European energy exchange EEX more than doubled volumes across its gas markets last year as operators hedged purchases amid supply worries, but high power prices led to a 14% decline in electricity trading, it said on Tuesday.

High prices and volatility in gas and power markets were the result of the drop in Russian gas exports to the West after Russia’s invasion of Ukraine.

Total gas trading volumes in 2022 amounted to 6,669.5 terawatt hours (TWh), representing a 112% increase on 2021, Deutsche Boerse’s EEX said in a statement.

“The need for hedging instruments was exceptionally high due to the tight supply situation,” said EEX Chief Executive Peter Reitz.

volumes on the bourse reached 6,350.3 TWh in 2022, down from 7,405,730.9 TWh the previous year, on account of losses in Europe.

By contrast, United States power futures set a new record and the Japan futures segment, in its third year, also rose, though still from a low base.

EEX Group connects more than 800 trading members.
Source: Reuters