In a market environment characterised by uncertainty, EEX Group in 2022 succeeded in consolidating its position as the leading exchange group for energy and commodity products and in ensuring stability in the energy market. Peter Reitz, CEO of EEX, comments: "The past year illustrates the important role of exchange trading. Open markets are essential for secure and transparent energy markets and make an important contribution to security of supply, especially in turbulent times. This was particularly evident in the gas markets in 2022, where the need for hedging instruments was exceptionally high due to the tight supply situation." With a total volume of 6,669.5 TWh, EEX Group increased its trading volumes on the Natural Gas markets by 112% to a record high.
The current political and economic situation caused a significant decline in trading volumes on the Power markets of EEX Group. Extraordinarily high prices on the European Power markets and the resulting increase in requirements for the collateral to be deposited caused trading participants on the derivatives market to exercise restraint. Trading volumes on EPEX SPOT's spot markets remained largely stable, while trading on the power futures markets in Japan and the USA increased. Overall, the Power trading volume of EEX Group was 14% below the previous year at 6,350.3 TWh. Despite an overall market compression, EEX Group consolidated its leading position in global power trading with this result in 2022.
With growth of 51%, the EEX derivatives market for Dairy products achieved a new record year, and the total trading volume for Agriculturals rose by 25% to 57,981 contracts. In North America, trading for Environmental products in the growing market also developed positively with an increase of 13%.
The Power trading volume within EEX Group markets decreased by 14% to 6,350.3 TWh in 2022. In an overall shrunken market, the Group increased its market share in derivatives trading from 46% to 59%.
- The European Power spot markets, operated by EPEX SPOT, recorded a slight decline to 616.4 TWh (2021: 629.5 TWh). The Intraday markets, which are key for implementing the energy transition, grew by 9%.
- Trading volumes on European futures markets totalled 3,343.8 TWh, down 27% compared with 2021. In particular, the decline is attributable to significantly lower volumes in German
(-27%) and Spanish Power futures (-52%). Despite this development, EEX substantially expanded its market shares, for German Power Futures from 52% to 72% and Spanish Power Futures from 76% to 80%. In addition, trading volumes in Belgium (+70%), the Netherlands (+74%) and the Nordic countries (+19%) increased noticeably.
- On Nodal Exchange’s US Power futures markets, volumes rose by 8% year-on-year to 2,383.4 TWh, a new annual record.
- The emergent Japanese Power derivatives market continues to establish itself: In its third year a volume of 6,744.9 GWh was traded, a 2% increase compared to the previous year. The market share of EEX in the exchange-traded power volume in Japan amounted to 83% in 2022.
Volumes on the Natural Gas markets of EEX Group totalled 6,669.5 TWh, 112% higher than in the previous year.
- On the European spot markets, volumes increased by 85% to 3,426 TWh. This development was driven by increased activity in the German Gas market THE (+89%), the Dutch TTF (+91%) and the Belgian ZTP (+105 %).
- European Gas derivatives markets grew by 164% to 3,135.5 TWh. The positive trend from previous years was broadly accelerated in almost all market areas: THE trading grew by 572%, TTF by 101%, and the French PEG by as much as 615%.
- The US Natural Gas markets operated by Nodal Exchange remained stable with a trading volume of 108.0 TWh (2021: 108.8 TWh).
EEX Group’s Environmental markets developed in different directions in the past year: Growth in North America contrasted with a decline in Europe.
- The European emissions markets reached a volume of 1,199.1 million tons of CO2, 28% below the previous year.
- Nodal Exchange's North American Environmental markets achieved record volumes of 280,503 contracts in 2022, up 13% from 2021. Nodal, which already offers the largest portfolio of environmental contracts in the world, further expanded its product range by entering the Voluntary Carbon Market (VCM).
- At the end of 2022, EEX was awarded the German Federal Environment Agency’s new tender for the auctioning of emission allowances on behalf of the Federal Republic of Germany. Starting in January 2024, EEX will continue to conduct the weekly auctions on behalf of Germany in the framework of the EU Emissions Trading Scheme (EU ETS) for another three years.
After setting a record for the year last year, Freight markets reached a total volume of 795,190 contracts (-21%) in 2022.
- Trading in Freight Options increased by 12% to 133,385 contracts.
- Trading in Freight Futures decreased by 26% to 661,805 contracts.
Agricultural products showed notably positive developments in 2022: With an increase of 25%, a total trading volume of 57,981 contracts was achieved.
- With a trading volume of 41,537 contracts (+51%), the Dairy derivatives market reached a new annual high. The previous record volume was already exceeded in September. This positive trend shows the increasing importance of exchange-based risk management instruments for Milk and Dairy products in Europe. Meanwhile, trading in Processing Potatoes decreased by 13% to 16,444 contracts.
Looking at the current year, Peter Reitz adds: "Our increased market shares show that our customers find security with us in turbulent times. As the world's leading exchange group for energy and commodity products, we are in a good position to shape the future together with the market players and to continue actively drive the energy transition forward."
The complete overview of EEX Group annual volumes 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 800 trading participants. EEX Group consists of European Energy Exchange (EEX), EPEX SPOT, EEX Asia, Power Exchange Central Europe (PXE) 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
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