Volumes on Prague power bourse hit record levels in September
PRAGUE Oct 3 (Reuters) - Volumes on the Prague-based Power Exchange Central Europe hit record levels in September, boosted by market volatility and the launch of a new settlement system that cuts trading costs, the bourse's chief executive said on Thursday.
The volume of all trades - which include Czech, Hungarian and Slovak futures contracts - soared to 5,047,758 MWh in September from 2,044,058 MWh the previous month. It was the highest level in the history of the exchange founded in 2007.
Czech electricity futures accounted for 3,944,665 MWh of the trading volume and represented about 80 percent of the total monthly electricity consumption in the Czech Republic.
While the Czech volume made up most of the total, the PXE also said trading of Slovak and Hungarian futures contracts surged nearly 10 times higher than in the previous month, rising to 259,400 MWh and 843,693 MWh, respectively.
The exchange's chief David Kucera said market volatility and the September start of new settlement services through Germany's European Commodity Clearing (ECC) that cut costs and lowered margin limits for members helped to explain the rise.
That deal gave ECC, a subsidiary of Leipzig-based European Energy Exchange, a foothold in the east European market and helps the Prague exchange increase volumes as it pushes to be the regional hub for power trading. (Reporting by Michael Kahn; Editing by Mark Potter)
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