New: PFCs for UK & Italian price zones

Start of market area UK

The United Kingdom is one of the most important european energy markets. According to this importance, price[it] has now launched Price Forward Curves (PFCs) for the UK gas and power market based on futures from the ICE Exchange:


  • Even if bilateral trading still dominates the UK power market, the volume of day-ahead and intraday trading on the EPEX SPOT and Nordpool Exchange has been rising since years
  • With increasing liquidity, the spot auctions better reflects the physical situation of the UK power market
  • The HPFC ICE UK is an hourly forward curve based on the current settlement prices for UK Base Electricity Futures of the ICE


  • The gas hub National Balancing Point (NBP) is the second most liquid gas trading point in Europe.
  • The DPFC ICE NBP is a daily forward curve based on current settlement prices for UK Natural Gas Futures of the ICE

Overview Italy: unit price and zonal prices

Our Forward Curve POWER-EEX-ITALIAN-HPFC is based upon the National Unit Price (PUN) for the Day-Ahead Market (MGP) of the GME. The historical spot price patterns of the PUN are combined with actual EEX Italian Power Futures to generate the Italian HPFC. As of now, we complemented this Italian PFC with forward curves for the geographical zones of the GME:

  • Italy is currently divided into 6 geographical zones, in which MGP participants hand in their ASKs and BIDs
  • The PUN is defined as the balance price of the aggregated demand and supply curves over all 6 geographical zones
  • If transmission capacity between two or more zones are not sufficient to reach full price convergence across the areas, congestion will lead to different zonal prices

For this reason, there are deviations from the unit price PUN for the geographical zones leading to different zonal price patterns. price[it] therefore offers an own forward curve for each geographical zone. (see table below)

price[it] HPFCs for GMEs geographical zones

Product GME's geographical zone Abbrevation Italian region
POWER-EEX-IT-CNOR-HPFC Centro Nord CNOR Toscana, Umbria,
POWER-EEX-IT-CSUD-HPFC Centro Sud CSUD Lazio, Abruzzo,
POWER-EEX-IT-NORD-HPFC Nord NORD Val D’Aosta, Piemonte,
Liguria, Lombardia,
Trentino, Veneto,
Friuli Venezia Giulia,
Emilia Romagna
Basilicata, Calabria

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