EEX Exchange Council gives Green Light on Trading in Guarantees of Origin and welcomes proposed Gas Co-operation with Powernext

Romanian Power Futures to be launched for OTC clearing on 17 December
(PresseBox) (Leipzig, ) The resolutions regarding the introduction of new products on the European Energy Exchange (EEX) and the envisaged gas market co-operation between EEX and Powernext formed the main subjects covered at the meeting of the EEX Exchange Council, which was chaired by Peter Heydecker in Vienna on 6 December 2012.

The Exchange Council adopted the contract specifications for Guarantees of Origin for Green Power which will be launched on the EEX Derivatives Market in the spring of 2013. Following comprehensive consultations with customers, EEX will offer three products for trading: Green power certificates for hydroelectric power from Scandinavia (Denmark, Finland, Norway and Sweden) and the Alpine region (Germany, Austria, Switzerland) and certificates for wind power from the northern European region (Belgium, Denmark, Germany and the Netherlands). The Guarantees of Origin can be traded up to three years into the future and there will be two expiry dates per year (in mid-March and mid-December). With the introduction of these Guarantees of Origin, EEX, in close collaboration with EPEX SPOT, will assume a pioneering role in the development of this new European market.

EEX also presented the idea of a future co-operation with France's Powernext on the natural gas market to the members of the Exchange Council, with both partner exchanges planning to bundle their gas market activities. Whilst this co-operation is still subject to the customary regulatory and competition approvals, the Exchange Council supports the initiative of both partners because it facilitates access to all natural gas products on one trading system for the EEX and Powernext trading participants. Furthermore, the joint use of the Trayport trading system would enable EEX and Powernext to offer spread products between German, French and Dutch gas market areas. The Exchange Council expressly welcomed the initiative since it contributes to the further strengthening of EEX's position in this competitive market.

The Exchange Management informed the Exchange Council Members on the planned extension of the OTC clearing services. For the further expansion of its position as the leading energy clearing house, European Commodity Clearing AG (ECC) together with EEX is planning to introduce a range of standardised energy products for clearing which are not available on EEX or the ECC partner exchanges. The aim is to provide market participants a comprehensive offer for risk management for the most important European OTC energy markets.

As the first product, Romanian power futures will be available for OTC clearing as of 17 December 2012. EEX and ECC will announce further product details in the near future. On the basis of the economic and regulatory development trend towards clearing, the Exchange Council welcomed the expansion of the OTC clearing services and has agreed to include a new member category into the rules and regulations. Market participants wishing to take part exclusively in OTC clearing can register as "OTC participants" in a simplified admission procedure in the future.

The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of in total 24 members who adequately represent the various interest groups and business circles: In addition to the trading participants with 19 elected members from five different voting groups, four representatives from associations and one investors' representative are members. The tasks of the Exchange Council include, in particular, the adoption of the rules and regulations of the exchange and their amendments. In addition, its tasks comprise the supervision of the Management Board of the Exchange and the appointment of the head of the Market Surveillance.


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