obnovitelných zdrojů č. 180/2005 Sb.
• Vyhláška MPO o Měření č. 218/2001 Sb.
• Vyhláška MPO o Autorizaci pro přímé vedení 221/2001 Sb.
• Vyhláška MPO o Autorizaci pro výrobny 222/2001 Sb.
• Vyhláška MPO o Podílu odběratele na nákladech připojení 223/2001 Sb.
• Vyhláška MPO o Připojení a dopravě č. 300/2003 Sb.
• Vyhláška MPO o Krátkodobém trhu č. 431/2004 Sb.
• Vyhláška MPO o Výkupu elektřiny z OZE a KVET č. 539/2002
• Vyhláška MPO o Stavech nouze č. 219/2001 Sb.
• Vyhláška MPO o Dispečerském řádu č. 220/2001 Sb.
• Vyhláška ERÚ o Licencích č. 154/2001 Sb.,
• Vyhláška ERÚ o Kvalitě dodávek elektřiny a služeb č. 306/2001 Sb.,
• Vyhláška ERÚ o Energetickém regulačním fondu č. 366/2002 Sb.,
• Vyhláška ERÚ o Postupech a obsahu regulace cen č. 575/2004,
• Vyhláška ERÚ o Údajích pro regulaci a evidenci č. 74/2003 Sb.,
• Vyhláška ERÚ o pravidlech trhu s elektřinou č. 541/2006 Sb.,
3. Pravidla a obchodní podmínky:
• Pravidla provozování přenosové soustavy - Kodex PS
• Obchodní podmínky Operátora trhu s elektřinou
Planned learning activities and teaching methods
Lectures, Tutorials, Project work, Other activities, Teaching by an expert (lecture or tutorial)
Assesment methods and criteria
Task TitleTask TypeMaximum Number of Points
(Act. for Subtasks)
Minimum Number of Points for Task Passing
Graded creditGraded credit100 51