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The European Energy Exchange (EEX) enjoyed a successful 2015 and was able to further extend and strengthen its position as the leading European energy exchange. As a result of the expansion of EEX Group with Powernext and EPEX SPOT, which have been fully consolidated since 2015, and Gaspoint Nordic as well as the introduction of new products, it was able to significantly increase its trading volumes and gain further market shares compared to the over-the-counter market.
“The expansion of EEX Group was an important element of our success in 2015”, explains Peter Reitz, Chief Executive Officer of EEX. “As a result, we are now able to fulfil our customers’ needs, by giving them access to trading and clearing of the most important energy and commodity products within the context of a one-stop shop.”
Overall, a record volume of 3,061.5 TWh was sold on the Power Spot and Derivatives Markets (2014: 1,952.4 TWh) which is a year on year increase of 57%. This volume included the markets of EEX, EPEX SPOT and, from May 2015 onwards, APX (incl. Belpex).
On the Power Spot Market of EPEX SPOT (incl. APX-Belpex since May 2015), 524.4 TWh were traded (2014: 382.0 TWh), setting a new record with a year on year increase of 37%. Day-ahead trading increased to 471.6 TWh (+34%), while the intraday market totalled 52.8 TWh (+72%). In 2015, the integration of APX was another important milestone for EPEX SPOT, which resulted in an extended product offering and the introduction of products for the Netherlands, UK and Belgium. Taking into account the volume that was traded on APX before the integration, the total volume of EPEX SPOT and APX amounted to 565.9 TWh in 2015. This is an increase of 19 percent compared to the previous year.
For the first time, the Power Derivatives Market achieved a total volume of more than 2,000 TWh (2,537.1 TWh) representing a year on year increase of 62% (2014: 1,570.4 TWh). This achievement was driven, in particular, by the markets for Germany (1,746.7 TWh, +31%), France (298.9 TWh, +261%) and Italy (396.3 TWh, +243 percent). EEX was able to further increase its market share on all of these from 25 to 31 % in Germany, from 9 to 24 % in France and from 16 to 49 % in Italy. Additionally, the volume in options trading for Germany more than doubled to 66.8 TWh, (2014: 32.6 TWh).
In 2015, EEX also significantly expanded its product portfolio on the Derivatives Market with the introduction of exchange trading for the United Kingdom, Spain, Switzerland and the Nordic market. EEX also launched short-term products (day and weekend futures) as well as options for France, Italy, Spain and the Nordics.
Together, EEX and EPEX SPOT developed further products in 2015 giving trading participants the flexibility required for the successful integration of renewable energies. With the Cap Future, which uses the EPEX SPOT index as its reference, EEX launched the first derivatives market product permitting hedging of price peaks on the intraday market. In addition, EPEX SPOT further reduced lead times on the intraday markets in cooperation with the Group’s clearing house, the European Commodity Clearing (ECC).
On PEGAS (the EEX Group gas trading platform operated by Powernext), 1,024.9 TWh were traded in 2015 (2014: 567.7 TWh). For the first time ever, the trading volume exceeded the 1,000 TWh threshold with the Spot Market accounting for 440.6 TWh (2014: 290.0 TWh) and the Derivatives Market accounting for a total volume of 584.3 TWh (2014: 277.7 TWh). In addition, 17.1 TWh were traded on the Danish Gaspoint Nordic gas markets which is an increase of 66 %. Furthermore, in 2015, the PEGAS offering was expanded further with new products for the Belgian, British and Italian gas market.
On the markets for emission allowances, 677.6 million tonnes of CO2 were traded in 2015 (2014: 533.7 million tonnes of CO2). This volume included 571.6 million tonnes of CO2 from the 207 primary market auctions carried out by EEX in 2015. In the second quarter of 2015, EEX fundamentally revised its offering for CO2 secondary trading with new market makers, a new price model and an extended product portfolio. As a result, EEX was able to increase its volume on the secondary market to a total of 106.0 tonnes of CO2 in 2015 which represents a year on year increase of 63% (2014: 64.9 million tonnes CO2).
In May 2015, EEX migrated all agricultural products, which were previously traded on Eurex, to its platform. Since then a total of 36,564 contracts was traded on EEX. A strong performance in dairy products resulted in 4,707 contracts being traded throughout 2015, in turn setting a new record on this market.
Additionally, the markets of Cleartrade Exchange (CLTX) developed positively in 2015. Particularly in the freight sector (449,207 contracts, +17%) and in the iron ore sector (204,187,900 tonnes, +41%).
Details on the volumes are available in the report.
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 commodity products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC). EEX is part of Deutsche Börse Group. For more information: www.eex.com
