European Energy Markets
Guy Isherwood (GI – Editor, Commodities Now) Steffen Köhler (SK)
(GI): Steffen, following Eurex’s acquisition of a majority stake in EEX, what changes have taken place in the culture and direction of the organisation? SK: EEX is the energy competence centre of Group Deutsche Börse. Both partners know each other well and have been working together for years. Our focus is the leverage of synergies on both sides. For example, EEX contributes its energy specific knowledge while Eurex opens up a large participants’ network and both profit from it.
(GI): Coming from a financial market background, what skills are you transferring to the physical / financial commodities sector and what differences do you note? SK: Energy products have their own rules, specifics and nuances. Just keep in mind electricity generation and the fact that electric power cannot be stored. This specific will have an impact on the products which we can offer on the exchange market. From the view of operating an exchange, there are many parallels: How trading is organised in general, how market participants can get access to trading, how trading transactions are settled.
(GI): EEX want to be more ‘customer friendly’. What exactly is meant by this and how has this translated into the services you provide? SK: We want to reduce entry barriers for trading on EEX and work to this end from a legal, functional and technical perspective. For example, from a legal point, we develop specialised member status for those companies who want to bid exclusively in the CO2 primary auctions market. In this context, another example is reduced complexity in admission forms. From a functional perspective we offer on-site training for exchange products according to a new, streamlined concept. And finally, from a technical
Q&A ... with Steffen Köhler, Chief Operating Officer, European Energy Exchange
European energy markets enjoyed another mixed year in 2012 amid continued sluggish growth and debt crises. Nevertheless, the European Energy Exchange (EEX) continues to drive policy and product initiatives in the pursuit of a truly competitive energy marketplace.
perspective we offer new connectivity alternatives which require less effort and infrastructure on the customer side.
(GI): What new power products have EEX developed this year and why? SK: We clearly see a trend towards more short- term trading on the Power Derivatives Market. As a response, we offer more flexibility by adding products on the short end of the curve. Recently, we have successfully launched Day and Weekend futures.
“ Energy products have their own rules, specifics and nuances
The new maturities complement the financial Phelix Futures for Germany/Austria and close the gap between the Spot and Derivatives Market.
”
(GI): EEX has spun-off the Natural Gas business into a separate company. Why, and how has the gas business developed this year? SK: The natural gas market has a number of highly specialised players, even within the big utilities. The spin-off of our Gas Market to the new company makes it easier for those companies to work together
December 2012 53
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