Power Futures
Power Futures
Exchange trading and trade registration of EEX power futures enable medium to long-term portfolio optimisation.
Our market participants have access to the most liquid financial power future contract in Europe – the EEX German Power Future. After the split of the German and Austrian price zone, the EEX German Power Future is the benchmark product for European power along the whole curve. Over the past months, trading volumes in the Austrian power market have also picked up significantly.
Our Service for the Power Derivatives Markets
- Standard (month, quarter, year) as well as short-term maturities (day, weekend, week futures) available for trading
- Exchange trading and trade registration available from 8 am to 6 pm CET
- Close customer support through our Market Operations Team
Power Futures Product Overview
EEX Austrian Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration 8:00 am to 6:00 pm (CET) | Day, weekend, current week and next 4 weeks, current month and next 9 months, next 11 quarters and next 6 years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX Belgian Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current and the next six month, seven quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement / Physical fulfilment |
EEX-PXE Bulgarian Power Futures
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current and the next 4 weeks, the current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX-PXE Czech Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The respective next 34 days and the next 5 weekends, the current week and next 4 weeks, current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX Dutch Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The respective next 34 days and the next five weekends, the current and the next four weeks, the current month and the next six months, seven quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement / Physical fulfillment |
EEX GB Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading
Trade Registration | Day (base only), weekend (base only), current week and next 4 full weeks (base and peak), current month and next 3 full months (base and peak), next 4 full quarters (base and peak), the next 4 full seasons (base and peak) and next 2 full years (base and peak) | 1 MW | GBP 0.01 per MWh | Cash settlement |
EEX French Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | Day, weekend, the current week, the next 4 weeks, the current month, the next 6 months, next 11 quarters and 6 years | 1 MW | € 0.01 per MWh | Cash settlement / Physical fulfillment |
EEX German Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration 8:00 am to 6:00 pm (CET) | Day, weekend, current week and next 4 weeks, current month and next 9 months, next 11 quarters and next 6 years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX German/Austrian Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | Current month and next 9 months, next 11 quarters and next 6 years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX Greek Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| 8:00 am to 6:00 pm (CET) | The current and the next six months, seven quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX-PXE Hungarian Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The respective next 34 days and the next 5 weekends, the current week and the next 4 weeks, the current month and the next 6 months, the next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX Italian Power Future
| Trading hours | Maturities | Delivery rate | Tick size | Fulfilment |
| Exchange trading | Day, weekend, the current week and the next four weeks, the current month and the next six months, next 11 quarters and next six years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX Japanese Power Future
EEX Japanese Power Tokyo Area Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Trade Registration | The current and the next 4 full weeks, the current month and next 6 full months, next 7 full quarters, next 4 full seasons and 6 full years | 1 MW | 0.01 ¥/kWh
| Cash settlement |
EEX Japanese Power Kansai Area Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Trade Registration | The current and the next 4 full weeks, the current month and next 6 full months, next 7 full quarters, next 4 full seasons and 6 full years | 1 MW | 0.01 ¥/kWh
| Cash settlement |
*A Season comprises either October through March (Winter Season) or the respective months April through September (Summer Season).
EEX Nordic Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| 8:00 am to 6:00 pm (CET) | The current week and the next four weeks, the current month and the next six months, seven quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX-PXE Polish Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current month and the next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX-PXE Romanian Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current and the next 4 weeks, the current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX Serbian Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current and the next 4 weeks, the current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX-PXE Slovakian Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX-PXE Slovenian Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| Exchange trading Trade Registration | The current and the next 4 weeks, the current month and next 6 months, next 7 quarters and 6 years | 1 MW | 0.01 €/MWh
| Cash settlement |
EEX Spanish Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| 8:00 am to 6:00 pm (CET) | Day, weekend, the current week and next four weeks, the current and the next six months, next 11 quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX Swiss Power Future
| Trading hours | Eligible contracts | Delivery rate | Tick size | Fulfilment |
| 8:00 am to 6:00 pm (CET) | Day, weekend, the current week and the next four weeks, the current month and the next six months, seven quarters and six years | 1 MW | € 0.01 per MWh | Cash settlement |
EEX Wind Power Future
Increasing power generation from renewables (e.g. wind power), in combination with the uncertainty of weather, leads to a steadily growing price impact for conventional power revenues. At the same time, there is an expanding number of companies with considerable volume risk from their wind park portfolios. EEX offers an effective tool to manage both of these aspects.
EEX introduces Wind Power Futures as a standardised exchange-traded wind power derivative to enable the dedicated hedging of the wind power generation risk. The underlying is based on an internationally accredited index provided by EuroWind. Order book trading guarantees transparent pricing while counterparty risk is eliminated through clearing via ECC.
EEX German Power Future
Advantages
- The EEX German Power Future is the most liquid contract for European power with fast growing open interest and trading volumes for maximum liquidity.
- The underlying of the EEX German Power Future is the day-ahead price for the market area, which contains the AMPRION control zone, which is equivalent to standard terms in bilateral agreements
Product Overview
The EEX German Power Future is a financial derivatives contract referring to the average power spot market price future delivery periods of the German market area.
- The EEX German Power Future enables hedging against price risk for the German Power market.
- EEX German Power Futures are available as base load and peak load contracts.
- Maturities cover Day, Week, Weekend, Month, Quarter and Year contracts on the regulated market.
- The underlying of the EEX German Power Futures is the day-ahead price for the market area, which contains the AMPRION control zone, equivalent to standard terms in bilateral agreements.
Power Future Spreads
Location Spread Products - Trading price differences between the different EEX markets
EEX offers location spread products with guaranteed execution for selected financially settled power futures. The spreads enable trading participants to efficiently trade the price differences between these delivery areas.
In total, 38 different spreads are available for trading.
The Location-Spreads are available for the following combinations:
Power Futures Spreads Product Overview
EEX Austrian Power Future
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base, Peak
| Month, Quarter, Year |
EEX Belgian Power Future
| EEX Belgian Power Future against EEX French Power Future | Base, Peak
| Month, Quarter, Year
| ||
| EEX Dutch Power Future against EEX Belgian Power Future | Base, Peak
| Month, Quarter, Year |
EEX Dutch Power Future
| EEX Dutch Power Future against | Base
| Month, Quarter, Year
|
| EEX Dutch Power Future against | Base, Peak
| (Week), Month, Quarter, Year
|
| EEX Dutch Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Dutch Power Future against | Base, Peak
| (Week), Month, Quarter, Year |
EEX French Power Future
| EEX Belgian Power Future against | Base
| Month, Quarter, Year
|
| EEX Dutch Power Future against | Base, Peak
| (Week), Month, Quarter, Year
|
| EEX Italian Power Future against | Base, Peak
| Week, Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base, Peak
| Week, Month, Quarter, Year
|
| EEX Spanish Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX Swiss Power Future against | Base
| Week, Month, Quarter, Year |
EEX German Power Future
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Dutch Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Italian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Swiss Power Future against | Base
| Month, Quarter, Year |
EEX German/Austrian Power Future
| EEX German/Austrian Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German/Austrian Power Future against | Base, Peak
| Month, Quarter, Year |
EEX Greek Power Future
| EEX-PXE Hungarian Power Future against | Base
| Month, Quarter, Year
|
| EEX Italian Power Future against | Base
| Month, Quarter, Year |
EEX Italian Power Future
| EEX Italian Power Future against | Base, Peak
| Week, Month, Quarter, Year |
| EEX Italian Power Future against | Base
| Month, Quarter, Year |
| EEX Italian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Italian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX Italian Power Future against | Base, Peak
| Week, Month, Quarter, Year
|
| EEX Italian Power Future against | Base
| Week, Month, Quarter, Year |
| EEX Italian Power Future against | Base, Peak
| Week, Month, Quarter, Year
|
| EEX Italian Power Future against | Base
| Week, Month, Quarter, Year |
EEX Nordic Power Future
| EEX German Power Future against | Base | Month, Quarter, Year |
| EEX German/Austrian Power Future against EEX Nordic Power Future | Base | Week, Month, Quarter, Year |
EEX-PXE Bulgarian Power Future
| EEX-PXE Hungarian Power Future against EEX-PXE Bulgarian Power Future | Base
| Week, Month, Quarter, Year |
EEX-PXE Czech Power Future
| EEX-PXE Czech Power Future against | Base, Peak
| Month, Quarter, Year |
| EEX-PXE Czech Power Future against | Base, Peak | Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year |
EEX-PXE Hungarian Power Future
| EEX-PXE Hungarian Power Future against | Base | Week, Month, Quarter, Year |
| EEX-PXE Hungarian Power Future against | Base | Month, Quarter, Year |
| EEX-PXE Hungarian Power Future against | Base, Peak | Month, Quarter, Year |
| EEX-PXE Hungarian Power Future against | Base | Week, Month, Quarter, Year |
| EEX-PXE Hungarian Power Future against | Base, Peak | Week, Month, Quarter, Year |
EEX-PXE Polish Power Future
| EEX-PXE Czech Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX-PXE Slovakian Power Future against | Base, Peak
| Month, Quarter, Year |
EEX-PXE Romanian Power Future
| EEX-PXE Hungarian Power Future against | Base, Peak
| Month, Quarter, Year |
EEX-PXE Serbian Power Future
| EEX-PXE Hungarian Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX Italian Power Future against | Base
| Week, Month, Quarter, Year
|
| EEX German Power Future against | Base
| Week, Month, Quarter, Year |
EEX-PXE Slovakian Power Future
| EEX-PXE Slovakian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX-PXE Slovakian Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX German Power Future against | Base, Peak
| Month, Quarter, Year
|
| EEX-PXE Czech Power Future against | Base, Peak
| Month, Quarter, Year |
EEX-PXE Slovenian Power Future
| EEX-PXE Hungarian Power Future against | Base, Peak
| Week, Month, Quarter, Year
|
| EEX Italian Power Future against | Base, Peak
| Week, Month, Quarter, Year |
EEX Spanish Power Future
| EEX Spanish Power Future against | Base
| Week, Month, Quarter, Year |
EEX Swiss Power Future
| EEX Swiss Power Future against | Base | Week, Month, Quarter, Year |
| EEX Swiss Power Future against | Base | Month, Quarter, Year |
| EEX Swiss Power Future against | Base | Week, Month, Quarter, Year |
| EEX Italian Power Future against | Base | Week, Month, Quarter, Year |
The number of tradable contracts results from the underlying legs.
Cascading
EEX Power Futures are underpinned by the cascading methodology of delivery, which is managed by EEX’s clearing house, ECC.
Physical Fulfilment Service
EEX, in cooperation with EPEX SPOT, offers a Physical Fulfillment Service to enter bids in the corresponding EPEX SPOT day-ahead auction according to the participants' respective position in an EEX power futures product. This service is available for trading participants simultaneously admitted to participate in the EEX power futures market and the EPEX SPOT power spot market.
The service is offered for the following EEX power futures products:
- EEX German Power Future / Week and month contracts
- EEX Austrian Power Future / Month contracts
- EEX German/Austrian Power Future / Month contracts
- EEX French Power Future / Week and month contracts
- EEX Dutch Power Future / Week and Month contracts
- EEX Swiss Power Future / Week and month contracts
- EEX Belgian Power Future / Month contracts
- EEX GB Power Future / Week and Month contracts
Access to the Physical Fulfilment Service
In order to use the Physical Fulfilment Service, a separate PHYFUL Portfolio is required for the respective market area, which can be applied for at EPEX SPOT. Fees can be found in the current price list of EPEX SPOT.
Initiation of physical fulfilments
| Automatically via EEX Initiation Service | Manual via trading participants |
|---|---|
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|
Trading participants, who would also like to use the additional EEX initiation service, can subscribe via this additional service order form.
Following the successful auction, the nomination takes place according to the concluded spot transaction(s) based on the valid trading conditions of EPEX Spot and clearing conditions of ECC.
OTF Power Futures
Trading Non-Financial Instruments at EEX
When MiFID II became effective on 3rd January 2018, EEX transferred its Non-MTF offering for non-financial instruments into Organised Trading Facilities (OTFs). Within the transition, all Non-MTF products became OTF products.
The OTF markets enable participants who wish to fulfil their positions physically to trade without fulfilling requirements that had originally been designed for financial markets.
EEX lists financial as well as non-financial instruments on the OTF markets. Products on the OTF which "can be physically settled" are classified as financial instruments while products which "must be physically settled" are classified as non-financial instruments according to MiFID II, the latter being exempt from certain obligations of MiFID II and other financial regulation.
Advantages of trading OTF products at EEX
- Products on the OTF which "must be physically settled" are classified as non-financial instruments according to MiFID II, the latter being exempt from certain obligations of MiFID II and other financial regulation.
- High standards of transparency and supervision
- OTF trading venues expand the scope of service.
| Contract Specifications | |||||
|---|---|---|---|---|---|
| 2020-01-01 | EEX OTF Contract Specifications 002a - German | English* | zip (1 MB) | |||
| 2020-01-01 | EEX OTF Contract Specifications – History | zip (1 MB) | |||