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EFET Master Agreements
Power, Gas, Netting

Level 3

ecological-concept-greenhouse-gas-emissi
16 October 2026

This course is for professionals who wish to deepen or update their knowledge of the Energy Traders Europe (formerly EFET) Master Agreements, which are used in the trading of electricity and natural gas on a wholesale basis. It is also relevant to people who are already familiar with these agreements, since it deals with the important changes contained in the 2025 consolidated Power and Gas General Agreements and their practical consequences.

Master Agreements are of great importance in the management of the energy trading process; when trading is carried out under such an agreement, the parties involved need not enter into complicated legal and commercial arrangements for each individual transaction and can therefore focus on the transaction itself. The appropriate Master Agreement includes a wide variety of areas such as delivery, payment, settlement, credit risk, default, termination and netting, thus helping to simplify and standardise the trading process.

In 2025 Energy Traders Europe issued consolidated versions of its General Agreements concerning electricity and natural gas. The new V2.2 Electricity General Agreement and V2.1 Natural Gas General Agreement have included earlier amendments as well as the developments that have taken place in market practice and now offer a greater degree of alignment between the Power and Gas frameworks.

The course includes a review of the existing Power and Gas agreements, outlines the changes that took place in 2025 and discusses the practical implications of these changes, and also looks at Election Sheets, confirmation and settlement, default and termination, netting and credit support. It is therefore appropriate for people who are new to the ETE/EFET framework as well as for those who want to update their knowledge in light of the 2025 changes.

The course is jointly organised with ENTRIMA, a company which was set up in 2014 to offer education and training programmes for people taking part in energy, commodity and financial markets. It is important to have a good understanding of contractual frameworks and the way in which they are put into practice in order to carry out trading, risk management, operations and compliance effectively.

Programme

Introduction to Master Agreements

  • Basics and what is covered

  • General provisions versus commercial terms

  • Master Agreement, Election Sheet and Individual Contracts

  • Overview of ETE/EFET, ISDA, GTMA, IETA and SCoTA frameworks

2025 consolidated ETE Power & Gas agreements – what changed?

  • Electricity General Agreement V2.2 (consolidated)

  • Natural Gas General Agreement V2.1 (consolidated)

  • Why were the agreements updated and consolidated?

  • Key changes compared with the previous agreements

  • Incorporation of previous amendments and developments in market practice

  • Increased alignment between Power and Gas

  • Important differences that remain

  • Practical implications for existing and new contractual relationships

ETE General Agreement for Power

  • Scope and supported transactions

  • Delivery and acceptance obligations

  • Failure to deliver and failure to accept

  • Payment and settlement

  • Key Power-specific provisions

ETE General Agreement for Gas

  • Scope and supported transactions

  • Delivery points, nominations and delivery obligations

  • Failure to deliver and failure to accept

  • Payment and settlement

  • Key Gas-specific provisions

Power versus Gas

  • Common contractual architecture

  • What has been aligned following the 2025 consolidation?

  • Key remaining differences

  • Practical implications for companies trading both Power and Gas

Negotiating the Election Sheet – Power & Gas

  • Purpose and main parts of the Election Sheet

  • Key elections and negotiating points

  • Credit provisions and thresholds

  • Events of Default, Material Reasons and cross-default

  • Termination provisions

  • Commercial consequences of contractual elections

Confirmation & settlement

  • Deal confirmation and automated processes

  • Confirmation process and the role of the back office

  • Delivery, invoicing and payment

  • Payment disputes

  • Payment netting

Defaults, termination & force majeure

  • Events of Default and Material Reasons

  • When can termination occur?

  • Early termination and close-out

  • Calculation of termination amounts

  • When can force majeure be claimed?

  • Practical consequences of counterparty non-performance

ETE Netting Agreement

  • Payment netting, exposure netting and close-out netting

  • Netting within a Master Agreement

  • Netting across Power and Gas trading relationships

  • Master Netting Agreement and cross-product netting

  • Impact of netting on counterparty credit exposure

Credit Support Annex

  • Credit support and collateralisation

  • Thresholds and collateral requirements

  • Margin calls

  • Relationship between collateral and the Master Agreement

  • Interaction between collateral, termination and netting

ETE Master Agreement advantages

  • Standardisation and contractual certainty

  • Efficient execution of individual transactions

  • Management of legal, operational and credit risks

  • Benefits of the 2025 consolidated Power and Gas agreements

  • Benefits of netting and collateralisation

Cost

  • 1440 EUR/person;

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