December 6, 2018 / 12:34 PM / 8 days ago

UPDATE 1-Germany's EEX in Bulgarian power futures tie-up, spot expansion

(Adds separate expansion plans by the EPEX SPOT unit)

FRANKFURT, Dec 6 (Reuters) - German power exchange EEX and Bulgarian peer IBEX have signed a cooperation deal to introduce Bulgarian electricity futures on the German exchange in the first half of 2019 as the market-leading EEX bourse pushes further east.

Bulgaria is liberalising its state-run energy systems while IBEX, owned by state-controlled stock exchange BSE, wants to strengthen ties with other EU wholesale power markets.

EEX plans to list euro-denominated weekly, monthly, quarterly and annual Bulgarian futures contracts for baseload or 24-hour power supply, to be settled against the day-ahead price assessment by IBEX, the exchanges said in a joint statement.

Since EEX integrated the power products of Czech market PXE in mid-2017, it has more than trebled cleared power trading volumes in central and southeastern Europe, said Tobias Paulun, chief strategy officer at EEX.

“Out cooperation with IBEX is another decisive step in the development of power markets in southeast Europe,” he said.

IBEX Chief Executive Konstantin Konstantinov said the link-up would help generate important long-term price signals.

The EEX also said it will start Serbian and Slovenian power futures contracts at the same date as the Bulgarian futures products are introduced. That will give EEX a presence in 20 market zones across Europe, strengthening its lead as biggest continental European power market, it said.

Separately, EEX’s spot power unit EPEX SPOT said it plans to launch day-ahead and intraday power trading in Nordic and Baltic countries next year.

A press release citing approval by its exchange council said the 2019 start of day-ahead trading was foreseen in Denmark, Finland, Norway, Sweden, Estonia, Latvia, Lithuania and Poland, depending on progress in pooling locally nominated operators.

Intraday trading was certain to become available in the first half of 2019 in the Nordics and Baltics because necessary software for automation was in place, it said.

Britain’s continuous EPEX SPOT power market was migrated in November to the auction system in use in continental markets, EPEX SPOT also reported.

This was the last step in integrating operations with Anglo-Dutch exchange APX, which it bought in 2015. (Reporting by Vera Eckert Editing by David Goodman and Adrian Croft)

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