We develop global power markets.
EEX is continuously expanding its range of products for the power market in close cooperation with its customers.
On the subsequent pages, you will find an overview of our current initiatives and success stories.
Central and South-Eastern European Power
#EuropeanExpansion - Central and South-Eastern European Power
EEX's offering for the Eastern-European power markets comprises European power futures for the Bulgaria, Czech Republic, Hungary, Poland, Serbia, Slovakia, Slovenia and Romania. All products are offered with weekly, monthly, quarterly and yearly maturities.
Since the migration of Power Exchange Central Europe (PXE) products onto the EEX platform in 2017, liquidity in cleared power futures in the Central-South-Eastern-Europe region has almost doubled every year thereafter. In 2019, EEX achieved a record trading volume of 185 TWh in this region, up from 102 TWh in 2018.
To further strengthen this positive development of liquidity in the CSEE region, EEX has expanded its product offering in 2019 by launching cash-settled futures contracts for Slovenia, Serbia and Bulgaria, bringing the total number of power markets at EEX to 20.
Hungary now the 4th largest power market at EEX!
This very positive trend in volume growth was predominantly driven by the strong development of the Hungarian market, which is now the 4th largest power market in terms of traded volume on EEX’s European power derivatives platform, behind Germany, Italy and France! And with 61 TWh already traded at EEX in Hungarian Power Futures by end of Q1/2020, volumes are up already 142% against Q1/2019 and well on track for another record year.
While the Hungarian power market has already firmly established itself as liquid power derivatives market, it will likely become even more interesting to trade in 2021, when market coupling across Central Western and Central and Eastern Europe is planned to go live. This flow-based market coupling project, aiming to connect Germany, Austria, The Netherlands, Poland, Slovenia, Croatia and the 4MC bloc, namely Czech Republic, Hungary, Slovakia and Romania, is due to start mid of 2021, according to a statement from cross-border allocation office JAO in March.
Power Purchase Agreements (PPA) Hedging?
Trading at EEX increases security and standardisation of Power Purchase Agreements (PPA) hedging and, as a result, provides the tools to actively support the energy transition in Europe. By hedging long-term price risk via our standard EEX power futures, we enable our members to hedge against the risk of future price changes up to six years ahead.
PPAs are long-term contracts between a party generating and selling electricity and a party purchasing electricity. They are specific agreements under which electricity traded between the two parties comes from a renewable energy source, and a company buys the electricity in order to help meet their energy demand.
PPAs are usually necessary to finance renewable energy projects. As such, they are a key enabler of new Renewable Energy developments. Purchasers are attracted by lower prices and the ‘green credentials’ in having their power supply come from 100% renewable sources. PPAs are often fixed for long periods, up to 10 years or even more, to ensure revenue security for the developer.
However, these long-term agreements bear certain risks. Most PPAs are financially settled, which means the price is fixed between the generator and the offtaker, but the actual power produced is sold on the Spot Market. This creates price risk.
In order to mitigate price and counterparty risk and secure long-term cash flows, EEX already offers cleared cash-settled futures contracts up to 6 years ahead in all major European power markets. To enable members to hedge a greater portion of their PPA risk, EEX is currently investigating listing further calendar expiries.
EEX German Power Future (Phelix-DE)
In 2017, EEX launched financially settled power futures for Germany (EEX German Power Future) in response to the planned split of the German-Austrian price zone. Since then, the EEX German Power Future has established itself as the benchmark contract for European power. Liquidity has clearly shifted from EEX German/Austrian Power Future to the EEX German Power Future, also in maturities before the impending split of the German-Austrian price zone. As EEX German Power Future covers the AMPRION control zone, the new product better serves the needs of the German power trading community.
„The EEX German Power Future is the right product for the future of German power trading. It has brought back confidence to the German power trading community.“
Steffen Riediger, Head of European Power Derivatives
Volume Share: EEX German/Austrian Power Future and EEX German Power Future in % (since the launch in April 2017)
Advantages of Trading EEX German Power Future
- 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
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.
|Eurex Code||Long Name||WKN||ISIN|
|DB01 - DB34||EEX German Power Base Day Future|
|DEB1 - DEB5||EEX German Power Base Week Future|
|DEBM||EEX German Power Base Month Future||A2DB1F||DE000A2DB1F4|
|DEBQ||EEX German Power Base Quarter Future||A2DB1G||DE000A2DB1G2|
|DEBY||EEX German Power Base Year Future||A2DB1H||DE000A2DB1H0|
|DP01 - DP34||EEX German Power Peak Day Future|
|DEP1 - DEP5||EEX German Power Peak Week Future|
|DEPM||EEX German Power Peak Month Future||A2DB1J||DE000A2DB1J6|
|DEPQ||EEX German Power Peak Quarter Future||A2DB1K||DE000A2DB1K4|
|DEPY||EEX German Power Peak Year||A2DB1L||DE000A2DB1L2|
Background: German-Austrian price zone split
The decision of the German Federal Network Agency BNetzA and the ongoing debate among regulators and political institutions concerning a potential split of the German/Austrian price zone have led to increasing uncertainty in the market which resulted in decreasing trading volumes.
|2018-09-04||Preparation for the Split of the Power Market Bidding Zone between Germany and Austria||Documents||Phelix-DE||pdf (68 KB)|
|2017-06-07||Exchange Council approves weighting of the Phelix-DE/AT index in case of the split of the German/Austrian bidding zone||Documents||Phelix-DE||pdf (209 KB)|
|2017-06-07||EEX Exchange Council determines weighting of the Phelix DE/AT-Index||Documents||Phelix-DE||pdf (39 KB)|
|2017-05-16||EEX to launch Phelix-AT Futures and additional Phelix-DE Futures and Options in light of potential bidding zone split||Documents||Phelix-DE||pdf (209 KB)|
|2017-05-16||EEX to launch Austrian Power Future and extend Phelix-DE Future products||Documents||Phelix-DE||pdf (33 KB)|
|2017-04-21||Technical information on the introduction of Phelix DE Futures||Documents||Phelix-DE||pdf (193 KB)|
|2017-04-13||Further information on the introduction of Phelix DE Futures||Documents||Phelix-DE||pdf (147 KB)|
|2017-04-11||EEX to launch power futures for Germany||Documents||Phelix-DE||pdf (148 KB)|
|2017-04-11||EEX to launch Phelix DE Futures on 25 April 2017||Documents||Phelix-DE||pdf (176 KB)|
EEX Japanese Power
As Japan continues to follow the course of ongoing deregulation in its Power market, the demand for cleared long-term contracts and further hedging instruments continues to grow.
EEX Group, the largest power exchange group in the world, is committed to developing such a cleared long-term market for Japanese Power by combining best practices from 20 international power markets with domestic Japanese specifics.
In May 2020, EEX will launch Trade Registration services for the Japanese power market.
This new product offering, will be the first Asian market area on the EEX Power Derivatives platform and the first EEX Group product specifically built for the Asian market.
EEX Group will work continuously to support the further development of the fast-growing and exciting market, working in close partnership with the industry, both in Japan and overseas, in order to provide the market with risk management tools to hedge against price risks, thereby increasing the overall transparency and security of the market.
|2020-01-22||Contract Specifications Trade Registration - EEX Japanese Power | 商品仕様||Documents||pdf (332 KB)|
|2020-01-22||Peak Delivery Calendar | ピークロードカレンダー||Calendar||pdf (156 KB)|
|2020-01-22||Holiday Calendar||Calendar||Holiday Calendar||pdf (193 KB)|
|2020-01-22||Fees||Documents||pdf (175 KB)|
|2020-01-22||List of Clearing Banks | 主要なクリアリング銀行||Documents||pdf (348 KB)|
|2020-01-22||List of Brokers||Documents||pdf (181 KB)|
|2020-01-20||EEX Japanese Power Futures - Presentation||Documents||pdf (2 MB)|