Japanese firms are increasingly using power futures to hedge fuel-price risk as
the Iran crisis oils energy markets. On the European Energy Exchange (EEX),
combined July daytime, weekend and weekly volumes nearly doubled YoY to just
over 10,000 contracts, a second consecutive monthly record. EEX accounted for
about 97% of the Japanese power futures market in 2025. Intraday contract prices
hit record highs in June and July. Leo Takai, EEX research and management
manager, said the Iran crisis has made fuel markets unpredictable, prompting
participants to shift trading toward futures—particularly intraday contracts.
