Despite a volatile market environment, EEX Group achieved volume increases in the majority of its asset classes during the first half of 2022, providing a “safe haven” for the market. This applied particularly to the European natural gas markets.
In the European power markets the trend towards cleared volume has been increased significantly – with EEX gaining market share in an overall declining market. Clearing is a secure way to mitigate counterparty risk and the cross-margining effects across the power, gas and further markets allow participants to conserve liquidity as “only” the net position is considered for margining.
In the first half of 2022, EEX Group’s global power volume grew by 5% to 3,691.5 TWh.
The trading volume in the European Power Spot markets amounted to 306.5 TWh (H1 2021: 315.4 TWh). While the total volume declined slightly, intraday markets continued to grow, achieving a 6% increase as against H1 2021.
The European Power Derivatives markets decreased by 11% to a trading volume of 1.891.4 TWh. However, EEX recorded increases in the Austrian (+97%), Belgian (+57%), Dutch (+78%) and Swiss (+78%) Power Futures as well as in the Nordic Power Futures (+26%). Despite decreases in larger markets such as Germany and Spain, EEX market shares significantly increased in an overall shrinking market.
US Power Derivatives operated by Nodal Exchange rose by 39% to 1.490.6 TWh traded in the first half of the year 2022, confirming its strong position in the North American Power market.
Trading volume in Japanese Power Futures totalled 2.933 GWh. In June, total trading volume at EEX exceeded 10 TWh with 280 transactions registered during one month – a new record.
EEX Group’s global natural gas markets totalled 3,023.3 TWh, up 128% as against H1 2021 (1,326.4 TWh).
The European Gas Spot markets reached a volume of 1,499.2 TWh, which is a 74% increase compared to H1 2021. EEX recorded increases across all gas hubs, strengthening the price signal for these products. The trading volume on the largest market – the Dutch TTF – more than doubled to 647.9 TWh. The market share of the European Gas Spot market amounted to 85% in H1 2022 in comparison to 66% in H1 2021.
Trading on the European Gas Derivatives markets more than tripled to 1,437.0 TWh. EEX recorded strong increases across its market areas, in particular on the German THE (+840%), French PEG (+569%), Austrian CEGH (+365%) and Dutch TTF hub (+135%). The market shares of European Gas Derivatives market increased from 2% to 5% y-o-y.
Particularly under stressed market conditions, EEX proved to be the robust and reliable marketplace to trade natural gas across various hubs, with efficient cross-commodity margin offsets for the customers.
The US Natural Gas markets showed substantial growth, reaching 87.1 TWh (H1 2021: 4.4 TWh).
EEX Group’s Environmental markets in North America continued their growth trend in the first half of the year while trading in Europe environmental products showed a downward trend
The trading volume in the North American Environmental markets increased by 28% to 136,435 contracts.
Trading volumes on the European Environmental markets declined to 563 million tonnes of CO2 (H1 2021: 742 million tonnes of CO2).
In May 2022, EEX Group announced its entry into the Voluntary Carbon Market with a product suite built with partners which answers the need to offset emissions from eg private companies. As part of the global listing approach, the VCM product suite was launched in June in North America by Nodal Exchange, in collaboration with IncubEx, Air Carbon Exchange (ACX) and Net Zero Markets, with first trades registered during the month.
