Physical Electricity Index

The Physical Electricity Index (abbreviated Phelix ) is the current index ( stock market index for the trade in products of the basic product electrical energy) for the market area Germany and Austria on the power exchange European Power Exchange ( EPEX SPOT ) in Paris . In other words, it represents the average value (price index) traded on the EPEX Spot Spot Market Products is.

Basics

The Physical Electricity Index represents the average of the hourly contracts traded on a day and is the relevant underlying for financial futures . It makes a significant contribution to pricing on the futures market . It can be mapped as Phelix-Baseload ( base load ), Phelix-Peakload ( peak load ) or Phelix-Off-Peak ( low load ). Off-Peak was subsequently introduced as a product at EEX on September 1, 2010, but with only moderate market acceptance and currently (2012) still modest trading volumes and availability. A Phelix month reflects the monthly average prices.

The Phelix was introduced by EEX as a reference index in 2001 . This was the prerequisite and the starting signal for on- exchange and over-the-counter trading in financial power derivatives , so that financial products derived from physical spot market products can be traded.

Delivery periods of different lengths can be traded: Phelix Futures for the current week, the next four weeks, the current month, over the next nine months, for eleven quarters or six years, with the largest volumes usually being tradable in the first three maturities are. They can also be traded as monthly, quarterly and annual futures in the form of off-peak contracts. Phelix futures are financial futures (financial fulfillment) and are settled in cash. The contract size is 1 MW per hour of the delivery period (annual future thus 8760 MWh). Phelix Futures are standardized forward transactions in terms of volume, delivery location, delivery period, quality and financial settlement. Phelix Future Options can also be traded.

Individual evidence

1. ↑ Explanation of the load profiles:
   • Baseload : Average price of all hourly contracts for an entire day;
   • Peakload : only the hours Monday to Friday (regardless of public holidays) from 8:00 am (9:00 am) to 8:00 pm are included in the price, i.e. the maximum utilization of the network;
   • Off-peak : All hours that are not peak, i.e. off-peak times. These are: the period from Monday to Friday 0:00 a.m. to 8:00 a.m. and 8:00 p.m. to midnight and Saturday and Sunday 0:00 a.m. to midnight
2. ↑ cf. EEX press release September 1, 2010  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. : the new futures should make it possible to structure the portfolio of market participants better.  

Literature / web links

• European university publications : Markus Wiesner: Der Stromgroßhandel in Deutschland , Peter Lang GmbH, Frankfurt a. M. 2010. ISBN 978-3-631-59847-4 .
• Bernd Rudolph, Klaus Schäfer: Derivative financial market instruments , Springer-Verlag , Berlin Heidelberg 2005, ISBN 978-3-540-79413-4 .
• Andrej Berschadsky (Diploma thesis): Portfolio and risk management in European electricity wholesaling , BoD, 2009, GRIN-Verlag, ISBN 978-3-640-56646-4 .