Energihandel

Energihandel, or energy trading, refers to the buying and selling of energy commodities and related financial instruments with the aim of price discovery, risk management, and ensuring reliable delivery of energy to consumers. It spans wholesale electricity and gas markets, as well as oil, coal, and emissions allowances, and includes both physical trading and financial hedging.

Trading occurs on organized exchanges such as Nord Pool for electricity in the Nordic and Baltic regions, EEX and Nasdaq Commodities for power and gas, and on over-the-counter markets. Market participants include producers, utilities, independent traders, financial institutions, and large industrial buyers and retailers.

Markets are structured into spot and derivatives segments: day-ahead and intraday markets for near-term delivery, and futures and forwards for longer horizons. Clearing and settlement are provided by central counterparties on many exchanges or bilateral via clearing arrangements.

Price formation and liquidity are influenced by generation mix, demand forecasts, weather, fuel prices, and network constraints. The transmission system operators coordinate grid balancing, while imbalance prices may be settled in balancing markets.

Regulation in the European Union aims to liberalize the internal energy market, ensures transparency and competition, and prevents market manipulation. Regulations such as REMIT govern wholesale energy markets and require reporting of trades and avoiding abuse.

Recently, energy trading has evolved with increased focus on renewable energy integration, demand response, and carbon pricing, which adds complexity and opportunities for hedging and optimization.

Overall, energihandel contributes to efficient price signals, risk transfer, and reliability of energy supply by connecting producers, buyers, and networks through liquid markets.