KELER CCP Ltd. (hereinafter KELER CCP), a member of the KELER Group, provider of clearing house and guarantee services, reduce energy market fees by 16.7% as of August 2019. Serbian spot power market (SEEPEX) clearing fees are reduced to a greater extent, by 26%, while the higher fee so far applied to the Romanian futures products is reduced to the general level. Turnover fees of the Trading Platform operated by FGSZ Natural Gas Transmission Ltd., a member of the Mol Group, will decrease also, and will be at the same level as the fees applied on the CEEGEX Central Eastern European Gas Exchange launched in Hungary in January 2013. The fee reductions do not affect the 2019 income plans of KELER CCP
General reduction of energy market (GCM service) fees
As of December 1 2018, KELER CCP was forced to increase energy market fees by 50%. It was due to the significant increase of default fund contribution announced by ECC (European Commodity Clearing AG), its German clearing partner, as of July 2018, in the wake of the extraordinary price increase and stress situation on the international trading market of carbon dioxide emission units. However, already at the time of the increase, the KELER CCP Board of Directors envisaged the review of fees in the foreseeable future.
Chief Executive Officer Károly Mátrai highlighted that fees were reviewed in the spring of 2019. Based on the review, and in light of the default fund contribution that is expected to remain stable in the future, KELER CCP reduces energy market fees by 16.7% as of August. The Serbian spot power market clearing fee and the Romanian futures fees were reduced by 26% that is more than the general fee reduction.
KELER CCP already took into account the fee changes when finalizing the 2019 business plans, thus, based on the semi-annual membership and turnover figures, the annual plan is expected to be outperformed.
Trading Platform fee reduction
There are four different natural gas platforms operating in Hungary. Two of these platforms, the Trading Platform operated by FGSZ Natural Gas Transmission Ltd., a member of the Mol Group, and CEEGEX Central Eastern European Gas Exchange launched in January 2013 in Hungary, compete for market participants with the very same product offer, at nearly identical terms. KELER CCP reduced the turnover fee applicable to the Trading Platform from HUF 8.8 / MWh earlier to HUF 3.0 / MWh. The fee decrease does not apply to balancing transaction clearing.
The fee decrease does not have any negative influence on the fee income of KELER CCP as these changes are already taken into account in the business plan.