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Highlights

'First step in a global LNG market': EEX CEO German

LNG terminal decision expected soon

Power mix changes increase need for hedging

London — German energy exchange EEX will launch an LNG futures products settled against the Platts JKM benchmark by the end of the second quarter, its CEO said.

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"This is our first step in a global LNG market," EEX CEO Peter Reitz told S&P Global Platts in an interview at the e-World conference in Essen.

"In a few years, we will see other offerings, with the global LNG market growing everywhere [not just in Asia] with new terminals in Europe," Reitz said.

EEX announced the plan in November with traders able to clear LNG futures contracts up to the next two calendar years on EEX's PEGAS gas platform.

Trade in LNG derivatives has shown significant growth in 2018. Other major exchange platforms such as ICE and CME are already offering LNG futures.

EEX has also been exploring the potential for power derivatives in Japan, the world's fifth biggest power market, Reitz said.

GERMAN LNG TERMINALS

Two EEX customers, RWE and Uniper, are major players in the global LNG market. Both are associated with two LNG terminal projects in Germany.

Germany's government plans to support at least one LNG terminal in Germany, an energy ministry official said at the conference.

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The government is set to discuss the plans next Tuesday with US deputy energy secretary Dan Brouillette, with three projects vying for support.

OPTIONS, PPAS ARE GROWTH DRIVERS

EEX saw 2018 volumes rise 32% to a record 4,962 TWh, with European power derivatives volumes rebounding from a 2017 dip.

Reitz attributed that, in part, to an "increased need for hedging" resulting from increased price volatility and growing market participation in Germany, Italy and Spain.

Traded volumes in power options also increased, by 46%, in 2018, while Reitz referenced the upswing in power purchase agreements (PPAs) underpinning renewable energy projects as another growth factor for power in future.

-- Andreas Franke, andreas.franke@spglobal.com

-- Edited by Dan Lalor, newsdesk@spglobal.com