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EEX
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EEX

European Energy Exchange, Leipzig-based exchange trading European power, gas, and EUA carbon contracts.

EEX is the Leipzig exchange clearing European power, gas and EU carbon allowance contracts; its EUA settlement is the reference price German gas plants are judged against, and it held flat on 27 July while gas and power both fell.

Last refreshed: 27 July 2026 · Appears in 1 active topic

Key Question

Is the EEX carbon price still suppressing coal-to-gas switching across Europe?

Timeline for EEX

#30 26 Jul

Carbon sits still as gas and power dive

European Energy Markets
#18 15 Jun

Mentioned in: German CCGT shut-in is the demand depressant

European Energy Markets
#16 8 Jun

German clean spark spread holds negative

European Energy Markets
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Background

The European Energy Exchange is a regulated exchange headquartered in Leipzig and majority-owned by Deutsche Boerse Group. It runs the principal markets for German, French and Italian power futures, natural gas spot contracts, and European Union Allowances (EUAs), the tradable permits that price a tonne of carbon under the EU Emissions Trading System. Through its group structure it also owns EPEX SPOT, the short-term European power exchange, and Nodal Exchange in North America.

EEX's EUA contract is the reference price against which German gas-fired generation is judged: a plant's clean spark spread, the margin Left after paying for fuel and carbon, is negative whenever the EUA settlement sits above what the power price can absorb. That spread has held negative through June and July 2026 , and on 27 July the EUA print stayed still even as gas and power both dropped , underlining that the carbon leg answers to the EU ETS's own regulatory calendar rather than to the same daily weather and demand swings that move gas and power.

Because EEX prices both the fuel and the carbon cost simultaneously, its contracts are the mechanism through which EU climate policy translates into plant-level dispatch decisions across the Continent, not merely a trading venue.

Common Questions
What does the EEX exchange trade?
EEX (European Energy Exchange) trades electricity futures for multiple European countries, natural gas spot and futures, and EU Allowances (EUAs) for carbon emissions. It is the main venue for the EU carbon price that determines whether coal or gas is cheaper to burn for power generation.Source: EEX corporate information
How does the EEX carbon price affect gas power plants?
Gas-fired plants must buy EUA carbon permits for each tonne of CO2 they emit. A higher EUA price raises their operating cost. Combined with the cost of gas fuel, this determines the 'clean spark spread': when EUA prices are high and gas prices are high, the spread can go negative, meaning gas plants lose money running at the wholesale power price. Germany's clean spark spread has been negative recently.Source: Event: German clean spark spread holds negative
Why are French and German power prices so different on EEX?
France generates roughly 70% of its power from nuclear, which has near-zero variable costs. Germany relies more on gas and coal, which carry fuel and carbon costs. When French nuclear runs well and German gas costs are high, the France-Germany price spread on EEX widens sharply. It recently hit a record EUR 96.20/MWh.Source: Event: France-Germany spread sets EUR 96.20 record
Who owns the European Energy Exchange?
Deutsche Boerse Group holds a majority stake in EEX. The exchange is headquartered in Leipzig, Germany, and its group includes EPEX SPOT (short-term European power market) and Nodal Exchange (US power futures).Source: EEX Group corporate structure
What is the EU ETS and how does EEX fit into it?
The EU Emissions Trading System (EU ETS) caps total greenhouse gas emissions from power stations and industry, and lets companies trade allowances (EUAs). EEX is the primary regulated exchange where EUAs are auctioned and traded as futures. The EUA spot price on EEX is the headline figure quoted when discussing the EU carbon price.Source: EU ETS framework documentation
Did the EU carbon price move during the July 2026 European gas and power price crash?
No. EEX's December-2026 EUA carbon contract closed at EUR 83.51/tonne on 27 July 2026 against EUR 83.40 on 24 July, a 0.01 per cent move, holding essentially flat even as TTF gas fell 8 per cent and German day-ahead power fell 41 per cent over the same four sessions. The carbon leg of the clean spark spread was the stable input; gas and power supplied all the movement.Source: Lowdown european-energy-markets Update 30 (quoted via data aggregators, not exchange settlement prints)
Source Material
European Energy ExchangeEuropean Energy Exchange