Powernext

In November 2001, Powernext SA launched Powernext® Day-Ahead, an organized market for trading electricity on a day-ahead basis. On this market, LCH.Clearnet SA provides central counterparty functions ensuring the financial security of the transactions at an optimal cost thus allowing many more operators to be member on the market.

In June 2004, Powernext SA launched Powernext® Futures, a medium term organized market for trading in electricity derivatives. On this market, LCH.Clearnet SA guarantees the financial settlements and the delivery of the electricity that has not yet been nominated to Réseau de Transport d'Electricité (RTE), i.e. the electricity which delivery is to start the day after tomorrow at the earliest.

Powernext, incorporated on July 30, 2001, manages the European energy exchange based in Paris. Endowed with an equity capital of EUR11 470 660,its shareholders are among the major European experts of electricity trading and financial markets, including Euronext.

Powernext relies on a network of over 100 members, all major actors of the European energy markets including producers, end users, banks or traders and provides relevant hedging tools for cross-energy risk management. Powernext lists three complementary, transparent and anonymous markets:

• Powernext® Day-Ahead, the electricity short term organized market
• Powernext® Futures, the electricity medium term organized market
• Powernext® Carbon, the spot CO2 allowances organized market