| | | | | | | | | Global Power Derivatives Newsletter | Nordics Special |
April 2026 | | |
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Dear Customers, Partners and Friends,
Spring is here, the time for new beginnings. Admittedly, it’s not a new beginning in the strict sense of the term for our Nordic power markets, but over the past few months, it has felt like a second bloom.
We are delighted to see that our initiatives have already borne fruit and brought value to this market, especially in terms of liquidity, for the benefit of all. Trading volumes continue to climb and our trading community expands each month.
As always, we endeavour to offer the best for our members, for you, be it a wide range of trading opportunities across all our asset classes or by enabling significant cost efficiencies.
In today’s newsletter, we wanted to share the possibilities available to all of you on our Nordic power derivatives market and beyond.
With that, we’ll remain true to our motto and will continue to build this market together, with you.
Enjoy reading,
Steffen Köhler
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| | | | EEX Nordic Power market development |
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| | | | | The EEX Nordic Power derivatives market goes strength to strength each month and we are delighted with the current path we are on. We are particularly positive about these recent highlights:
- Consistently tightening spreads across zones and System Price
- Significant EEX System Price Open Interest share recorded in March (+131% YoY), in addition to significant annual growth in OI across the Finnish, Swedish (SE2, SE3) and Danish (DK1, DK2) zones
- At least two market makers for Nordic System Price and in each zone
- Significant growth in member numbers year-on-year
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| | | | Prices on the EEX Nordic Power market are currently available via Trading Technologies, Trayport and E-star screens.
If you would like to gain access to our prices, please contact your market data vendor directly.
In addition, please reach out to your key account manager if you are interested in commingling opportunities: sales@eex.com
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| | | | Capital efficiency through adequate margining |
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| | | European Commodity Clearing (ECC), EEX’s clearing house, has 20 years of clearing experience on European power markets, which makes it well-suited to calculating appropriate risk levels and corresponding margin levels also for the Nordic power markets.
Our initial margin calculations are readily available on our website - please see our SPAN files here.
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| | Example of margin requirements based on settlement as on 20 April 2026
| EEX Contract |
Initial Margin Requirement per lot |
Ratio |
| EEX Nordic System Price Month (FBBM May 2026) |
EUR 7,380.00 |
19% |
| EEX Nordic System Price Quarter (FBBQ Q3 2026) |
EUR 17,509 |
17% |
| EEX Nordic System Price Year (FBBY Cal 2027) |
EUR 25,316 |
6% |
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In addition, portfolio netting for cross-zonal spreads can also lead to significant margin reductions.
Furthermore, all EEX Nordic Futures can be cross-margined with other EEX contracts, enabling the optimisation of collateral requirements, with the potential of up to 71% reduction, depending on your portfolio.
Cross-margining advantages are available for:
- EEX power markets
- EEX natural gas markets
- EU ETS 1 and 2, as well as
- Guarantees of Origin futures
Please contact us for a bespoke margin savings estimate built specifically for your trading strategy.
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| ABN AMRO Clearing Bank N.V. |
Commerzbank Aktiengesellschaft
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Morgan Stanley Europe SE
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| ADM Investor Services Int. Ltd. |
Goldman Sachs International
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National Bank of Greece S.A.
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| Banca Akros SpA |
Intesa Sanpaolo SPA
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Oesterreichische Kontrollbank AG
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BPER BANCA SPA
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J.P. Morgan SE
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Raiffeisenbank a.s.
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| Banco Santander, S.A. |
Joh. Berenberg, Gossler & Co. KG
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Renta 4 Banco S.A.
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| Bayerische Landesbank |
KELER KSZF Zrt.
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Skandinaviska Enskilda Banken AB (publ)
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| BNP Paribas S.A. |
KGI Securities (Singapore) Pte. Ltd.
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Société Générale SA
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BofA Securities Europe SA
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Macquarie Bank Europe Designated Activity Company
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StoneX Financial Ltd
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| Citigroup Global Markets Europe AG |
MAREX FINANCIAL
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UBS AG
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Citigroup Global Markets Limited
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Mizuho Securities USA LLC
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UniCredit Bank GmbH
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Clear Street LLC
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Morgan Stanley & Co. International plc
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| | | | Significant volume growth on other EEX markets offering cross-trading opportunities |
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| | | | | | EEX offers ideal cross-trading opportunities for our Nordic power market, including German Power, GB Power as well as our environmental markets covering EUAs or Guarantees of Origin Futures.
All of these markets have significantly grown in terms of volume over the past few months as illustrated below.
For more information on our other markets, please do not hesitate to reach out to your sales representative. | | |
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| | | Join our Nordic Traders' Workshops and Receptions
Stockholm | 27 May 2026
Oslo | 19 August 2026
Copenhagen | 5 November 2026 |
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| | | | EEX is proud sponsor of the
Montel Swedish, Finnish and Nordic Energy Days in 2026 again.
Meet us there! |
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| | | | EEX’s award-winning Guarantees of Origin (GO) Futures are now available with tradeable maturities up to six years, significantly expanding the hedging horizon. Our portfolio covers GO Futures for the hydro, solar, wind, biomass markets individually or combined. Learn more.
EEX recently extended maturities for its natural gas contracts on the TTF, THE, CEGH and PEG markets to allow trading participants to further optimise their long-term hedging strategies. Learn more.
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