EEX
European Energy Exchange, Leipzig-based exchange trading European power, gas, and EUA carbon contracts.
Last refreshed: 8 June 2026 · Appears in 1 active topic
Is the EEX carbon price still suppressing coal-to-gas switching across Europe?
Timeline for EEX
German clean spark spread holds negative
European Energy Markets- 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
Background
The European Energy Exchange (EEX) is a regulated exchange headquartered in Leipzig, Germany, and majority-owned by Deutsche Boerse Group. It operates markets for electricity futures (German, French, Italian and other national baseloads), natural gas spot and futures, and European Union Allowances (EUAs) under the EU Emissions Trading System. EEX is the primary venue for clearing carbon contracts that underpin the EU ETS price signal, making it central to the economic logic of coal-to-gas switching and renewable investment across the Continent. It also operates Nodal Exchange in North America and EPEX SPOT (the short-term European power exchange) through its group structure.
EEX carbon and power prices are directly relevant to the German clean spark spread, which measures how profitable it is to run a gas-fired plant after paying for fuel and carbon permits. The clean spark spread has been negative in recent weeks, meaning gas plants lose money running at wholesale prices . This negative spread is partly a function of the EEX EUA price: if carbon permits are cheap, the spread improves; if they are expensive relative to gas, gas plants can only break even at elevated power prices. The France-Germany power spread reaching a record EUR 96.20/MWh underlines how national generation mixes create sharp cross-border price differentials that show up in EEX French and German baseload futures.
