Japan power futures trading on the European Energy Exchange (EEX) in 2025 doubled year-on-year to 147.1TWh and increased about fivefold on the Tokyo Commodity Exchange (TOCOM) to 4.6TWh, equivalent to approximately 17.4% of national power demand in aggregate.
In addition to futures, EEX introduced options in February 2025, which reached about 2TWh in traded volume during the remainder of the year. The exchange said on January 13, 2026, that in December 2025 it cleared 17.5TWh of Japan power derivatives, a new high. In the same month, it also expanded regional coverage by adding Chubu area products to complement existing Tokyo and Kansai wholesale price-based offerings.
TOCOM saw an approximately fivefold year-on-year increase in cleared volume for East Area (Tokyo) futures, which form about two-thirds of its total, and a threefold increase in West Area (Kansai) futures, its operator Japan Exchange Group (JPX) announced on January 15, 2026. It plans to list Chubu products on April 13, 2026.
Both exchanges introduced fiscal year products during the year. JPX said that about 771GWh of the futures aligned with Japan’s financial year was traded on TOCOM in 2025, contributing over 15% of the total cleared volume.
Interest in Japan power derivatives has surged in recent years as retailers and other market players are increasingly looking to hedge their positions. TOCOM attributed its recent growth to “a major financial institution beginning brokerage services,” adding that “overseas investors have developed a significant presence.”
The Japanese exchange began offering power futures in 2019 and EEX entered the market in May 2020, with its traded volumes quickly outgrowing TOCOM’s. While the Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME) have also been offering Japan power derivatives from 2021 and 2024, respectively, their market share remains negligible.
