Jiji Press on EEX Japan Power
2022/08/03 09:24
◎７月のＥＥＸ電力先物取引量、前月比７１．６％減＝前月の大商いの反動で
７月の欧州エネルギー取引所（ＥＥＸ）のサービスを使った日本の電力先物の取引量は、前月比７１．６％減の２億６４９１万キロワット時（１万キロワット時未満は切り捨て）となった。減少は３カ月ぶり。前年同月比では２６．９％減だった。売買枚数は前月比７２．７％減の３７７枚、取引件数は同５２．０％減の１３１件だった。
前月の取引量は月間で過去２番目の大きさになったが、ＥＥＸグループの高井裕之?上席アドバイザーは「大商いの翌月の取引量は、反動で低調になる傾向がある」と指摘。市場では「当面必要なヘッジはほとんど６月に済ませた」との声も聞かれた。
ＥＥＸでは月のほか、週、四半期、季節（４～９月の「夏」と１０月～翌年３月の「冬」）、年の期間で取引する商品がある。
７月は、月間物の取引が計２億１７０８万キロワット時で、全体の８１．９％を占めた。７月物～２０２３年１月物の取引があり、多い順に１０月物が５５５３万キロワット時、９月物が４９２０万キロワット時、８月物が４６３９万キロワット時だった。前月にはなかった２３年１月物の取引も３８６８万キロワット時あった。
四半期物で約定したのは、全て２３年１～３月期で計２３７６万キロワット時。季節物は、２２年冬が８７３万キロワット時、２３年夏と同年冬が各４３９万キロワット時の計１７５２万キロワット時。残りは週間物の計６５５万キロワット時だった。
取引量の減少に関しては、海外勢ら多くの市場参加者が夏休みに入ったことや、７月１８日から取引終了時間が午後６時となり、取引時間が１時間短縮されたことが影響した可能性もある。
東京エリア?ベースロードについて、電力需要期である夏と冬の約定価格を見ると、月間の８月物は月初の１キロワット時当たり４０円１０銭から、月末には３６円７０銭へと下落基調をたどった。一方、２３年１月物は月初が４２円６０銭、月末が４４円と高値圏を推移した。四半期物の２３年１～３月期は３５円２５銭～３８円５０銭のレンジだった。
季節の２２年冬は３７円５０銭、２３年夏は３０円３０銭、同年冬は３１円７０銭。２３年夏?冬はいずれも７月１５日に約定した。同２９日には、日本卸電力取引所がベースロード市場の２３年度受け渡し分に関する１回目の取引結果を公表し、東京エリアの約定価格は３３円０６銭だったが、ＥＥＸの２３年夏?冬の価格はこれに近い水準になった。
取引参加者は、７月から日本企業２社が新たに参入し、同月末時点で取引実績のある企業は４２社（商品先物取引会社２社を含み、実質的には１企業のグループで複数の取引口座を持つ場合は１社として集計）になった。内訳は、日本企業が２２社、外資系企業が２０社となっている。（了）
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Jiji Press Article – English Translation by EEX Tokyo Office
?August 3rd, 2022 9:24AM JST
July EEX Power Futures: Volume Dropped 71.6% MoM, Possible After Effect of Busy Previous Month
?The trading volume of Japanese power futures listed on the European Energy Exchange (EEX) decreased by 71.6% MoM (26.9% YoY) to 264GWh in July. The volume decreased for the first time in three months. The number of lots traded as well as the number of deals also dropped by 72.7% (377 lots) and 52.0% (131 deals) MoM respectively.
?Pointing to the fact that the previous month had the second largest volume on record, Bob Takai, Executive Advisor to EEX, said that volume tends to drop after a busy month. Some market participants also mentioned that most of the hedging necessary for the time being had already been completed in June.
?In addition to monthly products, EEX offers weekly, quarterly, seasonal ("summer" from April to September and "winter" from October to March) and yearly products.
?In July, transactions for monthly products totaled 217GWh, accounting for 81.9% of the monthly volume. Monthly trades ranged from JUL22 to JAN23, with OCT22 having the largest share (55GWh), followed by SEP22 (49GWh) and AUG22 (46GWh). There were also 38GWh worth of trades for JAN23, which had not been seen in the previous month.
Quarterly trades were all for Q1/23, with a total of 23GWh. Seasonal trades totaled 17GWh, with 8GWh of Winter22, and 4GWh for each Summer23 and Winter23. The rest of the volume (6GWh) was for weekly products.
?The decrease in volume may also be attributed to the fact that many market participants, including overseas participants, have entered their summer vacation period, as well as the change in trading hours whose closing was shorten by an hour to 6pm since July 18th.
?With regards to the prices of baseload products for the Tokyo area during the summer/winter, which cover peak demand seasons, the AUG23 contract saw a downward trend, drifting down from 40.10 yen at the beginning of the month to 36.70 yen at the end of the month. In contrast, JAN23 remained high, trading as much as 42.60 yen at the beginning of the month and 44 yen at the end of the month. Q1/23 was stable in the 35.25 yen to 38.50 yen range.
?Prices for seasonal products were 37.50 yen for Winter22, 30.30 yen for Summer23, and 31.70 yen for Winter23. There were transactions for both Summer23 and Winter23 on July 15th. According to the results of the first bidding for baseload power in FY23, which the Japan Electric Power Exchange announced on the 29th, the price for the Tokyo area was 33.06 yen. The EEX prices of Summer23 and Winter23 were close to this result.
?EEX had two new entrants, both domestic companies, in July. The number of participants with actual trading records grew to 42 (including two commodities futures trading companies. Accounts belonging to the same corporate group are counted as one single entity) as of the end of the month, consisting of 22 domestic participants and 20 foreign-affiliated participants.