Revenues on the commodity market include:

  • revenues of WSE from the operation of the poee WSE Energy Market,
  • revenues of WSEInfoEngine S.A. as a trade and technical trade operator,
  • revenues of the PolPX Group.

Revenues of the WSE Group on the commodity market stood at PLN 62.6 million in 2012 compared to PLN 2.0 million in 2011. The increase in the revenues in 2012 was driven by the consolidation of PolPX Group results.

Revenues of the PolPX Group are driven mainly by the volume of transactions in electricity, the volume of transactions in property rights, the volume of certificates of origin cancelled by members of the Register of Certificates of Origin and an increase of their holding balances of property rights, as well as revenues from clearing and settlement of transactions in exchange commodities in the clearing sub-segment operated by WCCH.

In view of the consolidation of PolPX Group results as of March 2012, PolPX Group data below are presented for the consolidation period from March to December 2012.

The PolPX Group contributed to the revenues of the WSE Group its revenues from the commodity market at PLN 59.8 million in 2012, including PLN 10.3 million of revenues from spot and forward transactions in electricity, PLN 11.8 million of revenues from transactions in property rights in certificates of origin, PLN 5.2 million of other fees paid by market participants, PLN 16.6 million from the operation of the register of certificates of origin, and PLN 15.9 million of revenues from clearing and settlement.

Quarterly revenues of the WSE Group on the commodity market amounted to PLN 23.9 million in Q4 2012 compared to PLN 14.8 million in Q3 2012 and PLN 0.8 million in Q4 2011. The increase in revenues on the commodity market by 61.7% (PLN 9.1 million) in Q4 2012 compared to Q3 2012 was driven mainly by an increase in the volume of transactions in electricity, an increase in the volume of transactions in property rights and a resulting increase in revenues from clearing and settlement of exchange commodities by WCCH.

Trading

Trading revenues of the WSE Group on the commodity market including the consolidation of the PolPX Group as of March 2012 amounted to PLN 30.2 million in 2012, including PLN 2.8 million of revenues from spot transactions in electricity, PLN 8.3 million of revenues from forward transactions in electricity, PLN 11.8 million of revenues from transactions in property rights in certificates of origin of electricity, and PLN 7.2 million of other fees paid by market participants.

Other fees paid by commodity market participants are mainly fees from market participants of PolPX as well as revenues of WSEInfoEngine acting as a trade and technical trade operator and revenues of the poee WSE Energy Market.

The total volume of trading on the energy markets operated by WSE and the PolPX Group amounted to 139.4 TWh in 2012 compared to 130.8 TWh in 2011. In particular, the volume of forward transactions increased significantly. The volume of transactions in property rights was 62.2 TWh in 2012, an increase of 11.4 TWh compared to 50.8 TWh in 2011.

Revenues of the Group from transactions in electricity amounted to PLN 5.3 million in Q4 2012, an increase of PLN 2.5 million compared to Q3 2012.

The quarterly total volume of trading on the energy markets operated by WSE and the PolPX Group amounted to 65.2 TWh in Q4 2012, which was nearly double the volume of 33.2 TWh in Q3 2012 and represented an increase of 54.1% compared to Q4 2011.

The significant increase in the volume of transactions in electricity in Q4 2012 compared to Q3 2012 was driven mainly by an increase in the volume of transactions on the Commodity Forward Instruments Market (CFIM), especially transactions in contracts made in the early months of Q4 2012 with delivery of electricity scheduled in Q4 2012 due to the seasonal increase in electricity consumption in the autumn and winter. Furthermore, forward transactions in yearly contracts with delivery of electricity in 2013 increased in Q4 2012.

Revenues of the Group from transactions in property rights in certificates of origin amounted to PLN 4.8 million in Q4 2012, an increase of PLN 2.1 million compared to Q3 2012. The volume of transactions in property rights was 16.6 TWh in Q4 2012 compared to 11.6 TWh in Q3 2012 and 11.1 TWh in Q4 2011. The significant increase in the volume of transactions in Q4 2012 was driven mainly by a higher volume of session transactions in PMOZE_A (certificates of origin of electricity produced from renewable energy sources) and PMGM (certificates of origin of electricity produced in high efficiency cogeneration). The volume of transactions made outside sessions in PMOZE_A , PMEC and PMMET increased significantly as well.

The increase in volumes was driven by the upcoming end of the clearing year of the obligatory cancellation of certificates of origin (at March 31, 2013 for the year 2012). Market participants buy certificates of origin from producers of electricity in order to increase their holding balances of property rights to be cancelled.

Consolidated trading revenue of WSE Group on the commodity market and the volume of trading on the commodity market in 2011-2012 and in selected quarters of 2011-2012

  For the three-month period ended Year ended December 31,
  December 31, 2012 September 30, 2012 December 31, 2011 2012 2011
Commodity market. trading revenue (PLN million) 13.2 7.2 0.8* 30.2 2.0*
Volume of trading in electricity
(poee WSE CM and PolPX):
         
Spot transactions (TWh) 5.6 4.6 5.6 21.3 21.7
Forward transactions (TWh) 59.6 28.6 36.7 118.1 109.1
Volume of trading in property rights (PolPX) (TWh) 16.6 11.6 11.1 62.2 50.8
Source: Company * no consolidation of PolPX Group revenue

Revenues from other fees paid by market participants amounted to PLN 3.1 million in Q4 2012, an increase of PLN 1.4 million compared to Q3 2012. The increase was driven mainly by an increase in revenues from fees for cancellation of transactions, fees for additional access to the system, and fees for management of the resources of the guarantee fund.

Register of Certificates of Origin

As a result of the consolidation of PolPX Group revenues as of March 2012, the WSE Group earns revenues from the operation of a Register of Certificates of Origin of electricity, which amounted to PLN 16.5 million.

The revenues stood at PLN 4.0 million in Q4 2012 compared to PLN 4.4 million in Q3 2012. The quarter-on-quarter decrease of the revenues was driven mainly the cycle of cancellation of certificates of origin. The cancellation of certificates of origin peaks in Q1 of every year and may continue into the first month of Q2. Q3 and Q4 show lower volumes of operations in the Register of Certificates of Origin, which is typical of the certificate cancellation cycle.

Consolidated revenue of WSE Group from operation of the Register of Certificates of Origin of electricity, volume of issued and cancelled property rights in 2011-2012 and in selected quarters of 2011 - 2012

  For the three-month period ended Year ended December 31,
  December 31, 2012 September 30, 2012 December 31, 2011 2012 2011
Commodity market. revenue from operation of the Register of Certificates of Origin of electricity
(PLN million)
4.0 4.4 0.0* 16.5 0.0*
Issued property rights (TWh) 7.3 10.0 5.8 41.1 37.2
Cancelled property rights (TWh) 6.5 4.9 3.2 43.2 27.0
Source: Company * no consolidation of PolPX Group revenue

Clearing

The Group earns revenues from the clearing activities of WCCH, which is a subsidiary of PolPX. The revenues stood at PLN 15.9 million in 2012.

The revenues amounted to PLN 6.7 million in Q4 2012 compared to PLN 3.1 million in Q3 2012, which reflects the growing activity of PolPX market participants in Q4 2012 driving the revenues earned from members of the clearing house.

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