ELIX- the new European electricity index launched by EPEX SPOT and EEX
London, 7 October 2010 – EPEX Spot and the European Energy Exchange (EEX) will launch a new European Electricity Index. Referred to as ELIX, the new index will be based on the actual market orders in the EPEX Spot auction for the market areas France, Germany/Austria and Switzerland.
ELIX will be calculated in an auction based on the aggregated bid/offer curves of the existing market areas and the rules of EPEX Spot. ELIX is equal to the uncongested price, which means a price under the hypothesis of unlimited cross-border capacity be-tween these market areas. Similar to the existing day ahead market results it will be calculated for every hour of the delivery day. In addition, the average value for base (ELIX Day Base) and peak hours (ELIX Day Peak) will be calculated and published.
Starting from 18 October 2010, EPEX Spot and EEX will publish the ELIX on a daily basis shortly after the publication of the national auction results. The index will be available to the public on www.epexspot.com and www.eex.com.
ELIX is based on the objective of a truly integrated, single European market. Hence, it will show the remaining additional benefit which could be achieved through further market integration. The market areas France, Germany/Austria and Switzerland stand for 36 percent of the Pan-European electricity consumption. National prices determined in those market areas are already used as reference prices across Europe. ELIX dis-plays how close those prices already are to a market price in a fully integrated Euro-pean market. Therefore, the index addresses the energy trading community and market stakeholders as well as political decision makers and the general public. They all are invited by EPEX Spot and EEX to use ELIX as the reference price for the European energy market.
EPEX Spot SE operates the power spot markets for France, Germany, Austria and Switzerland (Day Ahead and Intraday). Together these countries account for more than one third of the European electricity consumption. EPEX Spot is a Paris-based company under European law (Societas Europaea) with a branch in Leipzig. 195 TWh were traded on the EPEX Spot power markets from 1 January to 30 September 2010.
European Energy Exchange AG (EEX) is the leading energy exchange in Europe and operates market platforms for trading in power, natural gas, CO2 emission rights and coal. To this end, EEX relies on an open business model which generates flexibility and market coverage and, thus, higher liquidity through targeted spin-offs and partnerships. Through this systematic expansion of co-operations, EEX makes a decisive contribution to the integration of the European energy markets. EEX Group also includes European Commodity Clearing AG (ECC), the central clearing house for energy and related products in Europe.