Overview of Make Whole Payments
Modifications Committee Meeting 59
12 February 2015
Content
•
Definition of Make Whole Payments (MWP);
•
Why do MWP occur?;
•
MWP through the years;
•
Sample cases of Interconnector (IC) Users;
•
SEMO’s comments on the four proposed Modifications;
•
Further considerations.
MWPs – what are they?
4.139
The purpose of Make Whole Payments is to make up any
difference between the total Energy Payments to a Generator
Unit in a Billing Period, and the Schedule Production Cost
within that Billing Period (where the difference is arithmetically
positive calculated over the Billing Period)…
•
This is to guarantee recovery of all submitted costs (Incremental Cost, No
Load costs, Start Up costs);
•
SEM is designed to normally recover costs through Energy Payments,
due to Uplift;
•
The intent of the T&SC was for MWPs to be occasional and only limited
to exceptional circumstances;
MWPs – what are they? cont.
•
Is the Unit’s revenue (SMP*MSQ)* sufficient to cover the Production Cost
(MSQ*MOP+NLC+SUC)* of the unit in each TP?
•
YES = MWP will be a negative value
•
NO = MWP will be a positive value
•
MWPs paid on the total at the end of the Energy Market Billing
Period (week) only if the total aggregation is positive for each unit;
•
Equivalent of Generator Units are IC Users (PT_XXXXX) not IC
Gate Units (PT_XXXXX_EA/EA2/WD1).
*TPD applied as appropriate
00:00:00
00:30:00
01:00:00
01:30:00
02:00:00
02:30:00
03:00:00
03:30:00
04:00:00
04:30:00
05:00:00
05:30:00
06:00:00
06:30:00
07:00:00
07:30:00
08:00:00
08:30:00
09:00:00
09:30:00
10:00:00
10:30:00
11:00:00
11:30:00
12:00:00
12:30:00
13:00:00
13:30:00
14:00:00
14:30:00
15:00:00
15:30:00
16:00:00
16:30:00
17:00:00
17:30:00
18:00:00
18:30:00
19:00:00
19:30:00
20:00:00
20:30:00
21:00:00
21:30:00
22:00:00
22:30:00
23:00:00
23:30:00
MWPs – what are they? cont.
€25,000
Over recovery
€20,000
€15,000
Under recovery
€10,000
€5,000
€0
Sum of Prod cost
Sum of ENP
MWPs – what are they? cont.
If at the end of the week the unit is over recovering, no
MWPs applies;
If at the end of the week the unit is under recovering,
MWPs applies for the under recovered amount.
MWPs – Why?
The main reasons behind MWPs are:
•
Costs are determined on a Trading Day basis while MWPs are
calculated on a Settlement Day basis; if unit is scheduled at the end of a
Billing Period MWPs could occur;
•
Recovery of SUC is spread over the Optimization Horizon – schedule
might change when TD+1 is run leading to under-recovery;
•
Re-price runs changing the schedule of a unit recovering costs over two
Trading Days;
•
SMP is zero or negative for a number of periods;
•
Technical characteristics when baseload are not marginal;
MWPs – Why? cont.
•
When negative schedules are exposed to Uplift;
•
Uplift represent a benefit for Generators with positive schedules;
however it is a cost for those with prominent negative schedules;
•
This could happen for units pumping or exporting*;
•
Pumping is limited in capacity and will generally balance out with
generation across the Billing Period;
•
IC Users can export an unlimited amount due to superpositioning
exposing them to Uplift;
•
This exposure has always been a feature of the SEM;
•
IC Gate Units created to respond to the design challenges of
scheduling firm amounts.
*DSU not affected as their schedule is set as positive;
MWPs through the years – Standard Units
€300,000
€250,000
€200,000
€150,000
€100,000
€50,000
€0
1 6 111621263136414651 3 8 131823283338434853 5 101520253035404550 2 7 121722273237424752 4 9 1419242934394449 1 6 111621263136414651 3 8 131823283338434853
2008
DSU1
G107
G123
G139
G155
G171_NI
G187_NI
DSU2
G108
G124
G140
G156
G172_NI
G188_NI
2009
DSU3
G109
G125
G141
G157
G173_NI
G189_NI
DSU4
G110
G126
G142
G158
G174_NI
G190_NI
2010
DSU5
G111
G127
G143
G159
G175_NI
G191_NI
DSU6
G112
G128
G144
G160
G176_NI
G192_NI
DSU7
G113
G129
G145
G161
G177_NI
G193_NI
2011
DSU8
G114
G130
G146
G162
G178_NI
G194_NI
DSU9_NI
G115
G131
G147
G163
G179_NI
G195_NI
2012
G100
G116
G132
G148
G164
G180_NI
G196_NI
G101
G117
G133
G149
G165
G181_NI
G197_NI
2013
G102
G118
G134
G150
G166
G182_NI
G198_NI
G103
G119
G135
G151
G167
G183_NI
G199_NI
2014
G104
G120
G136
G152
G168_NI
G184_NI
G200_NI
G105
G121
G137
G153
G169_NI
G185_NI
G106
G122
G138
G154
G170_NI
G186_NI
MWPs through the years – IC Units
€300,000
IDT
€250,000
€200,000
€150,000
€100,000
€50,000
€0
1 6 11 16 21 26 31 36 41 46 51 3 8 13 18 23 28 33 38 43 48 53 5 10 15 20 25 30 35 40 45 50 2 7 12 17 22 27 32 37 42 47 52 4 9 14 19 24 29 34 39 44 49 1 6 11 16 21 26 31 36 41 46 51 3 8 13 18 23 28 33 38 43 48 53
2008
2009
2010
2011
2012
2013
2014
IC100_EA
IC100_EA2
IC100_WD1
IC101_EA
IC101_EA2
IC101_WD1
IC102_EA
IC102_EA2
IC102_WD1
IC103_EA
IC104_EA
IC105_EA
IC105_EA2
IC105_WD1
IC106_EA
IC106_EA2
IC106_WD1
IC107_EA
IC107_EA2
IC108_EA
IC109_EA
IC110_EA
IC110_EA2
IC110_WD1
IC111_EA_NI
IC111_EA2_NI
IC111_WD1_NI
IC112_EA_NI
IC112_EA2_NI
IC112_WD1_NI
IC113_EA_NI
IC114_EA_NI
IC114_EA2_NI
IC114_WD1_NI
IC115_EA_NI
IC115_EA2_NI
IC116_EA_NI
IC117_EA_NI
IC118_EA_NI
IC118_EA2_NI
IC118_WD1_NI
IC119_EA_NI
IC119_EA2_NI
IC120_EA_NI
IC120_EA2_NI
IC120_WD1_NI
IC121_EA_NI
IC121_EA2_NI
IC121_WD1_NI
IC122_EA_NI
IC122_EA2_NI
IC122_WD1_NI
IC123_EA_NI
IC123_EA2_NI
IC123_WD1_NI
IC124_EA_NI
IC124_EA2_NI
IC124_WD1_NI
Interconnector Flow* through the years
25000
IDT
MWP
20000
15000
10000
5000
0
1 14291225 8 21 4 183116291226 8 22 5 18 3 16301326 9 22 5 18 3 17301326 9 23 5 20 3 16301226 9 22 7 20 3 17301326 9 22 7 21 4 17301327
1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 9101112
-5000
2008
2009
2010
2011
I_NIMOYLE
-10000
*Interconnector Users only – no SO-SO trades
2012
I_ROIEWIC
2013
2014
12/05/2013
21/05/2013
30/05/2013
08/06/2013
17/06/2013
26/06/2013
05/07/2013
14/07/2013
23/07/2013
01/08/2013
10/08/2013
26/09/2013
05/10/2013
14/10/2013
23/10/2013
01/11/2013
10/11/2013
19/11/2013
28/11/2013
07/12/2013
16/12/2013
25/12/2013
03/01/2014
12/01/2014
21/01/2014
30/01/2014
08/02/2014
17/02/2014
26/02/2014
07/03/2014
16/03/2014
25/03/2014
09/04/2014
18/04/2014
27/04/2014
06/05/2014
15/05/2014
24/05/2014
02/06/2014
11/06/2014
20/06/2014
29/06/2014
30/08/2014
08/09/2014
17/09/2014
26/09/2014
05/10/2014
14/10/2014
23/10/2014
01/11/2014
10/11/2014
19/11/2014
28/11/2014
07/12/2014
16/12/2014
25/12/2014
Imp/Exp 2013/2014 – MSQs IC123
4000
2000
0
-2000
-4000
-6000
EA
EA2
WD1
12/05/2013
21/05/2013
30/05/2013
08/06/2013
17/06/2013
26/06/2013
05/07/2013
14/07/2013
23/07/2013
01/08/2013
10/08/2013
26/09/2013
05/10/2013
14/10/2013
23/10/2013
01/11/2013
10/11/2013
19/11/2013
28/11/2013
07/12/2013
16/12/2013
25/12/2013
03/01/2014
12/01/2014
21/01/2014
30/01/2014
08/02/2014
17/02/2014
26/02/2014
07/03/2014
16/03/2014
25/03/2014
09/04/2014
18/04/2014
27/04/2014
06/05/2014
15/05/2014
24/05/2014
02/06/2014
11/06/2014
20/06/2014
29/06/2014
30/08/2014
08/09/2014
17/09/2014
26/09/2014
05/10/2014
14/10/2014
23/10/2014
01/11/2014
10/11/2014
19/11/2014
28/11/2014
07/12/2014
16/12/2014
25/12/2014
Imp/Exp 2013/2014 – Net MSQs IC123
4000
2000
0
-2000
-4000
-6000
EA
EA2
WD1
Net
Paid MWPs by Gate – IC123
Grand Total
€0
Grand Total
Grand Total
30/09/2012
26/12/2012
07/01/2013
19/01/2013
31/01/2013
12/02/2013
24/02/2013
03/05/2013
15/05/2013
27/05/2013
08/06/2013
20/06/2013
02/07/2013
14/07/2013
26/07/2013
07/08/2013
19/08/2013
31/08/2013
12/09/2013
24/09/2013
06/10/2013
18/10/2013
30/10/2013
11/11/2013
25/11/2013
13/12/2013
25/12/2013
06/01/2014
18/01/2014
30/01/2014
11/02/2014
23/02/2014
07/03/2014
19/03/2014
31/03/2014
12/04/2014
24/04/2014
06/05/2014
18/05/2014
30/05/2014
11/06/2014
23/06/2014
05/07/2014
17/07/2014
29/07/2014
10/08/2014
22/08/2014
03/09/2014
17/09/2014
29/09/2014
11/10/2014
23/10/2014
04/11/2014
16/11/2014
28/11/2014
10/12/2014
22/12/2014
Imp/Exp 2013/2014 – MSQ for IC102
4000
2000
0
-2000
-4000
-6000
EA
EA2
WD1
30/09/2012
26/12/2012
07/01/2013
19/01/2013
31/01/2013
12/02/2013
24/02/2013
03/05/2013
15/05/2013
27/05/2013
08/06/2013
20/06/2013
02/07/2013
14/07/2013
26/07/2013
07/08/2013
19/08/2013
31/08/2013
12/09/2013
24/09/2013
06/10/2013
18/10/2013
30/10/2013
11/11/2013
25/11/2013
13/12/2013
25/12/2013
06/01/2014
18/01/2014
30/01/2014
11/02/2014
23/02/2014
07/03/2014
19/03/2014
31/03/2014
12/04/2014
24/04/2014
06/05/2014
18/05/2014
30/05/2014
11/06/2014
23/06/2014
05/07/2014
17/07/2014
29/07/2014
10/08/2014
22/08/2014
03/09/2014
17/09/2014
29/09/2014
11/10/2014
23/10/2014
04/11/2014
16/11/2014
28/11/2014
10/12/2014
22/12/2014
Imp/Exp 2013/2014 – Net MSQs IC102
4000
2000
0
-2000
-4000
-6000
EA
EA2
WD1
Net
Paid MWPs by Gate – IC102
€300,000
IC102_EA
IC102_EA2
IC102_WD1
€250,000
€200,000
€150,000
€100,000
€50,000
€0
40 51 53 2 4 6 8 10 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
2012
2013
2014
All MWPs calculated by Gate – IC102
€300,000
€200,000
€100,000
€0
40 51 53 2 4 6 8 10 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
-€100,000
2012
2013
2014
-€200,000
-€300,000
-€400,000
-€500,000
-€600,000
-€700,000
IC102_EA
IC102_EA2
IC102_WD1
All MWPs by Gate – IC102
€300,000
€200,000
€100,000
€0
40 51 53 2 4 6 8 10 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
-€100,000
2012
2013
2014
-€200,000
-€300,000
-€400,000
-€500,000
-€600,000
-€700,000
IC102_EA
IC102_EA2
IC102_WD1
IC102_Net
Imp/Exp by TP 20130715 – MSQs IC102
100
80
60
40
20
0
1
2
0
1
2
1
1
2
2
1
2
3
1
2
4
1
2
5
1
2
6
1
2
7
1
2
8
1
2
9
1
2
10
1
2
11
1
2
12
-20
-40
-60
-80
EA
EA2
WD1
1
2
13
1
2
14
1
2
15
1
2
16
1
2
17
1
2
18
1
2
19
1
2
20
1
2
21
1
2
22
1
2
23
Imp/Exp by TP – MSQs IC102
150
120
5th Aug 2013
100 100
100
60
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
-20
0 1 2 3 4 5 6 7
50
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 01 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1 2 1 2 1 2 1 2 1 2 1 2 1 2
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
-40
20
-20
0 1 2 3 4 5 6
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
0 -50
7
8
9
0
1
2
3
4
5
6
7
8
9
EA
EA2
WD1 -100
EA
150
-100
EA
150
EA2
100
150
EA2
WD1-120
50
50
0
2
3
5
6
7
8
EA
9
EA2
-150
10 11 12 13 14 15 16 17 18 19 20 21 22 23
WD1
EA
60
150
WD1
22nd Mar 2014
40
0
EA2
09th Oct 2013
80
50
100
20
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
60
21st Oct 2014
0
1
2
3
4
-50
5
6
7 8 9 10 11 12 13
21st
May 2014
0
1
2
3
4
5
6
7
8
9
40
-40
-100
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
0
1
2
3
4
5
6
7
8
9
20
-150
EA
0
EA2
WD1
0
1 2
50
3
4
5
0
-20
-150
-100
EA
EA2
-80
-50
-100
-150
WD1
-40
EA
EA2
WD1
-60
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
10 2 11 2 12 2 13 2 14 2 15 2 16 2 17 2 18 2 19 2 1102 1112 1122 1132 1142 1152 1162 1172 1182 1192 1202 1212 1222 1232
0
1
2
-50
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 10 2 1 2 1 2 1 2 1 2 1 2 1 2
-100
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
-150
-100
EA
EA2
WD1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
17 18 -100
19 20 21 22 23
-120
-50
6
0
-60
10 11 12 13 14 15 16 17 18 19 20 21 22 23
-100
21st Jul 2014
1 2 1502 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
-20
10 11 12 13 14 15 16 17 18 19 20 21 22 23
-50
0
100
14 15 016 17 18 19 20 21 22 23
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
100
-150
4
-100
100
100
22nd Feb 2014
100
150
1
25th Nov 2013
WD1
05th Sep 2013
0
-50
-100
-80
-80
10 11 12 13 14 15 16 17 18 19 20 21 22 23
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2
-80
-60
-60
-150
9
0
-60
10 11 12 13 14 15 16 17 18 19 20 21 22 23
-100
-40
8
10 11 12 13 14 15 16 17 18 19 20 21 22 23
-40
-20
-50
100
0
20
0
2nd Jan 2014
20
40
40
50
150
40
60
50
10th Aug 2013
60
80
15th Dec 2013
80
80
21st Dec 2014
3
4
5
6
7
8
EA
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
EA2
WD1
EA
EA2
WD1
EA
EA2
WD1
-150
EA
EA2
WD1
-200
-1000
01/01/2013
16/01/2013
31/01/2013
15/02/2013
02/03/2013
17/03/2013
01/04/2013
16/04/2013
01/05/2013
16/05/2013
31/05/2013
15/06/2013
30/06/2013
15/07/2013
30/07/2013
14/08/2013
29/08/2013
13/09/2013
28/09/2013
13/10/2013
28/10/2013
12/11/2013
27/11/2013
12/12/2013
27/12/2013
11/01/2014
26/01/2014
10/02/2014
25/02/2014
12/03/2014
27/03/2014
11/04/2014
26/04/2014
11/05/2014
26/05/2014
10/06/2014
25/06/2014
10/07/2014
25/07/2014
09/08/2014
24/08/2014
08/09/2014
23/09/2014
08/10/2014
23/10/2014
07/11/2014
22/11/2014
07/12/2014
22/12/2014
Pumped Storage – MSQs 2013/2014
3000
2000
1000
0
-2000
-3000
-4000
Total
€0
(blank)
20/12/2014
06/12/2014
22/11/2014
08/11/2014
25/10/2014
11/10/2014
27/09/2014
13/09/2014
30/08/2014
16/08/2014
02/08/2014
19/07/2014
05/07/2014
21/06/2014
07/06/2014
24/05/2014
10/05/2014
26/04/2014
12/04/2014
29/03/2014
15/03/2014
01/03/2014
15/02/2014
01/02/2014
18/01/2014
04/01/2014
21/12/2013
07/12/2013
23/11/2013
09/11/2013
26/10/2013
12/10/2013
28/09/2013
14/09/2013
31/08/2013
17/08/2013
03/08/2013
20/07/2013
06/07/2013
22/06/2013
08/06/2013
25/05/2013
11/05/2013
27/04/2013
13/04/2013
30/03/2013
16/03/2013
02/03/2013
16/02/2013
02/02/2013
19/01/2013
05/01/2013
Pumped Storage – MWP 2013/2014
€300,000
(blank)
€250,000
€200,000
€150,000
€100,000
€50,000
Comments on the four Modifications
•
Mod_09_14: ‘Amendment to Make Whole Payments
Interconnector Units’:
• Remove ability to isolate losses/gains between Gates for MWP;
• Eliminates unintended consequences of IDT;
• Traders exposure still mitigated for their net position;
• Exports are not impacted and still viable;
• MWPs could still happen for cross Interconnector trading;
•
Mod_10_14 ‘Remove Make Whole Payments for Interconnector
Units’:
• Traders exposure not mitigated in the Market;
• This is the only Mod that eliminates both risks on MWPs due to
cross trading between Gates and/or between Interconnectors;
• Exports are not incentivised but are not impaired either;
• Radical solution to the observed issue;
for
Comments on the four Modifications – Cont.
•
Mod_11_14 ‘Pay-As-Bid / Paid-As-Bid for Interconnector Units’:
• Inconsistent with current Energy Balancing mechanism;
• SEMO does not consider this as a viable option for this Market;
•
Mod_12_14 ‘Amendment to Make Whole Mechanism to remove
Settlement Periods of simultaneous import and export flows’:
• Partially remove ability to isolate losses/gains between Gates for
MWP;
• Inadequate balancing of MWP for IC Users where:
• Trading exposure unmitigated if large exports happens at times
of small imports;
• MWP overstated if over recovery, due to large imports, is
negated by small exports;
• MWP could still happen via cross Interconnector trading;
• Principles of IDT compromised;
• Exports could either increase or decrease substantially;
Further Considerations
•
SEMO wishes to propose the following points for further discussion:
•
Curtailment affected by net Interconnector flow; individual Gates or
individual Users trades are irrelevant;
•
Curtailment or Constraints in each jurisdiction might be badly
affected if cross trading between Interconnectors will push large
imports on one Interconnector while large export on the other;
•
Principles of Cross Border Trades and price signals for exports have
been in place since the start of the SEM; should they change now?
•
Dispatch down of wind efficiently managed notwithstanding
‘increased wind factor, increased Imports, 300MW new installed
wind capacity and stable demand’*;
* Eirgrid ‘Annual Wind Constraint and Curtailment Report 2013’ – dispatch down 3.2% in 2013 vs 2.1% in 2012
Further Considerations – cont.
•
Exports effects on SMP;
•
Consumer interests impacted by current behaviours;
•
Exposure to Uplift when Exporting, is common to units with
comparable behaviour: Pumped Storage and Suppliers;
•
Interconnector Users not subject to BCoP and to date have been
able to represent their exposure adequately;
•
Discrimination? APTG, VPTG and PPTG don’t receive MWP;
•
The nature of costs to be recovered;
•
EA prices currently over-estimated due to large Imports
countertraded by Exports at the EA2;
•
To calculate exposure, EA prices good estimate of EP2 SMP in
many TPs as per following graphs:
SMP comparison: EA vs EP2
€140
EA and EP2 SMP Average by TP - 2013/2014
€120
€100
€80
€60
€40
€20
€0
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2013
2014
EA
EP2
SMP variation 2013/2014: EP2 - EA
€12
€10
€8
€6
€4
€2
€0
121212121212121212121212121212121212121212121212121212121212121212121212121212121212121212121212
-€2
-€4
-€6
-€8
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2013
2014
Questions