Power Options
Options - additional trading opportunities for the power markets
EEX offers European-styled options on financially settled Base Month, Base Quarter and Base Year Futures for exchange trading and trade registration.
Options are available either as equity style (option premium paid up front) and futures style (premium paid on expiry).
Futures-Styled Margin Options are a more liquidity-preserving options product, as the up-front premium payment is broken down into daily margin payments - making it easier for portfolio and risk managers to evaluate their daily exposure.
In 2025, EEX launched its first average price options for the Japanese Power market. The new instruments are settled against the average of the JEPX spot prices for the Tokyo and Kansai market areas during the respective delivery month.
Product overview
- EEX offers trading in options on the EEX German, French, Spanish, Italian and Japanese Power markets.
- In addition, EEX offers four expiry dates for options on EEX German Power Base Year Futures - the so-called Short Dated Options.
- Regardless of the different maturities, the corresponding futures position of the underlying asset is booked upon the exercising of the option.
At a glance
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment | |
|---|---|---|---|---|---|
| EEX German Power Options | Exchange trading 8:00 am to 6:00 pm (CET) Trade Registration 8:00 am to 6:00 pm (CET) | The respective next eight delivery months, six delivery quarters and the respective next 4 delivery years of the underlying. Up to four contracts with different expiry dates* (each at the end of a quarter in the preceding year) are available for every delivery year of the underlying. | 1 MW | € 0.001 per MWh | Contractually fulfilled |
| *The following expiry dates are available per underlying: Expiry at the end of March: EEX-German-Power-Base-Year-Apr-Option | |||||
| EEX French Power Options | Exchange trading 8:00 am to 6:00 pm (CET) Trade Registration 8:00 am to 6:00 pm (CET) | The respective next five delivery months, two delivery quarters and the respective next two delivery years of the underlying. Up to four contracts with different expiry dates* (each at the end of a quarter in the preceding year) are available for every delivery year of the underlying. | 1 MW | € 0.001 per MWh | Contractually fulfilled |
| EEX Italian Power Options | Exchange trading 8:00 am to 6:00 pm (CET) Trade Registration 8:00 am to 6:00 pm (CET) | The respective next five delivery months, two delivery quarters and the respective next two delivery years of the underlying. Up to four contracts with different expiry dates* (each at the end of a quarter in the preceding year) are available for every delivery year of the underlying. | 1 MW | € 0.001 per MWh | Contractually fulfilled |
| EEX Spanish Power Options | Exchange trading 8:00 am to 6:00 pm (CET) Trade Registration 8:00 am to 6:00 pm (CET) | The respective next five delivery months, two delivery quarters and the respective next two delivery years of the underlying. Up to four contracts with different expiry dates* (each at the end of a quarter in the preceding year) are available for every delivery year of the underlying. | 1 MW | € 0.001 per MWh | Contractually fulfilled |
| EEX Japanese Power Options | Exchange trading 4:00 pm to 6:00 pm (JST) Trade Registration 9:00 am to 6:00 pm (JST) | The current and next 8 full months | 1 MW | 0.001 ¥/kWh | Contractually fulfilled |
| *EEX offers trading in options on the EEX Japanese Power Base Futures (Month) for both the Tokyo and Kansai area. The corresponding futures position of the underlying asset is booked upon exercising of the option. | |||||