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European Energy Exchange AG (EEX), which launched exchange trading in natural gas in July 2007, will acquire an interest of 12 percent in store-x GmbH and of 19 percent in trac-x GmbH. With this step, EEX expands its business fields to the secondary markets for trading in national and international transport and storage capacities.
Trading in capacities constitutes an important building block in the evolving liberalisationof the European gas markets and is supported by the European regulatory authorities (ERGEG) and by the European Federation of Energy Traders (EFET). The secondary markets for trading in natural gas and in the corresponding capacities for transport and storage are becoming more important and, moreover, they will have a strong impact on the liquidity in the European markets in the future. By means of the investment in trac-x, EEX will, amongst others, also accompany the pilot project for bordercrossing day-ahead capacity trading at the trading points of Ellund (DK/D) and Bunde/Oude Statenzijl (NL/D).
In 2005, trac-x GmbH (Transport Capacity Exchange) was established with the main objective of providing an electronic trading platform for trading in capacities in the longdistance gas pipeline and gas distribution grid. The trac-x platform has currently more than 230 registered users from 15 countries. Store-x GmbH (Storage Capacity Exchange) was established in 2006 with the main objective of establishing an electronic trading platform for secondary trading in capacity rights regarding the storage of natural gas. At the moment, the store-x platform has more than 350 registered users from 12 countries.
EEX operates Spot and Derivatives Markets for energy products and energy-related products. With more than 190 trading participants from 20 countries it is the energy exchange in continental Europe which boasts the biggest number of trading participants and the highest turnover. While coal is only quoted on the Derivatives Market, power, natural gas and CO2 emission allowances 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 over-the-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.
