VERTEX

PORTFOLIO MANAGEMENT

The goal of portfolio management is to ensure that all contractual obligations are realized at the estimated costs (or less), within the risk framework.

To ensure a good oversight of the different positions at different levels and stages, the contracts and (connected) deals are submitted into two types of books:

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VERTEX

Portfolio Management

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VERTEX

Sales Books

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VERTEX

Hedge Books

Sales Books

Fixed price sales book

In the fixed price sales book, the volumes sold to corresponding customers is shown, including the revenue and margins for the entire contract period.

The click contracts

The click contracts also contain the open (not yet clicked) volumes, which are valued against the price forward curve to estimate revenues.

The combi sales book

In the combi sales book, spot volumes are earmarked in addition to clicked and open volumes.

Different views of customer portfolios

Different views of customer portfolios are available to gain insight in the volumes fixed by customers and the expected volumes based on the most recent forecasts.

The sum of all contracts

On a portfolio level, the sum of all contracts (volume, revenue, fees and margin) can be shown for reporting ort other means.

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Portfolio Management

Hedge Books – trade console

The trade console shows all open tradable positions in the hedge book. The portfolio manager immediately receives an overview of all products that can be traded in order to close the open positions (as much as possible).

The trade console provides the most suitable hedge proposal, based on the available trading products*, resulting in the smallest possible open (residual) position

Endex end of Day

All relevant financial information per book is displayed graphically. The hedge book selected here (Endex end of Day) shows the P&L on the hedging actions, taking the direction of the underlying trades and the associated cost and risk components into consideration.

The trade console

The trade console shows all open tradable positions in the hedge book. The portfolio manager immediately receives an overview of all products that can be traded in order to close the open positions (as much as possible).

The trade console provides the most suitable hedge proposal, based on the available trading products*, resulting in the smallest possible open (residual) position.

Volume, revenue and P&L

Total of all positions (Volume, revenue and P&L) in the hedge portfolios for the total electricity portfolio, consisting of:

Fixed volume (hedged by customer and supplier).
Open position Exposed: volumes fixed by the customer, but not yet purchased by the supplier (price risk)
Open position Forward*: Volumes from click contracts to be fixed by the customer (and supplier)
Open position Combi*: Volumes from combi contracts to be fixed by the customer (and supplier).
Spot rest. The volume neutral rest volumes (balance at monthly level).

An estimate of the potential loss

The VaR screen shows an estimate of the potential loss of value of a set of open positions (short) as a result of a price increase of the corresponding trading products during the one-week period, under normal conditions.