German Intraday Cap Futures

 “The Energiewende is not only transforming the energy system but also the way electricity is traded and risk is hedged.”

Dr. Maximilian Rinck, Business Development


More and more renewable power is being fed into the German electricity system:

  • Volatile electricity generation causes increased demand for flexibility on short-term power markets – most often accompanied by peak prices.
  • Renewables have low marginal costs causing lower market prices.
  • Low day-ahead prices drive conventional power plants out of the market.
  • This requires suitable hedging instruments for both renewables and conventional power plant operators.


The German Intraday Cap Future is the first of EEX’s Energiewende products. It allows trading participants to trade price spikes on the German intraday market up to four weeks in advance. Its underlying is a newly developed price index (ID3-Price) for the intraday market that captures the scarcity price signal emerging in the last few hours before delivery.

The Cap Future is a cash-settled derivative contract with which EEX establishes an explicit price reference for flexibility on the German Power market.

Since autumn 2016, the price level above which the Cap Future covers
exposure has been set at 40 €/MWh. This threshold (“Cap”) indicates the price above which the buyer of a Cap Future receives a payment from the seller for an hourly product traded on the German intraday market of EPEX SPOT. The payment is the difference between the market price, measured by the ID3-Price, and the value of the cap. This new index is calculated on a daily basis for all delivery hours on the German intraday market and published by EPEX SPOT.

Defining a suitable “Cap”

In specifying the payment threshold of € 40 per MWh, EEX has analysed the historical day-ahead prices from 2014. The adjusted threshold of € 40 per MWh is based on the 85% quantile of the ID3 prices index from 2015.

With the chosen threshold, it is ensured that the German Intraday Cap future only captures hours with high prices on the intraday market while at the same time guaranteeing a non-zero payout at settlement as often as possible.

Advantages of Trading German Intraday CAP Futures at EEX

  • First standardised financial futures to hedge against price spikes on the intraday market resulting from the growing share of renewables
  • Trading participants on the EEX derivatives market can hedge against price spikes that may occur on the German intraday market.
  • Futures product based on an intraday index that refers to only three hours of trading before delivery – ID3-Price
  • Generators of renewable energy can protect themselves against price spikes
  • Generators with flexible capacities can secure price spikes in order to cover costs
  • A broad and diversified network of trading participants
  • One-stop-shop for trading in various market areas as well as products and services along the value chain
  • Exchange trading and trade registration services on a regulated and transparent market
  • Elimination of Counterparty Risk through clearing at ECC
  • Market access via various front-ends and major ISV solutions

At a Glance

Trading hours


Delivery rate

Tick size


Exchange trading
8:00 am to 6:00 pm (CET)

Trade Registration
8:00 am to 6:00 pm (CET)

Current week and next 4 weeks

1 MW

EUR 0.001 per MWh

Cash Settlement

Contract Specification


Cash-settled future with daily mark-to-market

Market Area



EPEX SPOT Intraday index (ID3-Price)


Week contracts (current week + 4 weeks ahead tradable)


€ 40 per MWh

Contract Size

168 MWh, similar to Phelix Base Week Futures


Monday after delivery week, similar to Phelix Week Future


Transaction Fees for exchange trades and Trade Registration: € 0.002 per MWh, Clearing Fees: € 0.001 per MWh

Fee holiday until September 2017