Leipzig, 16 July 2024 – EEX Group has achieved significant volume growth in the first half of 2024 across major asset classes. The group’s global power market volume increased by almost 50%. While natural gas volumes in the US almost doubled in size, European natural gas trading remained stable on the high level seen in the past two years. Environmental markets both in Europe as well as in North America reported a high double-digit growth in the first half of the year. Furthermore, EEX Group has extended its product portfolio in line with market needs.
Peter Reitz, CEO of EEX, comments: “2024 started with strong growth across most of EEX Group markets. Our power markets have seen significant expansion in terms of volumes in the first half of the year, underpinned by the growing rate of renewables integration impacting spot markets, as well as the increasing importance of long-term price risk hedging. In addition to that, we see a rising share of high-frequency traders joining our markets. In the context of energy transition and decarbonisation, it is promising to see that our environmental markets in Europe and North America have reported significant increases in terms of trading volumes. We are looking forward to further supporting the energy transition with market-based instruments.”
Strong growth across all major power markets
In the first half of 2024, the EEX Group global power volume increased by 47% to 6,047.0 TWh with high double-digit growth rates across almost all power products. While volumes on the European power spot market increased by 24% to 430.7 TWh, European power derivatives markets increased by 78% to 3,951.2 TWh, with French and Spanish Power Futures even doubling their volume. Trading volumes in Japanese Power Futures more than tripled to 28.9 TWh. US power derivatives increased by 6% to 1,636.3 TWh.
In March, EEX launched Nordic Zonal Futures as an additional offering for the Nordic power market. As a result, volumes in these markets more than doubled to 13.3 TWh in the first half of the year. Furthermore, in June, the Brazilian power market started its operations at N5X, a joint venture of EEX Group and the local exchange B3.
US gas markets almost doubled
Natural gas futures for the US grew by 98% to 111.0 TWh in the first half of the year. At the same time, European gas derivatives markets exceeded the high level of the previous year by 7% to 2,074.3 TWh while European gas spot markets decreased by 11% to 1,433.3 TWh. In total, EEX Group’s natural gas volumes remained at a similar level of 3,618.6 TWh as last year (H1/2023: 3,622.9 TWh).
In April, EEX launched TTF Futures denominated in USD in addition to its existing EUR-denominated contracts. In total, volumes in this market have increased by 21% in the first half of the year to 1,310.4 TWh. Furthermore, strong growth was achieved on the NBP spot market with an increase of 19% to 91.5 TWh as well as in Italian PSV Futures with an increase of 45% to 32.1 TWh.
Significant increase in global environmental markets
European environmental markets were up 44%, representing a total of 576.6 million tonnes of CO2 in the first half of 2024, mainly driven by a strong increase of 131% in emissions futures representing 257.8 million tonnes of CO2. EEX noticed a significant growth in order book activity as a result of its Market Maker scheme which was introduced in 2023. In North America, trading in environmental products grew by 65% to 271,884 contracts.
Double-digit growth in agricultural markets
Trading in EEX agricultural products rose by 13% to 29,399 contracts. The increase was driven by a 31% growth in dairy futures to a total of 28,744 contracts (equals 143,720 tonnes).
Peter Reitz concludes: “EEX Group is committed to further building markets across the globe. In this context, we put a strong focus on products that serve the energy transition like the recently announced GO Futures that will be available as of September. At the same time, we continue to extend the product offering in our existing markets with new contracts and to broaden our geographical reach to increase trading opportunities and capital efficiency for our trading participants”.
The full overview of EEX Group volumes for the first half year of 2024 is available here.
EEX Group builds secure, successful and sustainable commodity markets worldwide – together with its customers. The group offers trading in power, natural gas, environmental products, freight and agriculturals as well as subsequent clearing and registry services, connecting a network of more than 850 trading participants. EEX Group consists of European Energy Exchange (EEX), EPEX SPOT, EEX Asia, Power Exchange Central Europe (PXE), GET Baltic and Nodal Exchange as well as the registry provider Grexel Systems and software companies KB Tech and Lacima. Clearing is provided by EEX Group’s clearing houses European Commodity Clearing (ECC) and Nodal Clear. EEX Group is part of Deutsche Börse Group. More information: www.eex-group.com
Contact:
EEX Public Relations
T +49 341 2156-300
presse@eex.com