Study supporting the impact assessment on ways to improve forward electricity markets

This study supports the revision of Article 9 of Regulation (EU) 2019/943 by assessing measures to enhance the ability of market participants to hedge price risks in the EU internal electricity market. It provides a comprehensive overview of the current functioning, liquidity, and expected evolution of forward electricity markets within and across EU bidding zones, including the role of cross-zonal hedging instruments and long-term transmission rights. Based on quantitative analysis, stakeholder input, and a review of market practices, the study defines and assesses a set of policy options to improve the design, liquidity, and efficiency of forward electricity markets, with a view to strengthening cross-zonal risk hedging, supporting market integration, and informing potential regulatory interventions at EU level.