Summarize with AI
How does the European Electricity Exchange work?
Mis à jour le
March 6, 2026
8
Min reading
Recently you may have heard about negative electricity prices in the news. For example, on the night of Sunday November 1, 2020, the price of electrons in France became negative for nearly 4 hours, according to the Montel agency.
This phenomenon is becoming more and more common in European electricity markets. When this happens, it is the producers who pay the suppliers to consume their electricity.
First of all, to understand this event it is necessary to analyze How the European Electricity Exchange works. Negative prices appear especially in periods when consumption (demand) is low and production (supply) is high. For some types of power plants, it is more expensive to completely stop production than to pay a customer to consume their electricity. Above all, it is an economic calculation. This is possible thanks to the functioning of the energy financial markets.
We can recall that the electricity sector was liberalized in the early 2000s. The financial markets for electricity have emerged. As well as The role of balance manager. The electrical system must maintain a certain balance. To maintain this balance, several tools are put in place.
The European Electricity Exchange is the tool that allows the actors who balance the system to meet. Moreover, the majority of alternative energy suppliers buy electricity on the energy markets. They will thus satisfy the demand of their customers. As an example, we can cite the EEX (European Energy Exchange) electricity exchange. The latter recorded a total of nearly 4000 TWh of energy exchanged in 2019.
The organization of the electricity sector
The opening up of the supply business to competition
The liberalization of the electricity sector has changed the roles of each of the actors, unlike a monopoly situation, which is vertically integrated, such as that of EDF-GDF.
Today, several alternative players have emerged in the electricity landscape in France. The creation of an electricity exchange and legal mechanisms in favor of competition have encouraged the emergence of competitors. We can quote TotalEnergies or ENI. The latter buy on the electricity markets the quantities of electricity sold to their customers. Hence the importance of having a electricity market liquid and effective.
It is good to remember that the projects of electricity storage large-scale ones are still rare. The RINGO project developed by RTE is one of the few “full-scale” tests in France.
- Electricity network management activities remain a monopoly. These are activities regulated by the State and the CRE (Energy Regulatory Commission).
On the supply side, alternative and historical electricity suppliers therefore share the market and customers. Balance managers source their sources on the financial markets.
- Over the long term, the electricity supplier buys volumes in order to cover the consumption of its customers. These are “future” contracts for years to come.
- In the short term, energy purchases are mainly used to balance the portfolio in order to avoid penalties.
We can also say that some major industrial consumers intervene directly in the markets. Indeed, as their energy needs are so important, it is essential for them to keep control of energy purchases.
How are prices formed on the electricity exchange?
Electricity exchanges operate for a specific geographic area. Examples include EEX and Epex Spot for Western Europe, NordPool for the Nordic countries and Omie for Spain. Unlike the Paris Stock Exchange (the CAC 40), the electricity exchange is European.
How is the price of electricity formed on these various exchanges? The principle is always the same. That's what we call The Merit Order (the order of merit).
On the one hand, buyers make their requests for electrical power for each hour of the day, and on the other hand, producers make their power plants available. The latter are ranked in relation to their respective production costs and ranked in ascending order.
In other words, the power plant with the lowest production cost will be called first, and so on. The greater the demand for electricity, the more we have to mobilize more and more expensive power plants.
The price is therefore formed in this way, by combining the level of demand with the various production costs. Depending on the time of day, the demand for electricity is not the same, and the RED curve moves horizontally. The price of electricity varies in this way.
We note that renewable energies have the lowest marginal cost of production.
The structure of electricity markets
The different markets
Electricity is an energy that cannot be stored on a large scale. It is therefore necessary to maintain the balance of the frequency (50 Hertz) at all times. In addition, suppliers must guarantee fixed prices for their customers over several years and thus perpetuate their activities.
The structure of financial markets answers these two problems. Indeed, there are three electricity markets.
- The Intraday Market
- The Day Ahead Market
- Long-term markets
What sets these three markets apart is when the electricity is delivered. Transactions on The Intraday markets concern the current day. Whilst The Day Ahead Market is for the following day. Finally, the markets of medium/long term cover a more distant horizon.
Management of energy purchases by suppliers
Suppliers can thus buy electricity on various markets in order to meet their needs. They can build offers with the various products at their disposal.
This structure also allows them to manage their risks in the markets. Suppliers are exposed to volatility risks that can be significant. They must buy the equivalent of their customers' consumption taking into account the weather, demand and several other parameters.
According to their forecasts, suppliers will thus buy on the markets the energy blocks corresponding to the electricity consumption of one or more customers. They are going to carry out this type of operation on the three different markets. Forecasts are becoming more and more accurate over time.
This is why we understand the need to have robust forecasting models in order to carry out energy trading operations.
The various financial products
There are two different types of products in terms of electricity on the markets:
- Base: quantity of electricity of constant power all year round
- Peak: quantity of electricity of constant power from 8 a.m. to 8 p.m. from Monday to Friday, none the other hours of the year.
Suppliers will combine these two products in order to reconstitute the profile of their customers. They will therefore buy annual, monthly and daily products. It's like a construction game in which you have to stack energy blocks. We will thus obtain a different price per kWh for each consumption profile.
In this way, the supplier will seek to optimize its energy purchases on the markets. This is the role of the trading services of historical and alternative providers.
The impact and opportunities for business customers
It is undeniable that the rise of the financial markets in electricity has stimulated the liberalization of the sector. The emergence of competition has given rise to new supply offers on the market.
Thanks to financial markets, it is now possible to subscribe to complex offers. These offers may be more attractive from a financial point of view. They can be part of an energy purchase management strategy. Today, this is the choice made by many manufacturers and French companies.
The different types of offers
Dynamic offers: These are offers whose price is dynamically indexed to market prices. Unlike a fixed rate that protects against market fluctuations. Dynamic offers can also make you benefit from market declines.
Dynamic offers are expanding, in particular, because they make it possible to take advantage of So-called “smart” meters.
Indeed, the installation of counters Linky allows consumption to be counted at a finer scale. In this way, suppliers can apply differentiated rates according to the hours.
Business customers can take advantage of these new offerings. As such, rates that do not differ by season (Base and Full Hours, Off peak hours) are on the verge of disappearing for individual customers.
The implementation of “click” offers allows customers to buy their energy in several times a year. With each click, the customer secures a portion of their annual consumption. With an analysis of market movements, it is possible to obtain an average electricity price that is lower than a fixed price. This makes it possible to weight its electricity purchase price.
SWAPs and other transactions : It is possible to subscribe to rates ARENH and to return to a market price if that is more interesting. The reverse operation is also possible. A contractual clause is required for this type of transaction.
Some suppliers also offer to resell their ARENH rights if market conditions permit. This is done prior to the delivery period.
Financial markets allow these types of transactions to be carried out. In this way, it is possible to optimize the energy purchases of different customers.
The erasure mechanism
Professionals can also take advantage of energy markets through the erasure mechanism. These customers can value their deletions. Particularly interesting for large consumers, the erasure mechanism consists in voluntarily restricting electricity consumption for a certain period of time. By deferring consumption to an off-peak period, the customer is paid for this service.
In this diagram we can see that these operations require an erase operator. Erasure is a complex topic that we'll cover in a full-fledged article!
Read our article to find out”How to choose an electricity supply offer“
Take the first step towards optimization
In a few clicks, organize an exchange with one of our experts.
weekly newsletter subscribers
4.9
The answers to your questions
What is the Multiannual Energy Programming (PPE)?
.png){kind=icon}
La Multiannual Energy Programming (PPE) is the strategic management tool for France's energy policy. Established by the 2015 law on energy transition for green growth (LTECV), it serves as a compass for the State, communities and businesses.
Concretely, the PPE sets the priorities for action of the public authorities for the management of all forms of energy on the national territory. It covers a period of ten years, divided into two periods of five years, and must be revised periodically to adapt to technological and economic developments.
It deals with major topics such as:
- Security of supply.
- Improving energy efficiency and reducing consumption.
- The development of renewable and recovered energies.
- The electrical production strategy (nuclear, thermal, etc.).
- The balanced development of networks and storage.
It is crucial not to confuse it with National Low Carbon Strategy (SNBC). While SNBC sets carbon budgets (the ceilings for greenhouse gas emissions by sector), the PPE determines the technical and energy resources to achieve them.
Qu'est-ce que le dispositif VNU qui remplace l'ARENH en 2026 ?
La Vente de Nucléaire Universelle (VNU) est le nouveau mécanisme de régulation des prix de l'électricité en France. Contrairement à l'ARENH, il ne s'agit plus d'un volume fixe à prix réduit, mais d'une redistribution financière des revenus excédentaires d'EDF aux consommateurs, basée sur les prix de marché et les coûts de production du nucléaire historique.
How do I get a tax exemption?
Some businesses may obtain a partial or total exemption from the TICFE or the TICGN, depending on their activity and energy intensity. The support of an expert makes it possible to identify the eligibility criteria and to put together the file.
L'IA remplace-t-elle les analystes en énergie ?
Non. L'IA traite la donnée (data processing), mais l'analyste apporte la compréhension du contexte (market sentiment) et la prise de décision stratégique.
What is the main objective of the Multiannual Energy 3 Programming?
The central objective of PPE 3 is to engage France towards carbon neutrality by 2050 by breaking the country's historical dependence on fossil fuels.
Today, approximately 60% of final energy consumption in France still relies on imported oil and natural gas. PPE 3 aims to radically reverse this trend by setting an ambitious target: to reach 60% of carbon-free energies in final consumption by 2030.
To achieve this, PPE 3 pursues three major sub-objectives:
- Massive decarbonization: Replace fossil fuels with low-carbon electricity or renewable heat in industry, transport and buildings.
- Energy sovereignty: Reduce the national energy bill (around 60 billion euros per year) and get rid of the volatility of the global gas and oil markets.
- Economic competitiveness: Guarantee businesses and households access to stable, abundant and predictable energy at a predictable cost, disconnected from geopolitical crises.
What is energy sourcing?
Sourcing consists in identifying and analysing the offers of several electricity and gas suppliers. This approach makes it possible to obtain contracts adapted to the consumption profile and budgetary constraints of the company.
How do I read an electricity or gas bill?
One invoice consists of several elements: consumption, supplier share, taxes and contributions. The analysis of each line makes it possible to identify possible errors and to check the consistency with the signed contract.
Quel est le nouveau record 2025 d'exportation d'électricité de la France ?
En 2025, la France a atteint un solde exportateur net de 92,3 TWh, battant le précédent record de 2024 (89 TWh).
Quel est l'impact de ces exportations sur le prix de l'électricité pour les entreprises ?
L'abondance de production française tire les prix du marché de gros vers le bas.
En vertu du mécanisme de l'Ordre de Mérite (Merit Order), les centrales les moins coûteuses (nucléaire, renouvelables) couvrent la demande plus souvent, évinçant les centrales à gaz ou charbon plus onéreuses.
Cela multiplie les épisodes de prix bas, voire négatifs, sur le marché spot.
Quelle est la différence entre un prix Forward et un prix Spot ?
Le prix Forward est fixé à l'avance (sécurité budgétaire), tandis que le prix Spot varie heure par heure selon le marché (opportunité mais risque élevé).
Fin de l'ARENH au 31 décembre 2025 : comment sécuriser mon budget énergie pour 2026?
La fin de l'ARENH (Accès Régulé à l'Électricité Nucléaire Historique) marque l'arrêt de la fourniture d'électricité à prix fixe garanti (42 €/MWh).
Dès le 1er janvier 2026, les entreprises sont exposées aux prix de marché, mais deux nouveaux mécanismes de régulation prennent le relais, bien que leur logique soit différente :
- Le Versement Nucléaire Universel (VNU) : Ce n'est pas un tarif d'achat, mais un mécanisme de redistribution a posteriori. Si les prix de marché de l'électricité nucléaire dépassent un certain seuil (environ 78 €/MWh selon les estimations pour 2026), EDF reversera 50 % des revenus excédentaires aux consommateurs. Attention : Si les prix de marché restent modérés (sous les 78 €/MWh), le VNU ne se déclenche pas. Il agit comme une assurance contre les flambées extrêmes, pas comme un tarif bas garanti.
- Les CAPN (Contrats d'Allocation de Production Nucléaire) : Réservés aux industriels électro-intensifs, ces contrats de long terme (10-15 ans) permettent de réserver une part de la production nucléaire en échange d'une participation aux coûts du parc. Ils offrent une visibilité sur le long terme pour 50 à 70 % des volumes consommés.
Conseil stratégique : Ne comptez pas sur le VNU pour réduire votre facture en 2026 si les marchés restent stables. Auditez vos contrats dès maintenant pour intégrer une part de prix fixe ou explorer des "Power Purchase Agreements" (PPA) pour sécuriser vos coûts sur le long terme.
Pourquoi la France a-t-elle exporté un volume record d'électricité en 2025 ?
Ce record de 92,3 TWh s'explique par la conjonction de trois facteurs :
- Le redressement du parc nucléaire : Après les problèmes de corrosion sous contrainte de 2022, la production nucléaire a retrouvé une forte disponibilité (373 TWh).
- L'essor des renouvelables : Une capacité installée en hausse (solaire et éolien) et une production hydraulique solide.
- Une consommation intérieure atone : La demande française reste inférieure de 6 % à la moyenne historique, créant un surplus massif disponible pour nos voisins.
Pourquoi le seuil de 78 €/MWh est-il critiqué par les experts ?
Ce seuil est jugé élevé par rapport aux prévisions actuelles du marché. Si le prix de l'électricité reste en dessous de 78 €/MWh, les entreprises ne bénéficieront d'aucune redistribution. Cela signifie que la protection promise par la réforme pourrait être inexistante dans un marché baissier, d'où l'importance de stratégies de sourcing agiles et d'outils de monitoring comme Pilott.
Is Bellenergie Business electricity really green?
Yes. The supplier guarantees an offer 100% renewable via the official Guarantees of Origin (GO) mechanism.
For the most demanding companies, the offer GREENVOLT+ ensures very low carbon intensity electricity, sourced exclusively from independent French producers (hydraulic, wind, solar).
Mon entreprise peut-elle tirer profit des nouvelles Heures Creuses (11h-17h)?
Absolument. La réforme des heures creuses vise à absorber la surproduction solaire en milieu de journée. Les créneaux d'heures creuses se déplacent progressivement vers la plage 11h00 – 17h00, notamment en été. C'est une opportunité majeure pour les sites industriels ou tertiaires capables de flexibilité.
Conseil stratégique :
- Pilotage de la charge : Si vous avez des processus énergivores (fours, broyeurs, recharge de flotte de véhicules électriques, production de froid), déplacez leur fonctionnement sur la pause méridienne. L'électricité y sera moins chère et moins carbonée.
- Autoconsommation : C'est le moment idéal pour coupler cette tarification avec une installation photovoltaïque en toiture ou en ombrière de parking. Vous effacez votre consommation réseau au moment où le tarif serait le plus avantageux, ou vous profitez des prix bas du réseau si votre production ne suffit pas.
What are the PP1 and PP2 alert days?
These are signals sent by RTE during periods of tension on the electrical network. The Sirenergies tool informs you in real time to anticipate your uses.
How to optimize taxes and contributions?
Tertiary companies are concerned by taxes such as TICFE or TICGN. Sirenergies checks the accuracy of invoices, identifies possible exemptions, and helps correct errors to sustainably reduce costs.
Pourquoi le mécanisme de capacité a-t-il été créé ?
Instauré en 2017, ce dispositif répond à un enjeu de sécurité nationale.
L'électricité ne se stockant pas à grande échelle, le réseau doit être capable de répondre instantanément à la demande, même lors des pics de froid hivernaux. Le mécanisme incite financièrement les producteurs à maintenir leurs centrales disponibles et les entreprises à réduire leur consommation (effacement) lors de ces périodes critiques.
What are the consequences of overpowering?
Exceeding capacity leads to financial penalties and can impact the size of the contract. Adjust the correctly subscribed power makes it possible to avoid these additional costs.
Qu'est-ce que le cosinus phi
C'est l'indicateur d'efficacité d'un appareil électrique ; il représente le ratio entre la puissance active (utile) et la puissance apparente (totale).
How to properly define your subscribed power?
The subscribed power must be calculated according to the consumption profile and uses (heating, industrial processes, tertiary equipment). One fine analysis makes it possible to ensure the adequacy between real need and contract.
L'hydroélectricité est-elle une énergie "propre" ?
Oui, elle est considérée comme une énergie renouvelable à faibles émissions de gaz à effet de serre.
De plus, l'eau ne subit aucune transformation chimique durant le cycle de production et réintègre son milieu naturel en aval.
Cependant, la construction de barrages nécessite des mesures pour protéger les écosystèmes (débit minimum, passes à poissons).
Pourquoi mon contrat est-il en kVA et ma consommation en kWh ?
Le kVA mesure la capacité maximale que votre compteur peut supporter à un instant T, tandis que le kWh mesure la quantité d'énergie consommée sur une durée.
What is the point of following Spot & Forward prices?
This makes it possible to choose the right time to contract, secure your budgets and anticipate increases.
What is the difference between €/MWh and kWh?
The €/MWh is a price unit used in wholesale markets, while kWh is the unit visible on your bills.
Which taxes are particularly relevant for farms?
Farms are subject to taxes such as TICFE or TICGN. Sirenergies verifies their application, identifies cases of exemption and accompanies the procedures to reduce the tax burden.
Why launch an energy tender?
Un appel d’offres permet de mettre en concurrence plusieurs fournisseurs d’électricité et de gaz afin d’obtenir des conditions contractuelles optimisées. C’est une démarche transparente qui permet de choisir l’offre la plus adaptée aux besoins budgétaires et techniques de l’organisation.
Quels sont les cas d'usage concrets des différents types d'IA pour un acheteur d'énergie ?
Chaque modèle d'IA répond à un besoin spécifique du cycle d'achat :
- L’IA générative sert d'assistant de recherche pour synthétiser en quelques minutes des rapports de marché massifs (veille stratégique).
- L’IA déterministe est l'outil de la fiabilité : elle est indispensable pour le forecast (prévision de consommation) car ses calculs sont mathématiques et reproductibles.
- L’IA probabiliste est dédiée à la gestion des risques : elle simule des scénarios (ex: météo, stocks) pour quantifier l'incertitude sur les budgets futurs.
L'expertise humaine reste néanmoins indispensable.
What are the customer reviews on bellenergie Business's customer service?
In 2025, the supplier had a NPS (Net Promoter Score) of +16 and a note of 4,17/5.
Satisfaction is based on a “zero solicitation” model and 100% in-house customer service in Toulon, guaranteeing proximity and responsiveness that cannot be found with major historical suppliers.
What are the electricity offers offered by bellenergie Business?
The range E @sy is available in four pricing structures to adapt to each risk profile:
- E @sy Fixed: 100% budget visibility without variation.
- E @sy Click: Smoothed price thanks to staggered purchases on the markets.
- E @sy Block + Spot: A mix between a secure base and a portion indexed to daily prices.
- E @sy Sport: A 100% dynamic offer to take advantage of downside opportunities in real time.
Quel sera l'impact réel du VNU sur ma facture d'électricité professionnelle ?
L'impact dépendra des prix de marché. Le mécanisme prévoit une redistribution si les prix dépassent 78 €/MWh. Cependant, si les cours restent bas (actuellement autour de 60 €/MWh), le dispositif ne s'activera pas. La facture sera alors indexée à 100% sur les prix de marché, rendant le choix du fournisseur et du moment d'achat critiques.
What are the challenges for tertiary companies?
Tertiary companies must manage their energy costs while guaranteeing the comfort of users (offices, shops, services). Consumption is often linked to heating, air conditioning and lighting, which requires precise monitoring to avoid budgetary excesses.
How to optimize the taxes and contributions of a community?
Communities are subject to taxes such as TICFE or TICGN. Sirenergies analyzes invoices, identifies exemption possibilities and fixes possible errors to reduce the tax burden.
Qu'est-ce qui remplace l'ARENH depuis le 1er janvier 2026 ?
Le dispositif ARENH a laissé place au VNU (Versement Nucléaire Universel).
Ce changement structurel expose davantage les entreprises aux prix de gros, rendant la gestion des risques plus complexe qu'auparavant.
Il devient alors indispensable de définir une stratégie d'achat d'électricité avec Sirenergies pour lisser l'impact de la volatilité des marchés sur votre budget.
Pourquoi le kVA est-il crucial pour les entreprises ?
Parce que la puissance souscrite en kVA détermine le prix de l'abonnement et que tout dépassement peut entraîner des surcoûts importants.
Quel est l'impact réel de la rénovation de l'éclairage public ?
C'est le levier le plus rapide pour obtenir des résultats visibles. L'éclairage représente environ 40 % de la consommation d'électricité d'une commune.
Passer au LED avec pilotage intelligent permet de réduire la facture de 50 à 80 %, avec un retour sur investissement (ROI) rapide, souvent estimé à 2 ou 3 ans.
Comment l'eau est-elle transformée en électricité ?
Le processus repose sur l'utilisation de la force de l'eau (énergie cinétique) issue des courants, des chutes d'eau ou des dénivelés. Le fonctionnement suit trois étapes clés :
- Le barrage retient l'eau et l'oriente vers des conduites.
- La pression de l'eau fait tourner une turbine, créant de l'énergie mécanique.
- Une génératrice (alternateur) transforme cette énergie mécanique en électricité, laquelle est ensuite adaptée par un transformateur pour le réseau
Quelle est la différence concrète entre le transport et la distribution d'électricité ?
Le transport (RTE) correspond aux "autoroutes" de l’électricité. Il s’agit de transporter de très grandes quantités d'énergie sur de longues distances, depuis les centrales de production (nucléaires, barrages, parcs éoliens offshore) vers les régions de consommation.
La distribution (Enedis) s'apparente aux "routes départementales" et aux rues. Elle récupère l'électricité à la sortie du réseau de transport pour la livrer directement chez le client final, en abaissant la tension pour qu'elle soit utilisable par vos appareils.
Pourquoi l'IA ne peut-elle pas prédire le prix de l'énergie avec exactitude ?
Car les marchés dépendent de facteurs exogènes imprévisibles (géopolitique, météo soudaine, politique) que les modèles basés sur l'historique ne peuvent pas anticiper, tout comme on ne prédit pas le Loto.
What are the main taxes applicable?
Among the taxes include TICFE, TICGN, CTA, CJA and TURPE. They represent a significant part of the bill and vary according to consumption profiles. Understanding them well is essential to optimize costs.
What taxes are particularly relevant to manufacturers?
The industry is concerned by TICFE, TICGN and other contributions that may represent an important part of invoices. Sirenergies identifies cases of exemption and accompanies the procedures to benefit from them.
The answers to your questions
No items found.