{"id":5046,"date":"2024-03-19T15:55:00","date_gmt":"2024-03-19T14:55:00","guid":{"rendered":"https:\/\/neon.energy\/forward-markets\/"},"modified":"2026-07-21T13:11:31","modified_gmt":"2026-07-21T12:11:31","slug":"forward-markets","status":"publish","type":"page","link":"https:\/\/neon.energy\/en\/forward-markets\/","title":{"rendered":"Cross-border forward markets"},"content":{"rendered":"

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Cross-border forward markets<\/h2>\n

Client: TSOs
\nNeon team: Ingmar Schlecht, Anselm Eicke
\nPublished: 2024<\/p>\n

European TSOs are required to issue long-term transmission rights (LTTRs) \u2014 financial derivatives on the spread between two bidding zones\u2019 spot prices. ACER has proposed numerous changes, including a switch from spread options to spread futures and a virtual trading hub. In a report for the German TSOs, we developed an analytical framework for cross-border forward markets, showing that issuing LTTRs always means taking positions in domestic forward markets, and that a switch to futures would require TSOs to engage in delta hedging with volumes based on expected trade rather than transmission capacity.
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\n
\nProf. Dr. Lion Hirth
\nhirth@neon.energy<\/a>
\n+49 157 55 199 715<\/a>
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\nReport<\/strong>
\n<\/a>
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\nRelated work<\/strong>
\nMarginal pricing<\/a>
\nRegional wholesale prices<\/a>
\nPrice spikes<\/a>
\nElectricity Markets<\/a>
\nGrundlagen der Energiewirtschaft<\/a>
\nElectricity Markets<\/a>
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[vc_row][vc_column width=”7\/12″][vc_column_text] Cross-border forward markets Client: TSOs Neon team: Ingmar Schlecht, Anselm Eicke Published: 2024 European TSOs are required to issue long-term transmission rights (LTTRs) \u2014 [\u2026]<\/span><\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"class_list":["post-5046","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/pages\/5046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/comments?post=5046"}],"version-history":[{"count":7,"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/pages\/5046\/revisions"}],"predecessor-version":[{"id":6530,"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/pages\/5046\/revisions\/6530"}],"wp:attachment":[{"href":"https:\/\/neon.energy\/en\/wp-json\/wp\/v2\/media?parent=5046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}