"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 % (since the launch in April 2017):
Advantages of Trading Phelix-DE Futures
- The Phelix-DE Future is the most liquid 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
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 Code||Long Name||WKN||ISIN|
|DB01 - DB34||Phelix-DE Base Day Future|
|DEB1 - DEB5||Phelix-DE Base Week Future|
|DEBM||Phelix-DE Base Month Future||A2DB1F||DE000A2DB1F4|
|DEBQ||Phelix-DE Base Quarter Future||A2DB1G||DE000A2DB1G2|
|DEBY||Phelix-DE Base Year Future||A2DB1H||DE000A2DB1H0|
|DP01 - DP34||Phelix-DE Peak Day Future|
|DEP1 - DEP5||Phelix-DE Peak Week Future|
|DEPM||Phelix-DE Peak Month Future||A2DB1J||DE000A2DB1J6|
|DEPQ||Phelix-DE Peak Quarter Future||A2DB1K||DE000A2DB1K4|
|DEPY||Phelix-DE Peak Year Future||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.
|Preparation for the Split of the Power Market Bidding Zone between Germany and Austria|
Customer Information 2018/04/09
|EEX Exchange Council determines weighting of the Phelix DE/AT-Index|
Press Release 2017/06/07
|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
|EEX to launch Phelix-AT Futures and additional Phelix-DE Futures and Options in light of potential bidding zone split|
Customer Information 201705/16
|EEX to launch Austrian Power Future and extend Phelix-DE Future products|
Press Release 2017/05/16
|Technical information on the introduction of Phelix DE Futures|
Customer Information 2017/04/21
|Action required - New power products: Phelix DE Futures|
Market Data Circular 2017/04/18
|to the message|
|Further information on the introduction of Phelix DE Futures|
Customer Information 2017/04/13
|EEX to launch Phelix DE Futures on 25 April 2017|
Customer Information 2017/04/11
|EEX to launch power futures for Germany|
Press Release 2017/04/11
© 2017 European Energy Exchange AG