EEX Exchange Council gives way for physical futures

EEX Exchange Council gives way for physical futures

EEX Exchange Council gives way for physical futures Increasing transparency in bidding curves – Austrian Regulator as a guest

Leipzig, 31. March 2005. - During its regular meeting on March 23 in Vienna, the Exchange Council of the European Energy Exchange EEX, Leipzig, approves changes in the rulebook giving way for introducing physical futures. Those physical futures allow direct settlement by delivery or supply of electrical power. They complement the financial futures, where the execution takes place by cash settlement based on the spot market price. Broadening the range of products, this gives the EEX participants the opportunity to trade the financial or the physical product and to thus manage also accounting risks.

Further, the Exchange Council decided to shorten the delay for the publication of the bidding curves on the spot market from seven days to one day. Those bidding curves will be visible for market participants after the following day´s auction. The members of the Exchange Council are convinced that this offers even higher transparency.

Fostering the dialogue between regulator and exchange, DI Walter Boltz, head of Austrian regulator e-control, took part in the Exchange Council meeting as a guest. Afterwards, he said: “democratically elected, the Exchange Council represents the entire range of interests within the market participants and it shows a very ouvert mood of discussion. The sincere will to further develop an efficient and transparent European Energy Market is prevailing impressively.” Dr. Jacques Piasko, Head of the Exchange Council: “The majority of our 123 market participants doesn´t come from Germany – therefore we will meet abroad regularly. Vienna is right in the centre of a highly charming electrical power market and we are delighted, simultaneously with our first meeting here, to announce the Austrian trade zone Austrian Power Grid (APG).” European Energy Exchange AG

The EEX operates a Spot and a Derivatives Market for energy and energy-related products and, with 123 trading participants from 16 countries, it is the energy exchange in Continental Europe which boasts the highest number of participants and the biggest turnover. Besides electricity and electricity futures and options, since March 2005 also CO2-emission allowances are being traded. The range of services provided by EEX is complemented with related activities, such as the joint clearing of exchange transactions and over-the-counter transactions (OTC clearing).

Katrin Berken / Dr. Stefan Nießen
Telephone: +49/341/2156-2 02