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Derivatives Markets

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The regulated Energy Derivatives Market in Greece was established in 2020, following the approval of the Hellenic Capital Market Commission. The organization and support of its transactions is realized by the Hellenic Energy Exchange (HEnEx), whereas the clearing, assuming the role of the Central Counterparty, is under the responsibility of ATHEXClear, a company member of the Hellenic Exchanges Group (HELEX).

Derivatives are financial contracts whose value is linked to the value of an underlying asset. They are complex financial instruments, that are used for various purposes, including hedging and offering access to additional assets or markets. The participation in such a market creates new opportunities for the market participants by hedging the risk of fluctuations in electricity power prices or on arbitrage.

HEnEX provides the transparency and the reliability you need to protect against price surges by locking in your future energy costs.

Learn more about the procedure for acquiring the Member's capacity, Membership resignation and other Membership issues of HEnEx Derivatives Market here.


Products

 

HEnEx’s Derivatives Market offers trading on Futures with financial settlement of the transactions while Members or clients of Members who are also Participants in the Day-Ahead Market can benefit from an optional physical settlement of their monthly contracts. The underlying asset of Futures is based on energy indicators related to the physical spot market. They are calculated based on the baseload profile, which provides a constant energy delivery rate for all hours, Monday to Sunday, and the peakload profile, which provides a constant energy delivery rate from 08:00 to 20:00 CET, Monday to Friday. The duration of the contracts can be monthly, quarterly or yearly.

The tradable contracts are listed below*:

contract delivery duration delivery period

Baseload

Monthly

Quarterly

Yearly

Τhe current and the next six months

Τhe next four quarters

Τhe next year

Peakload

Monthly

Quarterly

Yearly

Τhe current and the next six months

Τhe next four quarters

Τhe next year

Detailed product specifications are available here.

* Until the go-live of the new Markets of Target Model, the available contracts are limited, while physical settlement is not available.

Key Information Documents

 

Documentation and key information of Traded Instruments

Key Information Documents FILE

KID - Electricity Base Load Futures

KID - Electricity Peak Load Futures

 

Position Limits

Position limits on “Greek Electricity Base Load Futures”

The position limits on derivatives expiring in the current or other month (combined position limit) shall be set at 2,500 lots.

For the base load profile it applied that 1 lot = 1 MW x 30 days x 24 hours/day = 720 MWh. Therefore, the 2,500 lots limits corresponds to 1,800,000 MWh.

Position limit on “Greek Electricity Peak Load Futures”

The position limits on derivatives expiring in the current or other month (combined position limit) shall be set at 2,500 lots.

For the peak load profile it applied that 1 lot = 1 MW x 22 days x 12 hours/day = 264 MWh. Therefore, the 2,500 lots limits corresponds to 660,000 MWh.


Trading

 

On the Energy derivatives market, participants can trade purely financial products such as options and futures. HEnEX operates the OASIS trading system, a platform that provides high security and reliability in order to buy or sell energy and commodity products.

Benefits on the new Greek Energy Derivatives Market:

  • A MiFID II compatible market accompanied by an EMIR compliant CCP increases reliability, transparency, efficiency and minimizes counterparty credit risk exposure.

  • Hedging opportunities are reinforced since all market Participants (Producers, Suppliers, Traders, RES Aggregators) can hedge against unforeseen prices in the spot market.

    • Hedging price exposure helps companies make long-term plans, formulate new business cases and expand their activities, which, inturn, benefit send-customers who receive less expensive and/or enhanced services.

  • Optional physical delivery in DAM according to the respective Futures’ position can serve Spot market Participants needs through a simple and straight- through service.

    • The product targets both financial and non- financial entities

    • The liquidity (which is vital for this initial stage) is gathered into a single pool

    • The financial result is identical

    • It is not required for both buyer and seller to request physical delivery

In order to execute transactions in the Derivatives Market, the acquisition of membership from HEnEx is required.

Detailed information regarding Trading in Derivatives Market, can be found here.


Clearing

 

ATHEXClear acts as a central counterparty for the clearing of the Energy Derivatives Market transactions. The counterparties of ATHEXClear in the clearing process are the Clearing Members of the Derivatives Market. The clearing of transactions is carried out by ATHEXClear at Clearing Account level.

Each Clearing Member keeps in the Clearing System at least one Clients Clearing Account and one Own Clearing Account. Additional Client Clearing Accounts or Clients Clearing Accounts may be created at the request of a Clearing Member.

Direct Clearing Members or General Clearing Members participate in clearing according to ATHEXClear Clearing Rulebook conditions.

EnEx_Member_Support_Contact


EnEx Member Support Dpt.

E-mail : EnEx-Member-Support@enexgroup.gr
Tel : (+30) 210 33 66 845,  (+30) 210 33 66 952
Fax : (+30) 210 33 66 951