Today’s launch of gas trading on European Energy Exchange AG (EEX) was very successful both on the Spot and on the Derivatives Market. Until 02:00 pm, 8 trading participants (BKW FMB Energie AG, Dong Naturgas AS, Electrabel S.A Belgium, E.ON Ruhrgas AG, RWE Trading GmbH, Stadtwerke Hannover, Verbundnetz Gas AG, 24/7 Trading GmbH-Ein Unternehmen der MVV Energie Gruppe) of a total of 26 licensed trading participants participated actively in trading. On the Spot Market, for which 20 trading participants have been licensed so far, a volume of 2,400 MWh of natural gas was traded. In this process, prices of between EUR 11.60 and EUR 12.50 per Megawatt hour were paid in continuous trading. Trading on the Spot Market referred to the BEB grid area; as of October 2007, gas Spot trading will also be launched in the grid area of E.ON Gastransport. A total of 26 trading participants is licensed to trade on the Derivatives Market. On this market, a volume of 66,270 MWh was traded and a price of EUR 19.20 was paid for the fourth quarter of 2007.
As an offer for the market and in order to make the entry into trading even more attractive for the trading participants the transaction fees for natural gas will be reduced until the end of the year 2007.
“The successful launch of gas trading constitutes another strategic milestone in the implementation of our multi-product approach and on the path towards a European energy exchange“, the CEO of the European Energy Exchange, Dr. Hans-Bernd Menzel, is pleased about the course of the first day of trading. “We see the high degree of interest with which gas trading meets as confirmation of our product and growth strategy.”
Following detailed examinations of the opportunities and risks of gas trading, the exchange council of EEX advocated its launch on the European Energy Exchange in September of last year and established a traders’ task force in order to prepare the market entry in which more than 80 participants took part.
On the Spot Market, natural gas is traded for the next and next but one day and, moreover, the weekend is traded up to two days ahead. On the Derivatives Market, natural gas is traded for the current month, for the respective next six months, seven quarters and six calendar years.
European Energy Exchange (EEX) operates a Spot and a Derivatives Market for energy products. With more than 170 trading participants from 19 countries, it is the energy exchange in continental Europe which boasts the biggest number of trading participants and the highest turnover. Power, CO2 emission allowances, coal and gas are traded both short-term on the Spot Market and long-term on the Derivatives Market with a time horizon of up to six years into the future. Clearing of exchange and overthe- counter transactions (OTC clearing) is provided by European Commodity Clearing AG (ECC). ECC is the clearing house of EEX and a subsidiary of the exchange.