The document summarizes updates on the power derivatives market from EEX. It discusses the expansion of EEX's market coverage to include 17 areas across Europe, growing trading volumes, increasing market shares in Germany, France, Italy and Spain, the development of the new Phelix-DE futures contract as the benchmark for European power trading, and growth trends for Dutch power, Central and Eastern European markets, and Italian power futures and options. It also discusses how standard EEX futures can be used to hedge long-term price risks for power purchase agreements.

1. Power Derivatives Market
Updates
Tim Greenwood, Director Sales
Steffen Riediger, Head of Power Derivatives

2. Market coverage
EEX European Power Derivatives Markets
© EEX AG, 2018 2
Cash-settled futures contracts for
currently 17 market areas across
Europe
EEX‘s German Power (Phelix-DE)
Future is the benchmark for
trading power in Europe
New market areas as of Q1/2019:
Serbia and Slovenia

3. Trading volume on the EPEX Power Spot and
EEX Power Derivatives Market
© EEX AG, 2018 3
31 49 60 86 89 124 154 203 279 314 339 346 382 524 535 543
119
342 338
517
1044
1150 1165 1025
1208 1075 931
1264
1570
2537
3920
3217
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4500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
TWh
Spot Market Derivatives Market

4. EEX power derivatives market shares
German, French, Italian and Spanish Power
© EEX AG, 2018 4
The calculation of EEX’s market share is based on the figures published by the exchanges and the London Brokers’ Association (LEBA) every month.
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percent
Germany France Italy Spain

5. Phelix-DE Futures
The new benchmark contract for trading power in Europe
© EEX AG, 2018 5
 Phelix-DE Futures were launched in April 2017 in response to the
planned German/Austrian price zone split.
 The contract has since developed to become the new reference
product for European Power with more than 95% of the EEX
German Power volume being traded in the Phelix-DE products.
 The majority of Phelix market makers are now quoting the new
Phelix-DE contracts.

6. Phelix-DE Futures
Liquidity is now bundled in the Phelix DE Future
© EEX AG, 2018 6

7. Phelix-DE Futures
Market Structure
© EEX AG, 2018 7
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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2017 2018
Phelix-DE Futures Spread Weeks and Month Baseload
Bid-Ask Spread Weeks Bid-Ask Spread Front Month
Spread [€]
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2017 2018
Phelix-DE Futures Spread Quarter and Year Baseload
Bid-Ask Spread Front Quarter Bid-Ask Spread Front Year
Spread [€]

8. SaxoEnergy CfD‘s on Phelix-DE Futures
Expanded access for SME clients and financial investors
© EEX AG, 2018 8
Saxo Bank and PZEM Energy have
entered into a partnership to offer German
Power CFDs (Contracts for Differences) on
Saxo’s fully integrated trading and risk
management platform, SaxoTraderGO.
The new German Power CFDs give private
investors, small and mid-sized industrial
clients and Saxo’s global institutional
clients, direct access to the deep liquidity
pool of EEX’s Phelix-DE Futures.
The small contract size of the CFDs
(0.1MW) provide enormous flexibility.

9. Phelix-DE Options
© EEX AG, 2018 9
0%
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TWh Phelix-DE Power Options Development
Vol. Phelix-DE/AT Vol. Phelix-DE Share Phelix-DE
 A liquid underlying was the key
driver for options traders to
actively trade the new contract.
 With the Cal 18 expiry the
options volumes shifted from
Phelix-DE/AT to Phelix-DE.
 A broad range of participants is
now supporting the EEX Phelix-
DE Options.

10. Growth trend #1
EEX Dutch Power Futures
© EEX AG, 2018 10
 Total market volume up by +55%
 Shift towards cleared trading
 EEX volumes quadrupled with
more than 35 active members
CFDs on Dutch Power available
on SaxoTrader platform

11. Growth trend #2
Power Futures for Central and Eastern Europe
© EEX AG, 2018 11
 Strong volume increase in the Eastern
European markets following the
migration of PXE Futures to the EEX
platform in June 2017.
 While total market volumes are growing
substantially, the markets are shifting
rapidly from broker-bilateral to
exchange-cleared.
 The number of active members has
more than doubled, particularly
driven by international clients from
outside the CEE/SEE region.
 EEX will list additional short-term
Power Futures for the PXE markets
and will launch Serbian and
Slovenian Power Futures.

12. Growth trend #2
Power Futures for Central and Eastern Europe
© EEX AG, 2018 12
*PXE Power Futures migrated to the EEX rulebook on 15th June 2017. The volumes displayed consist of
the volumes traded at PXE (until June 14, 2017) and the volumes traded at EEX (as of June 15, 2017).

13. Growth trend #3
EEX Italian Power Futures and Options
© EEX AG, 2018 13
 Total market volume up by +31%
 EEX volumes up +63%
 Market moving towards fully
cleared trading
 Options trading emerging

14. Growth trend #4
Hedging of long-term price risks with standard EEX Futures
© EEX AG, 2018 14
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Price(EUR)
MW
MW Price
Old hedging horizon to Cal+3
New hedging horizon to Cal+15
 EEX Members and other PPA counterparties can use standard EEX
Power Futures to hedge their long-term price risk
 Join our workshop on exchange-based PPA @ 2.30pm in room Neptun
15-Year PPA Fixed Price and Volume Profile
Current EEX Futures to Cal+6

15. Thank you for your
attention!
Steffen Riediger
Head of European Power Derivatives
European Energy Exchange AG
steffen.riediger@eex.com
Tel: +49 341 2156528
Tim Greenwood
Director Sales
European Energy Exchange AG
tim.greenwood@eex.com
Tel: +49 341 2156212