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European Power Exchange
EPEX SPOT logo (2017).svg
TypePhysical commodity exchange (energy)
LocationParis, France
Key peopleJean-François Conil-Lacoste (CEO), Jonas Törnquist(COO)
CommoditiesElectric power
Volume529 TWh (2016)
EPEX SPOT previous logo

EPEX SPOT SE (the European Power Exchange) is an exchange for power spot trading in Germany, France, the United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg. In 2015, EPEX SPOT integrated with former APX Group.

EPEX SPOT SE is a company under European law based in Paris (France) with offices in Amsterdam (the Netherlands), London (United Kingdom), Leipzig (Germany), Vienna (Austria) and Bern (Switzerland). It operates the power spot markets for short-term trading in Germany, France, the United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg. In 2015, EPEX SPOT integrated its business with former APX Group, which operated the power spot markets in Belgium (through Belpex), the Netherlands and the United Kingdom. EPEX SPOT was founded in 2008 by the merger of the power spot markets of the energy exchanges Powernext and European Energy Exchange (EEX AG). Today, EPEX SPOT is held by EEX Group (51%) and Transmission System Operators. The transmission system operators are organized in the holding HGRT composed of Amprion, APG, RTE, Elia, Swissgrid and TenneT, which holds a share of 49% in EPEX SPOT.[1]

EPEX SPOT Shareholder Structure

EPEX SPOT is one of the stakeholders in the Multi-Regional Coupling which currently connects markets representing 85% of the European power consumption.[2] EPEX SPOT also operates the Hungarian market on behalf of the Hungarian Power Exchange HUPX. Moreover, EPEX SPOT provides price coupling services for three of the four power exchanges of the 4M Market Coupling covering the Czech Republic, Hungary, Slovakia and Romania.[3] EPEX SPOT counts over 270 members[4] and about 150 employees.[5]


EPEX SPOT SE is a company with a two-tier governance system. The shareholders appoint a Supervisory Board, composed of actors of the European energy sector, which elects the Management Board and approves the strategy of the company. The Supervisory Board supports EPEX SPOT’s work on the integration of the European power market and takes into account the increasing number of collaborations of European and international scale.[6]

An Exchange Council composed of market participants has been put in place as an independent body in order to ensure state of the art governance rules. 22 members and 4 permanent guests meeting up quarterly represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors.[7] EPEX SPOT holds 100% subsidiaries in Switzerland, EPEX SPOT Schweiz AG, and in Belgium, EPEX SPOT Belgium SA.


In 2016 the volume of traded electricity on the markets of EPEX SPOT amounted to 529 terawatt hours (TWh).[8]

Day-ahead markets[edit]

EPEX SPOT operates day-ahead power markets for Germany/Austria/Luxembourg, France,the United Kingdom, the Netherlands, Belgium and Switzerland. These day-ahead markets are organized by an auction process, matching once a day supply and demand curves and thus fixing prices in an anonymous, yet transparent and secured manner. Members of the Exchange enter their orders for hourly quantities of power into the order book which is closed on 11 am for Switzerland and on 12 pm for all other markets. EPEX SPOT calculates the offer and demand curves and their intersection for each hour of the following day. Results are published from 11.10 am (Switzerland) and 12.55 pm (all other markets). The price index for the German/Austrian/Luxembourg market is called the Physical Electricity Index, or PHELIX, and is a reference for power wholesale prices in Europe by virtue of its underlying liquidity.

Market Coupling[edit]

The Belgian, Dutch, German/Austrian/Luxembourg, French and British day-ahead auctions are part of the Multi-Regional Coupling. It links the markets of Austria, Benelux, France, Germany, Great Britain, Italy, Portugal, Spain, Slovenia, the Nordic and the Baltic countries by a price coupling solution in order to optimize the use of cross-border capacities between these countries, increasing the gains in social welfare on all markets.

Intraday markets[edit]

EPEX SPOT also operates intraday power markets for Germany/Luxembourg, France, The United Kingdom, the Netherlands, Belgium, Austria and Switzerland. The intraday markets are organized by continuous trading – orders of the members are entered perpetually into the order book. As soon as two orders are compatible, the trade is executed. Contracts for hourly quantities of power can be traded up to 30 minutes before physical fulfillment, and even up to five minutes within the respective German control zones, within Belgium and within the Netherlands. In Switzerland and across borders, trade is possible until 60 minutes before delivery.[9] Since 14 December 2010, members can conclude cross-border trades between the intraday markets of Germany/Luxembourg and France. The intraday trading system used by EPEX SPOT, M7 (ComXerv), allows simultaneous cross-border trades on the Exchange and via OTC. With the launch of the Austrian intraday market in October 2012, cross-border transactions were expanded to Austria. Switzerland followed in June 2013. The intraday trading systems of Belgium and the Netherlands were connected in 2016.[10].

Flexibility contracts

In December 2011, EPEX SPOT introduced 15-minute contracts on the continuous intraday market in Germany. These contracts facilitate trading with intermittent power sources and help dealing with intra-hour variations in production and consumption. With the launch of the intraday market in Switzerland, 15-minute contracts were extended to this market, including cross-border trading.

In December 2014, EPEX SPOT launched a call auction for 15-minute contracts on the German intraday market in order to provide a reliable price signal on a quarter-hour basis. This auction at 3 pm provides at tool for balance responsible parties to fine-tune their portfolios on a 15-minute basis during production ramps and forecast deviations. In so doing, the price signal of 15-minute contracts contributes to the added value of flexibility and provides at the same time incentives for system stabilization.[11] [12] In 2017, EPEX SPOT introduced 30-minute contracts on the French, German and Swiss continuous intraday market, enabling local and implicit cross-border trades on the respective borders. These contracts are designed to manage emerging flexibility challenges of power markets more efficiently and help market participants to fulfil their balance requirements towards the French transmission system operator. [13]

Integration with APX Group[edit]

In April 2015, EPEX SPOT and former APX Group announced the integration of their businesses in order to form a Power Exchange for Central Western Europe (CWE, encompassing Austria, Belgium, Germany, France, Luxembourg, the Netherlands and Switzerland) and the UK. The integration of EPEX SPOT and APX Group reduced barriers in power trading in the CWE and UK region. Market participants benefit from harmonized trading systems, one single rulebook and one admission process for the entire region, therefore reducing trading costs and lowering entry barriers for new participants. Moreover, they have access to a wider range of products and benefit from best-of-both standards and reliable customer support. Overall, the integration led to a more effective governance and further facilitated the creation of a single European power market fully in line with the objectives of the European electricity regulatory framework.[14] Since 31 December 2016, all former APX Group entities act under the EPEX SPOT name.

External links[edit]


  1. ^ [1], About the shareholders
  2. ^ [2], Press release 24.02.2015
  3. ^ [3] Archived 17 June 2015 at the Wayback Machine, 4M Market Coupling Extended High Level Market Design
  4. ^ [4], List of EPEX SPOT Exchange members
  5. ^ [5][permanent dead link], DFBEE (2015)
  6. ^ [6], Supervisory Board
  7. ^ [7], Exchange Council
  8. ^ [8], Press release 11.01.2017
  9. ^ [9]
  10. ^ [10]
  11. ^ [11], Call auction for 15-minute contracts
  12. ^ [12], Bundesnetzagentur/Bundeskartellamt (2014): Monitoringbericht 2014. Page 19.
  13. ^ [13]
  14. ^ [14], Press release 17.04.2015