Germany’s European Energy Exchange (EEX) and the Independent Bulgarian Energy Exchange (IBEX) have signed an agreement on cooperation in the Bulgarian power market. As part of the cooperation and subject to the approval of the relevant authorities, EEX will list Euro-denominated and financially settled Base Week, Month, Quarter and Year Futures for the Bulgarian market, according to a joint press release.
The new Bulgarian power futures will be settled against the day-ahead spot market price calculated by IBEX. The introduction of the contracts is planned for the first half of 2019.
“The cooperation with IBEX is a decisive step in the development of the South-Eastern European power markets,” says Tobias Paulun, Chief Strategy Officer of EEX. “Since the migration of PXE Power Futures onto the EEX platform in 2017, we were able to more than triple cleared volumes in Central and South-Eastern Europe. With the introduction of Bulgarian Power Futures, we follow our customers’ wish to further extend the offering for this region.”
Konstantin Konstantinov, Executive Director of IBEX, added: “Our cooperation with EEX will definitely strengthen our regional position, as well as it will bring to our market the so important and necessary reference price signals for the long term products. We strongly believe that our partnership will be mutually beneficial and will become an example for successful cooperation.”
At the same time, EEX will launch financially settled power futures for the Serbian and Slovenian markets. In doing so, EEX is expanding its offering on the power derivatives market to a total of 20 market areas in the first half of 2019 which strengthens EEX’s position as the leading exchange platform in the European power market, according to the press release.
The European Energy Exchange (EEX) is the leading energy exchange in Europe which develops, operates and connects secure, liquid and transparent markets for energy and related products, according to the press release. As part of EEX Group, a group of companies serving international commodity markets, EEX offers contracts on Power, Emission Allowances as well as Freight and Agricultural Products. EEX is part of Deutsche Börse Group.
Independent Bulgarian Energy Exchange (IBEX) is a jointed stock company established in 2014, currently fully owned subsidiary of the Bulgarian Stock Exchange, administering the Bulgarian organized market for electricity in its capacity of nominated electricity market operator (NEMO) for the Bulgarian market zone.