EEX Group has reported strong financial results for 2023 with a 19% overall growth in total revenues, reaching €575.6m (2022: €482.4m), on the back of continued trading volume growth across all asset classes and geographies.
Earnings before interest and taxes (EBIT) increased to €306.4m (+28%). The strongest drivers included power and natural gas trading, as well as the Group’s North American commodity markets. In particular, the rising number of trading participants active on the EEX Group markets contributed to the positive development, with over 80 trading participants joining the EEX markets last year.
In a press statement, Peter Reitz, CEO of EEX, said: “We are delighted to see a continuing upward trend on our core markets, resulting in record volumes across our power and natural gas businesses, which underpin our sound financial results and prove that reliable services for risk management are growing in importance. We are proud to be able to maintain our number one position as global power trading platform and Europe’s leading gas spot market, while continuously growing our network of trading participants. This year, we will continue with our expansion and diversification strategy by entering new geographies and launching new products to meet market needs, while contributing to the energy transition.”
As wholesale prices on the EEX power derivatives markets significantly lowered towards pre-crisis levels in 2023, trading volumes rose to previously unseen heights. EEX Group reported a revenue growth across the board, from European power derivatives (€122.8m, +52%) and spot markets (€86.7m, +17%), to the US commodity markets (€39.7m, +23%). Market shares on key European derivatives markets remained in the upper 80 and 90 percentiles, similar to the Japanese power derivatives market share. Here, EEX’s leading position is supported by substantial growth at trading volume levels, which almost tripled over the course of 2023.
After a few turbulent years, gas markets settled in 2023, partially due to the increased confidence towards market-based solutions, which performed as designed during volatile years. The security offered through clearing attracted numerous new participants from the OTC segment, and drove continued expansion for EEX Group on this market. This business segment drove a 37% revenue growth on the European gas derivatives markets (€29.2m) and a 6% increase on the EEX gas spot markets (€73.7m).
