Electricity trading volumes and churn ratio by month and platform (GB)

Chart

Source: BEIS, ICE, ICIS, N2EX & EPEX SPOT.

Information correct as of: July 2019

The chart shows total monthly volumes of electricity traded in GB across different trading platforms. The churn ratio is also shown. ‘Churn’ is the number of times one unit of electricity is traded.

Policy Areas:

  • Electricity - wholesale markets

Data Table

Electricity trading volumes and churn ratio by month and platform (GB)
DateChurnN2EXEPEX SPOTICEOTC
01/01/20103.50.351.162.98114.5
01/02/20103.90.51.420.76113.46
01/03/201040.51.840.43118.9
01/04/20104.90.181.190.56126.67
01/05/20104.31.731.370.48109.05
01/06/20103.81.661.760.6689.44
01/07/20103.41.581.372.5180.92
01/08/20102.51.641.380.1458.95
01/09/20102.62.41.880.9459.19
01/10/20102.52.71.430.2965.37
01/11/20102.73.191.760.4174.34
01/12/20101.83.072.380.2257.24
01/01/20112.42.81.770.6373.72
01/02/20113.62.591.641.1998.62
01/03/20114.42.542.081.51128.35
01/04/20112.82.581.830.2164.68
01/05/20112.12.871.820.0548.82
01/06/20113.53.622.170.6979.88
01/07/20113.43.081.670.5678.67
01/08/20113.72.471.711.286.89
01/09/20113.53.392.061.2781.8
01/10/201134.921.90.5973.12
01/11/20113.56.432.062.9386.51
01/12/201128.342.651.2548.31
01/01/20123.27.891.681.9988.61
01/02/20123.59.191.511.0393.33
01/03/2012310.861.791.3170.23
01/04/20122.17.241.240.8147.74
01/05/20123.37.371.252.177.04
01/06/20123.311.561.610.2666.01
01/07/20123.211.71.30.9164.2
01/08/20122.912.421.431.1456.57
01/09/20122.816.611.732.0149.5
01/10/20122.711.871.390.6259.66
01/11/20122.611.291.50.2862.18
01/12/2012214.72.070.8443.73
01/01/20133.111.691.780.9883.68
01/02/20133.611.781.580.5889.65
01/03/20132.414.5321.1755.62
01/04/20132.510.962.050.2653.81
01/05/20132.910.232.050.1761.17
01/06/20133.112.382.030.8656.48
01/07/20132.910.131.870.2658.21
01/08/20133.19.951.750.2762.02
01/09/20133.213.181.850.6662.1
01/10/20133.511.011.910.5179.34
01/11/20132.611.561.90.5560.32
01/12/20132.215.031.880.6545.88
01/01/20143.411.431.730.7389.98
01/02/20143.511.281.620.8882.6
01/03/20143.613.612.030.3986.67
01/04/20144.511.831.970.1899.72
01/05/20143.411.52.140.2471.51
01/06/20143.710.661.810.1570.21
01/07/20143.610.661.970.2272.53
01/08/20143.69.52.270.1471.84
01/09/20143.610.112.10.173.68
01/10/20143.111.32.760.2668.6
01/11/20142.911.762.730.4465.37
01/12/20142.412.423.020.6253.51
01/01/20153.312.513.190.9987.8
01/02/20154.110.135.071.3796.59
01/03/20153.69.44.741.4788.79
01/04/20152.88.65.070.2853.44
01/05/20152.68.895.410.5946.98
01/06/201538.015.180.5455.62
01/07/20153.98.035.31.0478.31
01/08/20153.18.395.020.7857.81
01/09/20153.68.285.390.772.31
01/10/20153.89.195.420.883.46
01/11/20153.49.395.770.9278.29
01/12/20152.99.226.05171.23
01/01/20164.79.836.691.28122.35
01/02/2016511.946.81.21117.91
01/03/2016413.527.640.3789.79
01/04/20164.38.243.931.1997.36
01/05/20164.88.254.11.3898.38
01/06/20164.37.913.870.7782.87
01/07/20163.68.174.10.9267.05
01/08/20163.58.073.942.1664.78
01/09/20166.38.133.774.3127.37
01/10/20166.28.973.912.57139.45
01/11/20165.89.654.135.29141.76
01/12/20163.89.354.263.2589.34
01/01/20174.210.625.592.17107.06
01/02/20173.48.965.061.378.15
01/03/20172.99.455.251.0565.19
01/04/20172.58.894.950.2343.27
01/05/20175.28.544.770.72108.54
01/06/20173.88.424.850.3870.81
01/07/201749.525.110.0776.83
01/08/20173.89.445.440.1370.25
01/09/201759.365.50.6896.68
01/10/20173.99.556.480.5579.14
01/11/20172.910.46.370.660.85
01/12/20172.711.016.310.0659.57
01/01/20182.911.286.090.1167.64
01/02/20182.910.595.820.1960.93
01/03/20183.610.486.490.0476.84
01/04/20183.29.55.670.264.67
01/05/20184.79.425.360.0892.41
01/06/20183.98.634.950.1472.6
01/07/20183.29.065.020.1259.1
01/08/20184.39.035.250.0481.71
01/09/20184.99.055.590.1394.69
01/10/20184.310.476.070.1289.14
01/11/20183.811.156.210.1583.8
01/12/20182.611.586.280.0653.14
01/01/20193.410.856.370.1683.26
01/02/20193.510.095.680.0470.91
01/03/20193.410.206.500.1969.90

More information

Electricity trading volumes and churn ratio: At-a-glance summary

There is a diverse range of products and platforms available for those looking to trade power in GB. However, the majority of electricity trades are still done over-the-counter (OTC). Baseload products persistently dominate; accounting for the vast majority of OTC traded volumes. Since the implementation of our Secure and Promote Licence Condition there has been an increase in the number of times units of power are traded before delivery (churn), indicating a slight improvement in churn. 

Relevance and further information

Churn is one metric used to assess market liquidity. It shows how often a unit of electricity is traded before it is delivered to end consumers. Liquidity is an important feature of mature markets, often reflecting a large number of buyers and sellers.

Liquid markets also facilitate new entry by making it easier to buy and sell electricity at a good price. For example, in a liquid market a new supplier can more easily enter the market and buy the electricity they need to cover their consumers’ demand whilst also having confidence in the price they are paying for that electricity.

Volumes on the respective platforms tend to reflect the time horizon of the contracts traded and are not reflective of the total contribution to market liquidity. 

Methodology

Churn ratios are calculated by dividing total traded electricity volumes by the total amount of electricity demanded.

Trading data are based on total volumes from over-the-counter trading (sourced from ICIS) and the major electricity exchanges (ICE, EPEX SPOT and N2EX)

Physical demand data is sourced from BEIS Energy trends.

Date correct
July 2019
Policy area