LONDON ENERGY BROKERS’ ASSOCIATION OTC ENERGY VOLUME REPORT – APRIL 2021

London Energy Brokers’ Association (“LEBA”) is the industry association representing the FCA regulated wholesale market brokers in the OTC
and exchange traded European energy markets.

April 2021 2021 Year to Date

Total OTC Total OTC
Total OTC Grand Total OTC Total OTC Grand Total OTC
Market Bilaterally Bilaterally Settled
Cleared Volume Volume Cleared Volume Volume
Settled Volume Volume

Natural Gas (MWh)

UK NBP 185,397,087 48,316,872 233,713,960 928,172,079 227,789,522 1,155,961,602
European Hubs
Netherl a nds TTF 1,687,667,795 215,420,254 1,903,088,049 7,775,321,562 761,107,090 8,536,428,652
Germa ny NCG 130,117,581 0 130,117,581 560,198,127 10,920 560,209,047
Germa ny Ga s Pool 56,238,260 0 56,238,260 284,793,995 0 284,793,995
Fra nce PEG 51,482,044 964,440 52,446,484 252,093,736 2,334,600 254,428,336
Aus tri a VTP 51,722,822 0 51,722,822 264,336,286 223,344 264,559,630
Ita l y PSV 81,110,304 1,250,664 82,360,968 403,143,260 5,224,560 408,367,820
Zeebrugge Hub 7,363,621 357,546 7,721,167 39,723,287 863,316 40,586,603
Spa ni s h PVB 4,596,185 500,880 5,097,065 14,700,646 2,115,598 16,816,244
Other Ga s 29,334,425 645,320 29,979,745 96,275,495 1,637,544 97,913,039
Total European Gas 2,099,633,036 219,139,104 2,318,772,140 9,690,586,394 773,516,972 10,464,103,366

Power (MWh)
UK Power 45,921,882 196,560 46,118,442 234,455,845 1,514,118 235,969,963
European Power
Germa n Power 252,761,369 110,863,645 363,625,014 1,176,790,189 471,466,391 1,648,256,580
French Power 25,437,850 20,889,094 46,326,944 110,161,485 92,074,629 202,236,114
Nordi c Power 0 14,341,506 14,341,506 0 68,042,585 68,042,585
Ita l i a n Power 1,042,595 18,859,154 19,901,749 9,443,221 80,717,795 90,161,016
Spa ni s h Power 193,909 22,022,829 22,216,738 556,384 64,941,465 65,497,849
Netherl a nds Power 10,470,252 2,603,496 13,073,748 45,285,521 10,137,415 55,422,936
Bel gi a n Power 2,638,252 480,290 3,118,542 14,960,640 1,860,651 16,821,291
Centra l & Ea s tern Europe 5,051,079 8,016,980 13,068,059 21,266,285 36,224,996 57,491,281
Swi s s Power 4,542,288 254,861 4,797,149 20,554,155 2,383,515 22,937,670
Other Power 2,552,294 1,577,953 4,130,247 8,518,343 4,634,752 13,153,095
Total European Power 304,689,888 199,909,808 504,599,696 1,407,536,223 832,484,192 2,240,020,415

European Financial Coal Swaps (MT)

API 2™ Rotterda m 0 27,928,000 27,928,000 0 134,078,000 134,078,000
API 4™ Ri cha rds Ba y 0 2,404,000 2,404,000 0 9,977,000 9,977,000
gl oba l COAL NEWC® 0 10,197,000 10,197,000 0 42,874,000 42,874,000
Total European Financial Coal 0 40,529,000 40,529,000 0 186,929,000 186,929,000

European Carbon Emission Allowances (MT)

EUA 0 164,699,000 164,699,000 10,000 768,612,000 768,622,000
CER 13,476 0 13,476 13,476 1,297,000 1,310,476
Other Emi s s i ons 0 0 0 0 0 0
Total European Carbon Emissions 13,476 164,699,000 164,712,476 23,476 769,909,000 769,932,476

Liquified Natural Gas (MMBtu)

JKM™ 0 547,670,000 547,670,000 0 2,302,205,000 2,302,205,000
 2020 and 2021 “Month” and “Year to Date” comparisons.

Grand Total OTC Volume Grand Total OTC Volume

April April % Year to Date Year to Date %
2020 2021 Change 2020 2021 Change

Natural Gas (MWh)

UK NBP 396,399,429 233,713,960 -41.04% 1,722,561,048 1,155,961,602 -32.89%
European Hubs
Netherl a nds TTF 2,231,090,465 1,903,088,049 -14.70% 11,421,618,118 8,536,428,652 -25.26%
Germa ny NCG 153,736,330 130,117,581 -15.36% 631,433,242 560,209,047 -11.28%
Germa ny Ga s Pool 104,162,637 56,238,260 -46.01% 475,315,214 284,793,995 -40.08%
Fra nce PEG 51,520,144 52,446,484 1.80% 304,307,103 254,428,336 -16.39%
Aus tri a VTP 45,062,561 51,722,822 14.78% 255,821,380 264,559,630 3.42%
Ita l y PSV 143,507,510 82,360,968 -42.61% 612,603,974 408,367,820 -33.34%
Zeebrugge Hub 33,674,177 7,721,167 -77.07% 135,966,103 40,586,603 -70.15%
Spa ni s h PVB* 5,917,625 5,097,065 -13.87% 21,786,557 16,816,244 -22.81%
Other Ga s * 30,479,722 29,979,745 -1.64% 102,251,545 97,913,039 -4.24%
Total European Gas 2,799,151,171 2,318,772,140 -17.16% 13,961,103,236 10,464,103,366 -25.05%

Power (MWh)
UK Power 77,072,362 46,118,442 -40.16% 316,500,450 235,969,963 -25.44%
European Power
Germa n Power 539,649,951 363,625,014 -32.62% 2,263,691,164 1,648,256,580 -27.19%
French Power 96,775,854 46,326,944 -52.13% 347,914,508 202,236,114 -41.87%
Nordi c Power 14,376,105 14,341,506 -0.24% 81,283,113 68,042,585 -16.29%
Ita l i a n Power 45,283,360 19,901,749 -56.05% 172,043,539 90,161,016 -47.59%
Spa ni s h Power 23,522,939 22,216,738 -5.55% 80,670,569 65,497,849 -18.81%
Netherl a nds Power 26,513,635 13,073,748 -50.69% 97,420,875 55,422,936 -43.11%
Bel gi a n Power 7,921,656 3,118,542 -60.63% 19,023,558 16,821,291 -11.58%
Centra l & Ea s tern Europe 31,361,215 13,068,059 -58.33% 135,699,099 57,491,281 -57.63%
Swi s s Power 11,812,482 4,797,149 -59.39% 36,547,886 22,937,670 -37.24%
Other Power 2,141,433 4,130,247 92.87% 9,932,239 13,153,095 32.43%
Total European Power 799,358,630 504,599,696 -36.87% 3,244,226,550 2,240,020,415 -30.95%

European Financial Coal Swaps (MT)

API 2™ Rotterda m 41,976,500 27,928,000 -33.47% 199,531,000 134,078,000 -32.80%
API 4™ Ri cha rds Ba y 3,516,000 2,404,000 -31.63% 15,020,500 9,977,000 -33.58%
gl oba l COAL NEWC® 12,403,000 10,197,000 -17.79% 50,297,000 42,874,000 -14.76%
Total European Financial Coal 57,895,500 40,529,000 -30.00% 264,848,500 186,929,000 -29.42%

European Carbon Emission Allowances (MT)

EUA 171,212,000 164,699,000 -3.80% 753,059,000 768,622,000 2.07%
CER 100,000 13,476 -86.52% 3,165,000 1,310,476 -58.59%
Other Emi s s i ons 0 0 0.00% 0 0 0.00%
Total European Carbon Emissions 171,312,000 164,712,476 -3.85% 756,224,000 769,932,476 1.81%

Liquified Natural Gas (MMBtu)

JKM™* 465,540,000 547,670,000 17.64% 2,498,775,000 2,302,205,000 -7.87%

Notes:
* Spa ni s h PVB Ga s vol umes were s epa ra ted from ‘Other Ga s ’ from Jul y 2019 (i ncl udi ng YTD vol umes for Spa ni s h PVB). Pri or to Jul y
2020, Month a nd Yea r to Da te compa ri s ons for ‘Other Ga s ’ a re ma de a ga i ns t vol umes tha t previ ous l y i ncl uded Spa ni s h PVB Ga s .
 YTD Total OTC Proportion Proportion Price Historical
Average Price Price Change
Market Volume Cleared OTC Cleared OTC Change Volatility
April 2021 1 Month
Change 1 year April 2021 April 2020 1 Year 1 Month

Natural Gas (MWh)

UK NBP - 33 % 20.67% 9.36%

Netherl a nds TTF - 25 % 11.32% 11.58% Monthly Average

Germa ny NCG - 11 % 0.00% 0.06% LEBA TTF Day
Germa ny Ga s Pool - 40 % 0.00% 0.00% Ahead
Fra nce PEG - 16 % 1.84% 0.17% 20.83 €/MWh
Aus tri a VTP +3% 0.00% 0.41%
Ita l y PSV - 33 % 1.52% 1.22%
Zeebrugge Hub - 70 % 4.63% 0.00%
Spa ni s h PVB - 23 % 9.83% 4.62%
Other Ga s -4% 2.15% 6.34%
Total European Gas - 25 % 9.45% 9.38% + 21 % + 308 % + 36 %

Power (MWh)
UK Power - 25 % 0.43% 0.07% Monthly Average +9% + 152 % + 160 %
LEBA UK Power
Day Ahead
Germa n Power - 27 % 30.49% 27.36%
French Power - 42 % 45.09% 38.95%
Nordi c Power - 16 % 100.00% 100.00% 68.76 £/MWh
Ita l i a n Power - 48 % 94.76% 90.55%
Spa ni s h Power - 19 % 99.13% 96.02%
Netherl a nds Power - 43 % 19.91% 27.29%
Bel gi a n Power - 12 % 15.40% 12.32%
Centra l & Ea s tern Europe - 58 % 61.35% 66.90%
Swi s s Power - 37 % 5.31% 11.50%
Other Power + 32 % 38.20% 39.05%
Total European Power - 31 % 39.62% 36.87%

European Financial Coal Swaps (MT) Monthly Average

API 2™ Rotterda m - 33 % 100.00% 100.00% LEBA API 2 Front
API 4™ Ri cha rds Ba y - 34 % 100.00% 100.00% Month
gl oba l COAL NEWC® - 15 % 100.00% 100.00% 70.59 US$/MT
Total Coal - 29 % 100.00% 100.00% +2% + 81 % + 18 %

European Carbon Emission Allowances (MT)

EUA +2% 100.00% 100.00% Monthly Average
CER - 59 % 0.00% 100.00% LEBA EUA Spot
Other Emi s s i ons N/A N/A N/A 45.26 €/MT
Total Emissions +2% 99.99% 100.00% + 15 % + 152 % + 21 %

Notes:
1. Pri ce Cha nge - 1 Month: ca l cul a ted us i ng the percenta ge cha nge from the previ ous month
2. Pri ce Cha nge - 1 yea r: ca l cul a ted us i ng the percenta ge cha nge from the previ ous yea r
3. Hi s tori ca l Vol a ti l i ty - 1 month: ca l cul a ted by ta ki ng the a nnua l i s ed s ta nda rd devi a ti on of da i l y l oga ri thmi c returns over the l a s t month.
4. N/A - no compa ra bl e da ta
NOTES TO EDITORS:
LEBA, the London Energy Brokers’ Association, is the industry association representing the FCA regulated wholesale market brokers in the over
the counter (OTC) and the exchange traded liberalised European energy markets. Brokers intermediate and facilitate bilateral contracts to be
concluded between banks, trading houses, commercial enterprises, public utilities and integrated energy businesses, providing liquidity and
price discovery to these markets as well as contributing significant liquidity to European exchange traded markets.

The OTC volumes in this report are aggregated volumes from the following Brokers:

42Financial Services www.42fs.com BGC Partners LP www.bgcpartners.com

Evolution Markets www.evomarkets.com GFI Brokers www.gfigroup.com
Griffin Markets www.griffinmarkets.com ICAP Energy www.icapenergy.com
Marex Spectron www.marexspectron.com Tradition Financial Services www.tfsbrokers.com
Tullett Prebon Energy www.tullettprebon.com PVM Commodities* www.pvmoil.co.uk
*PVM Commodities is a division of PVM Oil Futures Ltd. (a Tullett Prebon company)

Copyright © LEBA Limited 2020. Permission to reproduce or disseminate the data by members of the media is authorized on condition that it is attributed to
LEBA. For queries on rights and licenses, please contact leba@leba.org.uk. LEBA and the LEBA logo are trademarks of LEBA Limited, a company wholly owned by
the trade association, the London Energy Brokers’ Association. No responsibility is accepted by or on behalf of LEBA or the Brokers (including their group
companies) for errors, omissions, or inaccuracies in the data.

- API 2™ and API 4™ refer to the physical coal market indexes owned by Argus Media Limited and IHS Global Limited. API 2™ and API 4™ are trademarks
of Argus Media Limited and IHS Global Limited.
- globalCOAL®, NEWC® and NEWC Index® are registered trademarks of Global Coal Ltd.
- S&P, S&P Global, Platts and JKM are trademarks or registered trademarks of S&P Global Inc., registered in many jurisdictions worldwide