EEX Group concluded another record year, with further expansion of its global market position in 2025, driven by significant volume growth across its major asset classes, such as power, natural gas, as well as guarantees of origin and freight.
The year was also characterised by significant milestones, such as the successful launch of the quarter-hourly auction products for the power day-ahead markets, the connection of the Baltic and Finnish gas markets to the EEX trading platform, as well as the further expansion of product portfolio underpinning the support for sustainable markets, including new guarantees of origin as well as EU ETS-2 related futures products.
Peter Reitz, CEO of EEX, comments: “In our 25th year, we achieved many successes across the board. I’m especially delighted that we see large interest both in our well-established as well as in our newly-added products. For example in the power derivatives market, the Japanese power volume doubled year-on-year in its fifth year of operation and also the Nordic power markets picked up pace in the second part of 2025. As a result, in terms of volume, we were able to maintain our position as both the largest power and gas spot exchange platform world-wide and I believe in the continued growth throughout 2026."
Power markets continue growth
In 2025, the total EEX Group global power volume increased by 9% to 13,493.7 TWh.
- The European power spot markets increased by 6% to 917.5 TWh, with increases both on the day-ahead (+ 3%) and intraday markets (+13%).
- The European power derivatives markets grew by 11% to 9,330.3 TWh. The biggest volume expansion year-on-year performed the Spanish (+36%), Hungarian (+34%) and French (+21%) Power Futures, while the French Power Futures also reached a new record in December at 180.6 TWh (+50% against Dec. 2024).
- In 2025, the volume on the German Power Futures markets exceeded 6,000 TWh for the first time. Throughout the year EEX’s market share in net open interest in cleared German Power Futures steadily increased from 88% to 91%, according to ESMA’s open interest data. With that, EEX strengthened its position as the most liquid market platform for German power trading last year again.
- Nordic power has seen significant and consistent growth over the last four months of the year, following the launch of the comprehensive incentive programme, with significant increases in the trading month December (+979%) compared to the same month in the previous year.
- Coming from a very strong year 2024, the US power derivatives markets reached a volume of 3,096.7, which is a 4% increase year-on-year.
- The Japanese power derivatives market concluded a very successful year, doubling the annually traded volume of year-on-year, reaching 149.2 TWh in 2025 (+105%). In addition, December saw a new monthly record of 17.5 TWh in this market.
Significant increases in European natural gas trading
- The total EEX Group natural gas volumes increased by 24% YoY, reaching a new annual record at 8,823.2 TWh.
- The European natural gas spot markets grew by 18% to 3,428.7 TWh. This positive development was supported by a strong performance in the German THE market (+25%). The UK, Belgian, Czech and Danish gas spot markets also showed a promising development.
- Trading in European gas derivatives rose by 30% to 5.113,9 TWh. Growth drivers were in particular the German THE (+59%) and Dutch TTF (+25%) market. EEX also saw an excellent development on the Belgian ZTP Gas Futures market which more than tripled to 104.7 TWh as well as the Italian Gas Futures (PSV) which increased by 78%.
- In September 2025, EEX integrated trading of Baltic-Finnish gas products, previously offered by the GET Baltic exchange, onto its platform and achieved a record trading volume in these markets in 2025. The Baltic Finnish spot markets reported an 39% growth to 11.6 TWh, while the volume in gas derivatives tripled, reaching a total of 232.1 GWh.
- The natural gas volumes traded in the US remained stable at 280.7 TWh in 2025.
Hightlights from the environmental and freight markets
- Trading in European emissions allowances resulted in a volume of 1,316.3 million tonnes of CO2 in 2025 which is a slight decrease as against 2024.
- Volumes auctioned off at EEX in the primary auctions and sold within the nEHS remained almost stable. In 2025, roughly EUR 60 billion was generated for the member states, which mostly aim to use these proceeds on climate protection plans.
- In the secondary market, EUA options trading surged, reaching almost 5 million tonnes of CO2 (2024: 0,003 million tonnes of CO2). Furthermore, in December the European EUA Futures markets rose by 279% YoY, driven by a strong development in the secondary markets.
- The EEX GO Futures segment saw its first full year of trading, contributing a volume of 36.2 TWh. Since launch in September 2024, EEX registered a steady growth on this market, with volumes traded in all contracts and increasing number of participants. Throughout the year the multilateral GO spot auctions conducted by EPEX SPOT resulted in a volume of 4,324.3 TWh.
- Finally, the EEX Global Freight markets registered an overall 16% year-on-year growth, with a positive market development both in futures and options trading, marking a new annual volume record at 1,233,411 lots.
The full press release in English and German is available below.
The full overview of EEX Group volumes for the year 2025 is available below.
The December monthly volumes in detail are available below.
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 1,000 trading participants. EEX Group consists of European Energy Exchange (EEX), EPEX SPOT, Power Exchange Central Europe (PXE), GET Baltic, Nodal Exchange and the 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.
