Power Derivatives Markets. Leipzig, 16 June 2016

Transcription

1 Power Derivatives Markets Leipzig, 16 June 2016

2 Market Coverage EEX Group Power Derivatives Exchange-traded EEX Power Futures EEX Trade Registration Services for Power Futures Exchange-traded PXE Power Futures 2

3 EEX Power Derivatives Liquidity & Trends Since 2013, EEX is successfully following a strategy of expanding its Power Derivatives platform towards a pan-european offering By offering standardized financially settled power futures and options for the most relevant European power markets, EEX managed to gain significant market shares across various market areas. In particular, EEX was able to attract liquidity in markets, which had been dominated by bilateral trading in the past or where exchange traded/cleared products have not been available at all. 3

4 EEX German Power Futures (Phelix) 4,703 TWh 2,309 TWh 2,117 TWh 868 TWh 616 TWh 4

5 EEX French Power Futures 513 TWh 422 TWh 172 TWh 86 TWh 5

6 EEX Italian Power Futures 297 TWh 276 TWh 183 TWh 121 TWh 6

7 EEX Spanish Power Futures 87 TWh 65 TWh 21 TWh 3 TWh 7

8 EEX Power options - development 80 EEX Options volumes in TWh Jan-May active Non-clearing-members in 2016, mainly via 3 brokers Page 8

9 EEX Power options - development 25 EEX Options volumes in TWh January February March April May Since the end of last year most of the months have double digit volumes Page 9

10 New member of EEX Group Power Exchange Central Europe (PXE) Background Since 2013, Prague-based Power Exchange Central Europe (PXE) has been a partner exchange of ECC. In January 2016, EEX acquired a majority stake in Prague-based Power Exchange Central Europe (PXE). Product Scope PXE offers cash-settled Power Futures for Czech Republic, Slovakia, Hungary, Poland and Romania. Physically-settled futures are available for Czech Republic, Slovakia and Hungary. Contracts with Baseload and Peakload profile and following maturities are available for trading: 6 consecutive months 4 consecutive quarters 3 consecutive years Next Steps EEX and PXE are currently working on a roll-out plan to make PXE s power derivatives products available to EEX s trading participants. Detailed information on timelines and technical implications will be published to the trading and clearing community in due course. 10

11 EEX Cap Future Intraday Index Typically, price spikes in the intraday market occur shortly before delivery (less than 3h) This pattern is caused by generation scarcity and necessary purchases, which are related to compensate deviations between actual generation and forecast generation The new intraday index (ID3-price) is based on all trades within 3h before the delivery hour in order to capture the scarcity signal. At the same time, the 3h window allows to capture enough volume to ensure robustness of the index. 11

12 EEX Cap Future Enhancements Product Design The Cap Future is designed to protect against particular high prices in the intraday market. Since market launch, the price level in the intraday market has decreased significantly In order to reflect the current price level, EEX will adjust the strike level of the Cap Future to 40 /MWh in autumn EEX is already looking into complementary products to allow hedging against particularly low prices. Market Makers and Trading Participants Currently two Market Makers in place Already 17 clients admitted to trade Cap Futures More and more clearing banks are supporting these new products 12

13 EEX Wind Power Future Cash-settled future on the average Wind Power Index for a certain delivery period Quotation: 1 % 1 /h, with two decimals Full curve: weeks to years Wind Power Futures Market area Germany/Austria Week Futures Month Futures Quarter Futures Year Futures 13

14 Advantages of Trading Wind Power at EEX Actual EuroWind uses actual wind speed data EuroWind s calculations are based on measured data from the Deutscher Wetterdienst (DWD)/ZAMG i.e. the German (and Austrian respective) national meteorological office (the UK equivalent of the Met Office) DWD government owned and transparent. EuroWind is internationally accredited according to DIN EN ISO / IEC 17025:2005. Eurowind provides real-time index data and 30-year historical data Fully transparent we are able to provide Eurowind s data in hourly resolution and separated by control zone (APG, 50Hertz, Amprion, TransnetBW, TenneT) Plant database EEX / EuroWind s turbine database is updated monthly Our calculation is therefore much closer to the actual development of wind power production in Germany / Austria 14

15 Launched Today New EEX Short-Term Power Futures EEX has launched a new suite of short-term power futures today All new contracts are financially settled and integrated within the ECC Cross-Margining System. All members admitted at EEX and prior approved by EEC to trade French, Italian, Swiss, Dutch and/or Nordic power products are automatically assigned for exchange trading and trade registration of these. New Contracts Nordic Base Weeks Dutch Base Weeks Swiss Base Weeks Italian Peak Days and Weekends French Peak Days and Weekends For all other participants it is necessary to inform your clearing bank (General Clearing Member) of your intention to trade these products and to contact Member Readiness (memberreadiness@ecc.de). 15

16 Current and Upcoming Initiatives Base Weeks CH, NL, Nordic Peak Days Italy, France Wind Power Futures Energiewende Strike Adjustment for Cap Futures Introduction Floor Future PXE Product Cooperation Power Options Enhancements

17 Norbert Anhalt Sales Power & Environmental Markets Steffen Riediger Senior Expert Business Development European Energy Exchange AG Augustusplatz Leipzig, Germany Tel.: norbert.anhalt@eex.com European Energy Exchange AG Augustusplatz Leipzig, Germany Tel.: steffen.riediger@eex.com