EEX gas trading volumes doubled in 2022, but power trading dropped
FRANKFURT, Jan 24 (Reuters) -European energy exchange EEX more than doubled volumes across its gas markets last year as operators hedged purchases amid supply worries, but high power prices led to a 14% decline in electricity trading, it said on Tuesday.
High prices and volatility in gas and power markets were the result of the drop in Russian gas exports to the West after Russia's invasion of Ukraine.
Total gas trading volumes in 2022 amounted to 6,669.5 terawatt hours (TWh), representing a 112% increase on 2021, Deutsche Boerse's DB1Gn.DE EEX said in a statement.
"The need for hedging instruments was exceptionally high due to the tight supply situation," said EEX Chief Executive Peter Reitz.
Traders in the power segment were faced with the need to secure extra funds to cover higher margin calls within requirements for collateral, leading them to exercise considerable restraint especially in futures, EEX said.
Power trading volumes on the bourse reached 6,350.3 TWh in 2022, down from 7,405,730.9 TWh the previous year, on account of losses in Europe.
By contrast, United States power futures set a new record and the Japan futures segment, in its third year, also rose, though still from a low base.
EEX Group connects more than 800 trading members.
Below is a selection of trading volumes, allowing for rounding errors.
EEX | 2022 | 2021 | Yr-Yr change |
European spot power * | 616.4 TWh | 629.5 | - 2% |
European Power Futures | 3,344 TWh | 4,568 TWh | - 27% |
Japan Power Futures | 6.7 TWh | 6.6 TWh | + 2% |
U.S. Power Futures | 2,383 TWh | 2,202 TWh | + 8% |
POWER GLOBAL TOTAL | 6,350 TWh | 7,406 TWh | - 14% |
Spot Europe Gas | 3,426 TWh | 1,847 TWh | + 85% |
European Gas Futures | 3,136 TWh | 1,186 TWh | + 164% |
U.S. Gas Futures | 108.0 TWh | 108.8 TWh | - 1% |
GAS TOTAL | 6,670 TWh | 3,142.1 TWh | + 112% |
EU environmental products | 1.20 bln T | 1.66 bln T | - 28% |
U.S. Environmentals (lots) | 280,503 | 248,944 | + 13% |
EEX Group Freight (lots) | 795,190 | 1,009,017 | - 21% |
* includes EPEX SPOT, SEEPEX & PXE joint volumes |
Reporting by Vera Eckert
Editing by David Goodman
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