Phelix-DE Futures

"The Phelix-DE 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

  

In 2017, EEX launched financially settled power futures for Germany (Phelix-DE Future) in response to the planned split of the German-Austrian price zone. Since then, the Phelix-DE Future has established itself as the benchmark contract for European power. Liquidity has clearly shifted from Phelix-DE/AT Futures to the Phelix-DE product for the German market, also in maturities before the impending split of the German-Austrian price zone. As Phelix-DE covers the AMPRION control zone, the new product better serves the needs of the German power trading community.

Volume Share: Phelix-DE/AT and Phelix-DE Future in % (until 12 January 2018):

Advantages of Trading Phelix-DE Futures

  • The Phelix-DE Future is the new benchmark contract for European power with fast growing open interest and trading volumes for maximum liquidity
  • The underlying of the Phelix-DE 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 Phelix-DE Future is a financial derivatives contract referring to the average power spot market price future delivery periods of the German market area.

  • The Phelix-DE Future enables hedging against price risk for the German Power market.
  • Phelix-DE 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 Phelix-DE Future is the day-ahead price for the market area, which contains the AMPRION control zone, equivalent to standard terms in bilateral agreements.
Eurex CodeLong NameWKNISIN
DB01 - DB34Phelix-DE Base Day Future
DEB1 - DEB5Phelix-DE Base Week Future
DEBMPhelix-DE Base Month FutureA2DB1FDE000A2DB1F4
DEBQPhelix-DE Base Quarter FutureA2DB1GDE000A2DB1G2
DEBYPhelix-DE Base Year FutureA2DB1HDE000A2DB1H0
DP01 - DP34Phelix-DE Peak Day Future
DEP1 - DEP5Phelix-DE Peak Week Future
DEPMPhelix-DE Peak Month FutureA2DB1JDE000A2DB1J6
DEPQPhelix-DE Peak Quarter FutureA2DB1KDE000A2DB1K4
DEPYPhelix-DE Peak Year FutureA2DB1LDE000A2DB1L2

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.

Messages

EEX Exchange Council determines weighting of the Phelix DE/AT-Index
Press Release 2017/06/07

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Exchange Council approves weighting of the Phelix-DE/AT index in case of the split of the German/Austrian bidding zone
Customer Information 2017/06/07
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EEX to launch Phelix-AT Futures and additional Phelix-DE Futures and Options in light of potential bidding zone split
Customer Information 201705/16
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EEX to launch Austrian Power Future and extend Phelix-DE Future products
Press Release 2017/05/16
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Technical information on the introduction of Phelix DE Futures
Customer Information 2017/04/21
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Action required - New power products: Phelix DE Futures
Market Data Circular 2017/04/18
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Further information on the introduction of Phelix DE Futures
Customer Information 2017/04/13
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EEX to launch Phelix DE Futures on 25 April 2017
Customer Information 2017/04/11
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EEX to launch power futures for Germany
Press Release 2017/04/11
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