TGE History Print +

The adventure of the electrical power sector with competition began at the end of the nineties. This is when reformers came into prominence in Europe and Poland, ceasing to see electrical power as a common good and starting to treat it as a commodity. New laws were passed in most of the European countries (1997 in Poland). Internal electrical power markets started to emerge, along with implementation of privatization programmes. This is when the Polish Power Exchange (Giełda Energii S.A., later renamed to Towarowa Giełda Energii S.A.) was established to cope with the arising challenges and to become a necessary element of the liberalizing Polish energy market.

Establishment of the Company was triggered in 1999, by announcement of the Minister of State Treasure, initiating a bidding procedure for selection of a consortium to create and launch a power exchange in Poland. The bid was concluded between September and October of 1999 and the task was granted to a consortium, led by Elektrim S.A. The new Company was registered and began its operation on December 7th, 1999.

From the very beginning of its existence, Towarowa Giełda Energii S.A. (TGE) pioneered implementation of innovative solutions in the area of electrical power trading. Within six months from launch of the Company, the electrical power spot market was in place and running. Prices from this market became a benchmark for bilateral contracts.

In 2003, as the first and so far only power exchange, TGE has obtained a license from the Securities and Stock Exchange Commission (currently operating under the name of KNF - Komisja Nadzoru Finansowego: Financial Supervision Commission) for operation of a commodity market. The existing legal regulations and supervision of the Commission (KNF) are a guarantee of proper functioning of the market and efficiently prevent potential speculative pathologies.

Thanks to the accumulated experience in implementation of state-of-the-art solutions and adequate IT infrastructure in place, in 2005 the Exchange was appointed to establish and manage a register of certificates of origin for the electrical power generated from renewable sources. In 2007, the license was extended to power produced in co-generation. Those registers are the hearts of support systems for power generators in those sources. In parallel to the Registers, a Property Rights Market was also established, providing producers of renewable and co-generation energy and entities obliged to acquire certificates of origin with a platform for trading rights to such certificates.

In 2006, TGE has launched a spot market for CO2 emission certificates in collaboration with the National Administrator of the Emission Allowance Certificates Trading System. Participants of this market can trade EUA units (European Union Allowance).

In 2008, TGE has launched an Electrical Power Derivatives Market. Futures covering supply of electrical energy allow setting the electrical power prices over a longer time horizon, which allows sellers and large energy consumers to forecast prices and optimize their costs of selling/buying electrical power. In 2009, TGE has launched the Financial Derivatives Market, quoting future contracts for the IRDN24 index.

In December 2012 TGE has admitted  forward contracts  to trading on the Commodity Forward Instruments Market with phisical delivery. The contracts are settled by way of a physical delivery of Group E high-methane natural gas and are hereinafter referred to as “gas forward contracts”. The launch of the Commodity Forward Instruments Market with physical delvery (gas) is only the beginning for the gas exchange in Poland. On 31 December 2012 the gas spot market was launched.

TGE is a continuously evolving power exchange, focused on improving liquidity of the managed markets and on providing the members and participants of the exchange with modern energy trading tools. TGE has offered the members of the exchange market a new brokerage application - Xsteram Trading and SAPRI, developed by NASDAQ OMX.

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