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Energy Trading

Our energy trading department ensures central access to the wholesale markets for power, gas and fuels.

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  • We market the electricity from renewable and conventional sources that is generated in our own power stations as well as in those of our customers and partners. This includes fuel procurement and logistics, CO₂ management as well as dispatching and control of the power stations.
  • We support the market integration of renewable energies, for example within the context of direct marketing according to the Renewable Energy Law.
  • We are competent partners to our customers in terms of optimising and marketing power stations and contracts on the electricity and gas markets. We offer the flexibility of our power stations and those of our customers on the relevant markets by providing a 24/7 service (futures markets, spot and intraday markets and balancing markets).
  • We are responsible for the procurement, portfolio and risk management of the EnBW sales companies and support their electricity and gas customers in this respect.
  • For this purpose, we are active on all the important energy exchanges in Europe e.g. European Energy Exchange (EEX), EPEX Spot and Intercontinental Exchange (ICE) and also do over-the-counter (OTC) business with more than 200 national and international counterparties. Our product portfolio comprises physical and financial products for power, gas, coal, oil and CO₂ certificates as well as structured contracts.

Our international team of employees keeps a close eye on the markets and guarantees our presence on the relevant wholesale markets in order to minimise market risks and increase the value of the investment portfolio. We are developing new products and strategies on the basis of our expertise and market know-how and continuing to establish position as an important player in European energy trading.

Direct contact:

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Urgent Market Messages

EnBW publishes REMIT relevant non-availabilities (planned and unplanned) of all power plants which are operated by EnBW on the Transparency Platform of the European Energy Exchange which is used regulated IIP. The list of respective power plants can be found below.

Link to Urgent Market Messages

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Trading Code of the EnBW trading department

In its entrepreneurial activities, the EnBW trading department is subject to laws and directives as well as regulations and provisions which it complies with; alongside with all guidelines and instructions issued by the EnBW group.

The trading code of the EnBW trading department creates the specific context for a trading environment that stands out to its integrity, transparency, respect, and fair and responsible behaviour. It also defines standards and principles for legally impeccable entrepreneurial behaviour by our traders.

This trading code applies to EnBW trading department’s range of activities, particularly to those of its traders.

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  • The EnBW trading department supports free and fair competition as the basis for trading business.
  • The EnBW trading department bases its business activities on the principles of honesty, fairness, transparency and integrity.
  • The EnBW trading department sets up its business activities in such a way that all trading functions are carefully controlled and employees’ tasks in the fields of trading and control are performed separately from one another.
  • The EnBW trading department has established an efficient risk management system with appropriate monitoring procedures. In its organisational structures and procedures. The EnBW trading department is oriented towards the “Minimum Requirements for Risk Management (MaRisk) issued by the Federal Financial Supervisory Authority. The guidelines are laid down in both the EnBW trading department organisational manual as well as the EnBW trading department risk manual.
  • The EnBW trading department issues specifications to ensure that all legal and regulatory obligations as well as regulations dictated by the Corporate Governance of the EnBW group are observed in relation to the trading business. This particularly includes the specification that the presentation and acceptance of gifts or invitations to social and other events are only permissible in line with what is generally accepted and within the relevant regulations.
  • The EnBW trading department ensures that all traders are personally and professionally suitable and supports their participation in further qualification measures.

I. General principles at the EnBW trading department

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All energy traders at EnBW are obliged to comply with all relevant laws and legal regulations as well as the relevant internal guidelines. Within the scope of their purchasing and selling activities, they behave according to the following principles:

  • All energy traders at EnBW carry out their trading business in good faith and are obliged to treat their business partners in an honest and fair manner.
  • All energy traders at EnBW only transact business that is in line with market practices and corresponds to the standards expected from professional business partners.
  • All energy traders at EnBW only do business with a legitimate business background. They do not carry out any transactions that breach the rules of the market or represent abusive behaviour. In particular, they do not use any inside information in a non-compliant manner, neither do they meet any non-competitive agreements with other market participants, with the intention to influence price formation or market conditions.
  • No energy trader at EnBW exchanges any information with competitors about competition-related facts in as far as such an exchange could be used to influence the competitive situation.
  • All energy traders at EnBW ensure that no business deals are concluded that are based on an obvious error made by the trading partner.
  • All energy traders at EnBW follow the relevant work procedures, as well as internal guidelines (in particular the risk management manual and the organisational manual). In particular
    • All energy traders at EnBW take the specific limits into account
    • All energy traders at EnBW enter their transactions in the trading systems immediately to make consistent and transparent financial reporting possible at all time.
  • All energy traders at EnBW respect the monitoring of trading activities by an independent person (“four eyes” principle). Equally, they respect the monitoring of their trading activities through the responsible departments (credit risk and trading monitoring). They make an active contribution to the recognition of the general risk management standards (MaRisk).

II. Code of conduct for traders of the EnBW trading department