European Power Trading
We estimate total power trading volumes in the major European markets declined by 5% on the year in 2019 to 8,744 TWh. This volume figure includes all trading in exchange spot and forward markets plus the OTC market. The major markets are Germany, France, the Nordic region, the UK, Italy, Spain, and the Netherlands.
This 155 page report offers a comprehensive analysis of the European power trading market. It covers power trading volume trends, EU energy trading regulations, the leading western and eastern European power exchanges, major brokers, top trading players, power industry fundamentals, and power company rankings. Market characteristics and developments are illustrated in 35 tables and 51 charts.
The report is structured as follows:
Chapter 1 – European Power Markets Profile
This chapter reviews consumption, power generation, physical trading and supply price trends in the EU 28 market. It begins with a profile of Europe’s position in the global power market. Next EU national markets and consumption trends up to 2018 are covered. A detailed review of the EU’s power generation mix follows. The sizeable and important cross-border trading sector is also profiled. The chapter concludes with coverage of widely varying pre-tax supply prices in EU markets.
Chapter 2 – European Power Industry Policies
This chapter reviews the EU policy framework for European power markets. First it presents a profile of key policy players. A sketch of market opening history follows. Next it covers the “third energy package”, which sets the main contours of today’s regulatory system. Environmental policies are also covered, including developments in the EU emissions trading scheme. A review of the new “Winter package” initiatives is included. The chapter concludes with a review of the crucial topic of energy trading regulation.
Chapter 3 – Price Trends
This chapter profiles price developments, which have been highly volatile over the longer term. It begins with a review of historical price trends in the major wholesale power markets, including country rankings and major changes. Next the key fuel price indicators are covered – natural gas and imported thermal coal. An analysis of the commercial positions of gas and coal in the power markets is included, together with emissions price trends.
Chapter 4 – Power Trading Markets
This chapter presents a comprehensive analysis of power trading in the major markets – Germany, France, the Nordic region, the UK, Italy, Spain, and the Netherlands. It begins with a big picture profile of total trading volumes in spot and forward markets, followed by summaries of key drivers and trading market “churn factors”. The chapter then presents detailed reviews of sector developments, forward market rankings, and the key trends in all the major markets. A brief review of rising volumes in Q1 2020 follows. Major traders are also profiled. The chapter concludes with an analysis of the OTC brokerage sector.
Chapter 5 – Western European Power Exchanges
This chapter provides a comprehensive review of the western European power exchange business. It begins with a summary of the exchanges and their trading segment coverage. An overview of exchanges’ expansion initiatives and mergers and acquisitions follows. Next trading volume trends from 2015 to 2019 in all the main trading segments (spot, exchange forward, and OTC clearing) are profiled.
Chapter 6 – Eastern European Power Exchanges
This chapter presents a review of the Eastern European power exchange business. It begins with coverage of exchange launches, numbers of participants and market makers. Next exchange shareholders, trading systems and clearing providers are profiled. A review of spot price trends over the last five years follows. It concludes with coverage of trading volumes from 2015 to 2019 in the spot, forward exchange and OTC clearing sectors.
Chapter 7 – Power Company Rankings
This chapter provides a profile of the top twenty European power industry players, ranked by power sales in 2018. It begins with a summary of key financial indicators. Next power sales and generation, carbon emissions, and power trading volumes are reviewed.
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