German spot power prices at 2016 high on low wind; curve declines continue

European power trading volumes on the European Energy Exchange (EEX) in November rose 50% from a year ago to 423 TWh, the highest ever recorded monthly volume on the exchange, Leipzig-based EEX said.

Of the November total, the majority, or 309.3 TWh, was traded on EEX's German/Austrian power market (Phelix Futures), up 74% from November last year, with options on German power more than doubling to 19.8 TWh, it said adding that German power volumes exceeded the 300 TWh volume for the first time.

French power volumes rose 21% on year to 44 TWh, while Italian power volumes fell 31% to 37 TWh, it added.

The recently launched Spanish market has established itself as the fourth largest power market on EEX with 5.4 TWh traded in November, up 42% on the year.

Other markets added 2 TWh including Nordic, Benelux and UK power amongst others, it said.

Total derivatives trading volume in October includes 229.9 TWh from OTC-clearing via EEX's clearing unit (ECC), the exchange said.

Deutsche-Boerse-owned EEX traditionally operates German and French power derivatives markets and has expanded its service to include Italian, Spanish, Dutch, Belgian, Swiss, Greek, Nordic and UK power futures.

The exchange has been highly successful in expanding its market share in its core European power markets Germany, France and Italy, but "broker executed" volumes still account for the majority of power trading volumes across Germany and Europe.

OTC-traded power volumes in Germany in October rose 34% on year to 600 TWh, the latest currently available LEBA data shows with the year-to-date total up 17% from 2015 at 4,435 TWh for German power alone.

Total year-to-date power derivatives trading volumes on EEX have already surpassed last year's total at 3,621 TWh, potentially reaching 4,000 TWh this year after breaking the 3,000 TWh mark for the first time in 2015.