Germany's Federal Financial Supervisory Authority has issued a general administrative order resetting position limits for the German Power Future (Base) and German Power Option (Base) contracts traded on European Energy Exchange AG, covering both trading-venue positions and economically equivalent OTC contracts on an aggregated and netted basis. The limits are set at 21,000,000 MWh for the spot month and 52,000,000 MWh for other months, and will apply from 20 February 2026 with immediate enforceability ordered. BaFin concluded the contracts qualify as a significant commodity derivative because average open interest over a twelve-month period exceeds the statutory threshold of 300,000 tradable units, using monthly power contracts as the tradable unit and expressing limits in MWh. For the spot-month limit, BaFin started from a deliverable supply estimate of 206,396,640 MWh per calendar month and applied a 10% limit (below the 25% reference value) due to factors including market volatility and the fact that the same deliverable supply underpins related derivatives at other venues. For the other-months limit, it used average open positions of 257,440,898 MWh across all maturities (based on reported data for November 2024 to October 2025, with option positions delta-weighted) and set a 20% limit to reflect both volatility considerations and the need for a proportionate relationship between spot-month and longer-dated positioning. An objection can be filed within one month of the order’s publication, but the immediate-enforcement decision means the limits apply regardless of any challenge. BaFin also notes it may revoke the order to adjust the limits if new facts justify or require changes.

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