Against the background of the conflict in Ukraine, energy markets are experiencing unprecedented price developments. In this turbulent time, EEX and ECC continue to ensure the stability of trading and clearing for all listed energy and commodity contracts. On this page EEX and ECC are publishing and maintaining relevant information.

    Keeping markets open

    The importance of free price formation in times of turmoil

    Regulated exchanges operating the wholesale energy markets provide essential transparency on prices on the physical underlying of energy supply and demand. A robust and transparent price formation process, combined with sound policies to ensure and orderly market, is essential under any market circumstances but especially when markets are moving.

    The importance of keeping energy markets open in turbulent times

    Read the Opinion & Expert Report

    EPEX SPOT information on the energy crisis

    To EPEX SPOT website

    Policy Note – Helping vulnerable consumers now, while ensuring investments in the future

    Read the Opinion & Expert Report

    Trading at Trading Hub Europe’s virtual trading point upon activation of the emergency level

    Read the Opinion & Expert Report

    Price caps on wholesale gas markets lead to significant negative side effects without having the desired results

    Read the Opinion & Expert Report

    How does EEX deal with extreme price volatility?

    General information on the volatility safeguards and other price determination safeguards EEX has implemented since the go-live of MiFID II in 2018 can be found on the respective website. Furthermore, EEX has published a customer information on a potential derivatives market suspension in case of major disruptions of gas delivery. In a separate Q&A document, EEX and ECC provide more information about such a potential derivatives market suspension.

    Potential emergency measures taken by EEX in case of major disruptions of gas delivery

    Read the Customer Information

    Q&A on potential EEX Derivatives Market Suspension

    Download the FAQ

    General information on the volatility safeguards and other price determination safeguards


    Risk Management & Collateral

    European Commodity Clearing (ECC) is a central clearing house which specialises in energy and commodity products. ECC assumes the counterparty risk and guarantees the physical and financial settlement of transactions, providing security and cross-margining benefits for its customers. As part of EEX Group, ECC provides clearing services for EEX, EEX Asia and EPEX SPOT and for the partner exchanges HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx.

    Robust CCP Risk Management framework

    ECC’s has established a robust CCP Risk Management framework based on the various lines of defense.


    Initial Margin Methodology

    ECC’s initial margin methodology complies with the European Market Infrastructure Regulation (EMIR). ECC updates the initial margin rates on a daily basis, using the latest settlement prices obtained from the relevant markets. The margin rates therefore reflect the current levels of prices and volatility. Margin requirements can be covered with a wide range of eligible collateral.


    Initial Margin Calculations

    Initial margin calculations can be performed by using the margin calculator (Q & A Session – PC-Span® ( and the margin rate files.

    Physical settlement in case of imbalances

    Besides the financial settlement, the clearing house ECC also ensures the physical settlement of all respective transactions. With this respect, ECC closely cooperates with European Transmission System Operators (TSO) and Hub Operators for power and natural gas.

    The European natural gas and power markets are divided into

    • the physical flow layer, where physical entries respectively production and consumption volumes are managed by the grid operator having own balancing measures and
    • the commercial rights layer on the so called Virtual Trading Points (VTPs).

    Power and natural gas transactions cleared by ECC are related to Virtual Trading Points and therefore decoupled from the physical flows. If any imbalances occur, the relevant and individual rules and costs of each TSO or hub operator will apply.

    Effects of a missing physical gas delivery on ECC

    Find out more

    ECC’s physical settlement

    Further Information

    ECC Clearing Conditions 

    Please see also the ECC Clearing Conditions in which section 4.8.5 deals with deviations in the physical settlement of grid-bound energy contracts.