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EEX Gas & Sustainability Markets newsletter | Dec 2025

Dear customers, partners and friends of EEX, 

 

The figures speak for themselves: 93% of the TTF spot market is currently traded at EEX, and our market shares in the French PEG spot (98%) and the German THE spot markets (95%) are even higher. By October this year, we had already exceeded the total traded volume of 2024, putting us on a path to a strong close of the year, both for the gas spot and derivatives markets. Those figures are the result of our continuous efforts to further develop our markets, and the close cooperation with all of you has played a crucial role in it. We are especially delighted that our Working Committees have once again proven to be a successful platform to discuss ideas firsthand.  

 

Over the past two months, we have implemented further improvements that allow for enhanced trading opportunities and increased price attractiveness. We have introduced a series of new spread products, including spark spreads and Physical/Financial gas spreads, which are already used actively by our trading community. Meanwhile, the recent reduction of the tick size in our spot markets as well as the extension of the trade registration window in our derivatives segment have already led to increased liquidity on these markets. 

 

The next step is already underway: With a view on the increasing trading activity in selected products, such as PVB and PEG, EEX has increased the transaction size limit on all gas derivatives to 200,000 lots as of 1 December. 

 

Let me express my heartfelt thank you to all of you for your support. In a rapidly changing environment like ours, it is particularly valuable to stay close and to adapt our offering to address your needs. We remain committed to providing the best services and delivering solutions for secure, successful and sustainable markets. 

 

Have a wonderful Christmas season and a good start into 2026. 

 

Best regards 
Steffen Köhler, CCO of EEX 

    EEX successfully introduced new spread instruments

    EEX offers a broad range of spread products for natural gas. On 1 October, the product suite was further extended with Spark Spreads reflecting the difference between the wholesale power price and the cost of electricity production from natural gas. Since the launch, almost 300 transactions have been concluded in these new instruments, reflecting the high need for these hedging instruments.  


    In addition, EEX now offers spreads combining EEX Physical Gas Futures and EEX EGSI Financial Gas Futures.


    Information about EEX’s full spread offering:
    > Physical Gas Derivatives
    > EGSI Financial Gas Futures

    EEX Gas Power 200x400

    NBP spot markets reaches record level in October

    Over the past year, EEX has seen a clear growth trend in trading volumes on the NBP Spot Market. October 2025 marked a milestone with a record monthly volume, up 70% year-on-year. This development underscores the growing relevance of EEX in the NBP Spot Market and the trust our participants place in us.

    EEX Gas NBP volumes Dec 25
    EEX_ECC_corporate_200x400_6

    Baltic-Finnish gas markets continue positive development

    The Baltic-Finnish gas markets, which have been integrated into the EEX gas trading platform this year, have reached the highest ever monthly trading volume in November. In total, 1.4 TWh were traded throughout the month. As a result, the year-to-date volume in these markets reached 10.1 TWh in November, which is already higher than the previous record volume for a full year (9.1 TWh in 2023).

    EEX_ECC_MDS_276x200_2

    Trade registration window for gas derivatives now open until 6:15 pm

    On 3 November, EEX has extended the Trade Registration Window for all EEX derivatives contracts in European Power and Gas by 15 minutes to 6:15 pm CET. This adjustment provides more flexibility to finalise trades and, as a result, increases efficiency for all market participants. 

    > more

    EEX Gas 276x200

    Now available: Increased transaction size limit for gas derivatives

    Following the increased liquidity and the size of trades in both the PVB and PEG market, the maximum lot size on all futures markets was raised from 10,000 lots to 200,000 lots. The change came into effect on 1 December 2025. Lower transaction size limits can be set individually by the clients via the trading system.

    > more

    Beyond gas: New Wind-Hydro-Solar (WHS) GO Futures

    With the continued focus on the energy transition, EEX has expanded its GO Futures portfolio to include Wind-Hydro-Solar (WHS) GO Futures and already registered first trading activity. These new contracts combine the three most frequently traded renewable sources, providing an additional hedging opportunity for participants.
    One WHS contract covers only GOs without state support, which originate from unsubsidised, market-driven renewable generation. The second WHS contract includes a mix of supported and unsubsidised GOs. This offering meets the local needs in the market and allows for flexible hedging.
     

    > More information

    EEX Gas 200x400
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    @ 2025 European Energy Exchange AG https://www.eex-group.com