Capitalism fara bursa, sau bursa fara capitalism?Capitalism without Exchange, or Exchange without Capitalism?

Orice producator sau furnizor de gaze este o sursa, adica un ofertant care cauta un cumparator. Pretul marfii se stabileste nu in functie de cat zice guvernul sau Autoritatea de Reglementare in domeniul Energiei, nici in functie de un cos reglementat sau de presupuse nevoi de protectie a industriilor mari consumatoare, cu implicatii sociale.

Aceasta este ideea de la care am pornit in ultima noastra analiza referitoare la procesul de liberalizare a pietei de gaze, vehement contestat de marii consumatori industriali si chiar de catre distribuitori. Bursa, de gaze, de electricitate sau pentru orice alta marfa de larg consum poate rezolva in mare masura atat nevoile vanzatorilor cat si ale cumparatorilor. Numai ca, pentru a utiliza instrumentul bursier trebuie sa mai ai si vointa.

Am promis, in ultima noastra analiza pe marginea pietei de gaze din Romania, ca vom reveni cu punctul de vedere al reprezentantilor celor doua platforme de tranzactionare licentiate de ANRE, inca din vara anului trecut, pe piata gazelor naturale (OPCOM si BRM). Ca sa intelegem nemultumirile consumatorilor industriali, vizavi de liberalizarea pietei de gaze, suntem nevoiti sa analizam si rolul celor doua platforme (burse de gaze), care au facut pasi importanti pentru a veni in intampinarea actorilor din piata. Din pacate, dupa circa o jumatate de an de la aparitia acestor platforme de tranzactionare a gazelor naturale, rezultatele efective sunt dezamagitoare. Orice inceput este dificil, desigur, si este prematur sa dam verdicte dupa numai sase luni de la licentiere. Dar, daca vom intelege cu adevarat rolul ringului bursier pe aceasta piata putem spera la mai mult.

La inceputurile pietei bursiere de energie electrica aproape nimeni nu credea in ea. Iata ca, dupa cativa ani, bursa de electricitate (cu toate neajunsurile ei) a reusit sa aduca pretul energiei electrice la un nivel pe care nimeni nu-l putea anticipa in conditiile in care statul a folosit aceasta marfa ani la rand ca subventie pentru intreaga economie nationala. Costurile au fost insa incalculabile. Exemplul bursei de energie nu poate si nu trebuie ignorat de catre bursa de gaze, in ciuda imperfectiunilor celei din urma.

“Este greu sa creezi o piata noua”, spunea Septimiu Stoica, presedintele Bursei Romane de Marfuri (BRM) la Conferinta Energy-Center “Impactul noilor reglementari pe piata gazelor- avantajele pietei libere pentru consumatori si provocarile din piata reglementata”. Este si mai greu insa ca producatorii, distribuitorii, furnizorii si consumatorii sa vina pe aceasta piata. Faptele o dovedesc, caci in cele cateva luni de la aparitia celor doua platforme bursiere, tranzactiile au fost insignifiante.

“Pornind de la zero intri intr-un cerc vicios, daca nu ai toate componentele unei burse reale”, mai spunea Septimiu Stoica. Si noi, Energy-Center, am surpins lipsa acestor componente, dar un inceput exista totusi. Marea noastra problema este legata insa de economia de piata. Am optat teoretic pentru ea, de vreo 25 de ani, dar ne ferim cat se poate de mult de regulile ei. In continuare piata libera depinde de decizia politica. Or, ceva nu se leaga. Vrem ca cererea si oferta sa se intalneasca pe bursa, cum este in tarile civilizate, sau vrem sa simulam existenta unei burse, dar intelegerile sa le facem in spatele ei?

Nici o bursa nu poate sa se transforme in vanzator pentru cumparator si nici in cumparator pentru vanzator. Bursa ofera transparenta si acces nediscriminatoriu. Daca aceste principii nu plac, atunci problema este in alta parte.

Victor Ionescu, directorul OPCOM, ne declara ca avem o experienta in spate (piata de energie) si ca toate dificultatile invocate acum pentru bursa de gaze “le-am auzit din 1999 incoace pana in 2005-2006. “Sper ca ANRE sa fie la fel de hotarat si sa pune la dispozitia consumatorilor toate elementele concurentiale. Bursele dau semnale de pret initial si apoi trebuie sa dea pretul de referinta”. Cu o conditie insa, aceea ca bursele sa nu fie formale.
(va urma)Any gas producer or supplier is a source, i.e. a seller in search of a buyer. The commodity price should not be set by the government or by the Energy Regulatory Authority, nor based on a regulated pool or on alleged needs of protecting the big industrial consumers, which have a social impact.

This was the starting idea of our last analysis of the gas market liberalization, vividly challenged by the big industrial consumers and even. The gas, electricity or any other commodity exchange can largely answer both sellers’ and buyers’ needs. Determination, however, is also necessary to use the exchange instruments.

We have promised in that previous analysis of the Romanian gas market that we will continue with the point of view of the representatives of the two trading platforms authorized by the Energy Regulatory Authority (ANRE) for the natural gas market as early as last summer, namely OPCOM (the electricity and natural gas market operator) and BRM (the Romanian Commodities Exchange). Before getting to understand the industrial consumers’ dissatisfactions about the gas market liberalization, we must analyze the role of these two platforms (natural gas exchanges), which took major steps to meet the market actors. Unfortunately, half a year into the opening of these trading platforms for gas, the practical results are disappointing. All beginnings are difficult, of course, and a verdict as early as six months after the licensing would be premature. But truly understanding the role of the exchange on this market leaves some hope for more.

When the electricity exchange was still fresh, almost nobody believed in it. Now, after a couple of years, with all its shortcomings, it brought the electricity prices to unexpected levels. Before that, the stat had used this commodity for years to subsidize the whole economy; the costs were incalculable. The example of the electricity exchange cannot and should not be ignored by the gas exchange, despite the latter’s imperfections.

“It’s hard to create a new market, BRM President Septimiu Stoica said at Energy-Center’s ” Impact of New Regulations on the Gas Market – Free Market Advantages for Consumers and Challenges on the Regulated Market” conference. It’s even harder to bring the producers, distributors, suppliers and consumers on this market. This is a proven fact, as trading has been insignificant over the couple of months since the opening of the two trading platforms.

“Starting from zero leads to a vicious circle, if some of the components of a real exchange are lacking” Stoica added. Energy-Center has also pointed out the lack of these components; nevertheless, there is already a starting point. Our serious problem is with the market economy. Theoretically, we chose it some 25 years ago, but we still circumvent its rules as much as possible. The free market is still dependent on political decisions. Something isn’t running smooth. Do we want the demand and supply meet on the exchange, as it happens in civilized countries, or want to simulate the existence of an exchange, only to close deals behind its back?

No exchange can turn into a seller for buyers, or into a buyer for sellers. The exchange offers transparency and nondiscriminatory access. If some don’t like these principles, the problem is elswhere.

OPCOM’s Director Victor Ionescu declared that we have a previous experience, namely the electricity market, and all the difficulties invoked nowadays about the gas exchange “are things I’ve heard since 1999, until 2005 or 2006.” “I hope that ANRE will show the same determination and offer the consumers all the competition elements. Exchanges send initial price signals; afterwards, they must provide a benchmark price,” he added. On one condition: they must not be merely formal.
(to be continued)