Germany's power rethink sharply cut 2012 EEX trade
FRANKFURT, Jan 14 (Reuters) - A major shift towards greener energy in Europe's largest power market and a tighter regulatory climate sharply cut electricity derivatives trade on Germany's EEX last year, the exchange said. Trading volume fell 13 percent as traders grew reluctant to take long-term positions. A total of 931 terawatt-hours (TWh) of power derivatives were traded on the exchange in 2012, compared with 1,057 TWh the previous year. "Participants were increasingly active in short-term maturities while concluding fewer long-term deals," the Leipzig-based bourse said in a statement. But it added that the months of November and December had already shown some recovery. But within the total volume, the decline in annual futures, the benchmark products, by 22 percent over the year was contrasted by an increase by 18 percent in daily, weekly, quarterly and monthly products. Also, short-term power trading on the EPEX Spot exchange, which the EEX created together with French partner Powernext in 2009, rose 9.2 percent last year over 2011 in the most liquid German and Austrian market segments. Exchange-based gas trading in Germany, Europe's second-biggest gas market after Britain, was introduced six years ago on the EEX and grew by 29 percent year-on-year to 75.4 TWh, if both spot and forwards are counted in. Bourse trading is still small relative to overall usage of 873 TWh of gas in Germany. But in order to try and boost this share, EEX will create a pan-European gas market with French Powernext SA in early 2013. Carbon emissions rights trade grew after the award to the EEX of the role of a transitory platform for European emissions rights auctions and on behalf of some EU member states. Its CO2 market segment jumped 139 percent to 254.6 million tonnes. EEX is majority owned by German-Swiss Eurex, the derivatives unit of Deutsche Boerse. Below is an overview of the exchange's 2012 trading volumes. 2012 2011 Yr-Yr change Power derivatives 931 1,075 TWh - 13 EPEX Spot (incl. Intraday) 339 314 TWh + 8 Gas 75.4 58.6 TWh + 29 Carbon emissions 254.6 106.7 mln T + 139 (Reporting by Vera Eckert, editing by William Hardy)
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