Important change European EPEX-SPOT markets in 2025

Update: since 1 October 2025, the European day-ahead markets (EPEX SPOT) have used 15-minute prices instead of hourly prices. This article was written in April 2024, when the transition was still being prepared. At the time, the plan was to change the prices for the European EPEX SPOT markets to a 15-minute interval from mid-2025, replacing the 30- or 60-minute intervals for day-ahead and intraday trading, to allow a more precise and flexible response to electricity supply and demand.

Electricity trading based on quarterly prices was established by the European Union in the Clean Energy Package. Because the system is more responsive to fluctuations in supply and demand, prices and schedules can be set more accurately.

Europe delays introduction of quarterly electricity market prices until October

The introduction of quarter-hourly prices in all European day-ahead power markets has been postponed. The transition to 15-minute prices in Single Day-Ahead Coupling (SDAC) scheduled for 11 June has been postponed to 30 September 2025.

The first of October has thereby been designated as the first delivery date.

Capacity Allocation and Congestion Management (CACM)

For the EPEX SPOT (European Power Exchange), which handles short-term energy markets such as day-ahead and intraday trading in the electricity sector, this alteration implies changes in how electricity capacity is allocated and congestion is managed. The modification, outlined in the Capacity Allocation and Congestion Management (CACM) regulation, is part of a broader effort to integrate and enhance efficiency in European electricity markets. The CACM aims to contribute to energy security, competitiveness, and affordable energy prices. Ultimately, it seeks to facilitate electricity trading at the European level, optimize network utilization, and enhance competition for the benefit of all energy users.

What is the impact of the CACM regulation?

The expected impact of the Capacity Allocation and Congestion Management (CACM) regulation on the EPEX SPOT market is multifaceted. Here are some key points:

Market structure: EPEX SPOT has explicitly opposed the proposal by the Agency for the Cooperation of Energy Regulators (ACER) to alter the setup of the EU energy market. They believe that ACER’s recommendations overly focus on governance issues and could create a monopoly by establishing a “single legal entity” for all Market Coupling Operations1. Innovation and investments: Concerns exist that such changes might have adverse effects on investments and innovation within the EU energy market. EPEX SPOT emphasizes the urgent need to facilitate the energy transition, and the current competitive market structure contributes to delivering innovative solutions to achieve EU climate goals2. Operational safety: The proposal could jeopardize operational safety by exposing the market to a single point of failure2. Efficiency and Transparency: The additional administrative layers created by the proposal could hinder efficiency and transparency.

It is evident that EPEX SPOT and other stakeholders in the energy sector are concerned about the potential impact of the CACM regulation revision. They advocate for constructive discussions to pave the way toward a more efficient EU wholesale electricity market2. COMCAM’s portfolio managers anticipate that this change will significantly impact all energy providers and the EPEX management of smart energy installations.

COMCAM’s view

Our portfolio managers anticipate that this modification will significantly impact all energy providers and the EPEX management of smart energy installations. By introducing quarter-hour prices on the EPEX, daily bidding on the platform is expected to become more intricate.

The expectation of the CACM regulation is that this change will lead to less imbalance. It’s worth noting that the Dutch imbalance market, which operates with quarter-hour values, currently experiences approximately four to five times more negative hours compared to the EPEX market with hour values. This volatility manifests a large spread between positive and negative price moments. Given the challenges related to network congestion, we expect increased imbalances in the coming years, further amplifying volatility in these markets.

The energy market remains complex, but we remain committed to ensuring that our customers can rely on affordable energy with the appropiate energy products and services.