In March 2014, the total volume in power derivatives on the European Energy Exchange (EEX) amounted to 132.0 TWh which is an increase of 38 percent compared to the same month of the previous year (March 2013: 95.7 TWh).
In March, 61.5 TWh have been registered at EEX for trading via European Commodity Clearing (ECC). Since 19 March 2014, EEX also offers a Trade Registration service for Spanish Power Futures. During the month, a volume of 14,640 MWh was registered in the new product. Furthermore, Trade Registration for Italian Power Futures reached a new monthly record, exceeding the mark of 5 TWh for the first time. This was the highest volume registered for clearing since the launch of this product in October 2013. On 7 April 2014, EEX will also launch an exchange order book for this market.
The Power Derivatives Market volumes are broken down as follows:
Power |
March 2014 |
March 2013 |
Total trading volume |
131,954,897 |
95,657,427 |
Phelix Futures |
120,766,328 |
92,578,754 |
French Futures |
2,939,735 |
870,173 |
Dutch Futures |
34,025 |
- |
Italian Futures (Trade Registration) |
5,113,289 |
- |
Spanish Futures (Trade Registration) |
14,640 |
- |
Phelix Options |
3,086,880 |
2,208,500 |
- The base load price for the year 2015 in the product Phelix Future (market area Germany/Austria) was quoted at EUR 34.27 per MWh on 31 March 2014.
- The peak load price for 2015 in the product Phelix Future was quoted at EUR 43.92 per MWh.
Emission Allowances
On the EEX Market for Emission Allowances, a total volume of 72.0 million tonnes of CO2 was traded in March compared with 74.3 million tonnes of CO2in March 2013. During the month, Primary Market Auctions contributed 56.0 million tonnes of CO2 to the total volume. Due to the back-loading decision, auctions at EEX are conducted with a reduced volume since mid-march. Volumes on the Secondary Market increased in both short-term and long-term trade. In particular, EEX recorded a significant increase on the secondary derivatives market for EU allowances: Compared to the previous year, the volume increased more than 12-fold to 14.3 million tonnes of CO2 (March 2013: 1.1 million tonnes of CO2).
The volumes traded in Emission Allowances were as follows:
Total trading volume |
71,975,500 |
74,340,000 |
EUA Spot Market - Secondary Market: |
57,674,500 |
73,203,000 |
CER Spot Market |
115,000 |
0 |
EUA Derivatives Market |
14,301,000 |
1,137,000 |
- In March, the monthly average of the ECarbix (European Carbon Index) amounted to EUR 6.16 per EUA.
- On the EUA Derivatives Market, the daily settlement price in the front year contract (Dec-2014) varied between EUR 4.14 per EUA and EUR 7.00 per EUA.
New Participants
In March, EEX admitted Castleton Commodities Merchant Europe Sàrl, Geneva, for trading on the Spot and Derivatives Market for Natural Gas. ENOVOS Luxembourg S.A., Strassen, extended its admission to trading in Guarantees of Origin. Furthermore, in March, 17 participants were admitted for the registration of Spanish Power Futures. Intermonte Holding SIM S.p.A, Milan, became a new trading participant on the EEX Spot and Derivatives Market for Emission Allowances. In the context of the “Auction only”-membership, HEP d.d. was admitted for participation in the Primary Market Auctions. With HEP d.d., EEX welcomes its first participant from Croatia.
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2emission allowances, coal and guarantees of origin are traded. In the context of its majority shareholding in Cleartrade Exchange (CLTX), EEX additionally offers the markets for freight, iron ore, fuel oil and fertilizer. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing AG (ECC). EEX is a member of Eurex Group.