MADRID, 19 (SERVIMEDIA)
The trading companies Endesa Energía, Acciona Green Energy Developments, Iberdrola Clientes, EDP Clientes and Total Energies have submitted an offer in the contracting process for the supply of “green or Guarantee of Origin (GdO)” electricity for the Adif High Speed rail system (Adif AV) for a total amount of 2,009.3 million euros.
According to the public entity, this contracting process consisting of two contracts will begin in the coming days. On the one hand, there is a bid for traction electricity for passenger and freight operators, with a tender value of 1,850.7 million euros. And, on the other, the one used in the Adif and Adif AV facilities, tendered for 158.6 million, which includes passenger stations, freight terminals and other railway facilities.
In both cases, the contracts cover the period between April 2023 and December 2025, extendable for a maximum of two years in the first case and one year in the second.
Specifically, Endesa Energía, Acciona Green Energy Developments, Total Energies, EDP Clientes and Iberdrola Clientes have submitted offers for traction energy, while EDP Clientes, Iberdrola Clientes and Endesa Energía have done the same for the energy used in facilities.
The negotiated procedure that Adif AV will initiate with the supplying companies will materialize in the bidding for a single offer modality (price indexed to the daily market with the possibility of hedging in the futures market), so that each operator can decide the moment, the amount of energy and the time period to carry out price hedging. Subsequently, Adif AV will select the three most competitive offers and will start a negotiated process with the bidders to achieve optimal conditions.
The final cost of this contract will depend on the actual consumption, the offers received, the resulting price in the wholesale market, the Iberian Energy Market Operator (OMIE), and the possible price coverage in the market offered by a trading platform. for energy derivatives, the Iberian Market Operator-Portuguese Pole (OMIP).
The electricity supply points have been distributed in 16 lots, following proximity criteria to minimize consumption deviations between the points that make up each group and standardize market costs. The tender does not include the costs of access to the transmission and distribution networks, whose management will be fully carried out by Adif AV with the distribution companies.
In 2021, the energy consumption for traction in the Adif and Adif AV railway network was 2,106 gigawatt hours and it is expected to rise to 2,414 gigawatt hours in 2022 due to the increase in traffic, driven by the liberalization of rail passenger transport, which It has promoted the entry of new operators.
The new contractual framework includes as a novelty that each railway operator may develop its own energy price management strategy, in coordination with Adif AV. In this way, railway operators may request price coverage of all or part of the energy that they plan to consume in a given period of time, whose closing orders will be managed by Adif AV with the successful bidder. These hedges will be executed taking the futures market (OMIP) as a reference.
To date it was only possible to close prices on 100% of consumption for a temporary period of each of the lots in which the tender is distributed. This procedure forced Adif AV to coordinate the closure order with all the operators that operated in the infrastructure (high-speed and conventional network of Iberian gauge and metric gauge).
In recent months, Adif AV has offered operators the possibility of closing their negotiated prices and, with this, the price has been set for approximately 42% of consumption on high-speed lines for the period between November 2022 and March 2023.
MODALITIES
The offers presented by the marketers comply with the modalities that were offered. Mode 1 has the price indexed to the OMIE daily market with the possibility of closing time periods at a fixed price, while mode 2 is mixed, since it has a fixed price and another indexed to the OMIE daily market with the possibility of closing time periods at a fixed price .
In both modalities, the possibility of hedging prices in the OMIP futures market is raised, in order to eliminate the volatility of the OMIE market and, thus, ensure a “stable price” when the market situation allows it.
Adif stressed that the new contract presents the novelty of carrying out partial closures of energy in the same batch on a percentage of the energy that is included in that batch for a certain period, unlike the current contract, where the price can only be set for a certain period of the totality of the supplied energy. This formula will make it possible to obtain “greater price flexibility in a situation of high volatility in energy prices”.
(SERVIMEDIA) 19-JAN-2023 12:44 (GMT +1)JMS/gja
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