Batteries store excess electricity during periods of high production (between noon and 4 p.m.). They then release it during peak consumption periods (between 6 p.m. and 10 p.m.). Since September 21, 2026, the European Energy Exchange (EEX) has offered financial futures—TBx (Top to Bottom)—indexed to intraday spreads. The TB2 represents the difference between the average price of the eight most expensive 15-minute intervals (equivalent to two hours) and the average price of the eight cheapest intervals of the day. In France, the TB2 future is available for contracts up to six years in advance.
Through the TB2, a battery operator can hedge future revenues derived from spot market (Day-Ahead) arbitrage. Consider the example of a 2-hour battery where the operator sells a TB2 Future at €150/MWh for delivery in 2027:
– If the realized TB2 spread ultimately falls to €100/MWh, the battery will earn less from its physical arbitrage on the spot market, but this shortfall will be offset by its TB2 hedge position.
– Conversely, if the realized spread is at €160/MWh, the battery will gain more from the spot market but will incur a loss on its TB2 hedge.
In the long run, if liquidity grows, the TB2 could become a new benchmark for structuring hedging strategies and quantifying expected spread compression as the European battery fleet expands, a phenomenon known as cannibalisation.
The arrival of TBx
