EEX / EPEX power products (Germany)
The European Energy Exchange (EEX) and EPEX Spot offer the main German power products. ETRM systems must map trades to the correct product and delivery structure.
- Phelix DE — German price index used as reference for many OTC and exchange contracts (day-ahead, base, peak).
- Futures (EEX): Monthly base, monthly peak, quarterly base/peak, yearly base/peak. Settlement is typically against the EEX Phelix index or the EPEX day-ahead auction index for the delivery period.
- Day-ahead (EPEX Spot): Hourly products for delivery the next day; auction and continuous markets. Different from forward base/peak which fix volume and price for a full month or longer.
- Intraday: Short-term hourly or 15-min products for balancing and flexibility; separate from forward baseload/peak valuation.
Product IDs, delivery start/end, and contract size (e.g. 1 MW per block) are exchange-specific and feed into volume aggregation and MTM.
Holiday calendars & delivery days
Peak load in German/EEX definitions typically excludes weekends and exchange-defined holidays. The number of “peak days” in a month therefore depends on the holiday calendar used by the exchange (e.g. EEX calendar for Germany).
- EEX publishes holiday calendars per delivery area (e.g. Germany). Days classified as holidays have no peak hours — only base hours count for that day.
- Example: If a month has 28 calendar days but 2 are holidays, base might be 28×24×MW, while peak might be (28 − 2 − 8 weekend days) = 18 weekdays × 12h × MW, not 20 weekdays. ETRM must use the correct calendar to avoid misstated volume and P&L.
- Different markets (e.g. France, Nordic) use different holiday calendars; cross-border or multi-country portfolios need calendar-aware aggregation.
Using a fixed “20 weekdays” is a simplification; production systems use the official EEX (or counterparty) calendar for the delivery period.
German baseload vs peak load — contract definitions
Official EEX-style definitions for German power contracts:
- Baseload (Base): Delivery of constant volume (MW) in every hour of the delivery period. For a month, that is 24 hours × number of calendar days (including weekends and holidays). Volume (MWh) = MW × 24 × calendar days.
- Peak load (Peak): Delivery of constant volume (MW) only during peak hours on working days (weekdays excluding exchange-defined holidays). EEX peak is typically 08:00–20:00 CET (12 hours) on each such day. Volume (MWh) = MW × 12 × number of peak days (working days in the period per the relevant calendar).
| Product | Hours/day | Days | Note |
|---|---|---|---|
| Base | 24 | All calendar days | Incl. weekends & holidays |
| Peak | 12 (08:00–20:00) | Working days only | EEX holiday calendar |
ETRM configuration must align with these definitions (and the correct calendar) so that trade capture, volume aggregation, and MTM match exchange and counterparty expectations.
For the full P&L & MTM narrative, interactive calculator, settlement & nomination, and complexity & risks, use the main page: Power Trading — P&L & MTM.