First trading day on Powernext® Gas on 26 November 2008

First trading day on Powernext® Gas on 26 November 2008
Powernext is pleased to announce the successful launch of its gas exchange. Powernext® Gas offers spot (Powernext® Gas Spot) and futures products (Powernext® Gas Futures) for natural gas to be delivered on the PEGs (Gas Exchange Points) operated by French transmission system operators GRTgaz and TIGF.

Successful launch:

 

Powernext is pleased to announce the successful launch of its gas exchange. Powernext® Gas offers spot (Powernext® Gas Spot) and futures products (Powernext® Gas Futures) for natural gas to be delivered on the PEGs (Gas Exchange Points) operated by French transmission system operators GRTgaz and TIGF. 
 

"This launch, on 26 November 2008, occurs exactly seven years after the start of Powernext Day-Ahead. We wish this market to follow the same development. We sincerely believe that it will facilitate the activity of traders in France and participate, at the right moment, in the creation of an organised gas market integrated at a European level", indicates Jean-François Conil-Lacoste, CEO of Powernext.
 

11 members were present at the launch: Direct Energie, ENOI, EDF Trading, Gaselys, Gazprom Marketing & Trading, Mercuria Energy Trading, Morgan Stanley, Poweo, the Royal Bank of Scotland, Total Gas & Power and Vitol
 

Powernext has signed a Quotation Provider Agreement with 5 members (EDF Trading, ENOI, Gaselys, Poweo and Total Gas & Power) that will bring the necessary liquidity to establish a robust and transparent price reference.

 

The first trade on Powernext® Gas Spot was concluded at the opening of the market (09:30 AM) between Gazprom Marketing & Trading and Poweo on the Day-Ahead product for delivery on the PEG Nord for a quantity of 750 MWh.

 

The first trade on Powernext® Gas Futures was concluded also at the opening of the market (09:30 AM) between Gaselys and Total Gas & Power on the December 2008 monthly product for delivery on the PEG Nord for a daily quantity of 750 MWh.

 

"Powernext is on time for the rendez-vous of 1 January 2009 which will see the merger of the North, West and East balancing zones of GRTgaz. The support of the market players around this initiative has already been very encouraging and numerous other companies are in the process to join our gas exchange", comments Richard Katz, Director Sales & Communication at Powernext.

About Powernext:
 

Powernext SA, created in July 2001, manages several complementary, transparent and anonymous energy markets : Powernext® Day-Ahead facilitates, 365 days a year, the hourly balancing of physical power delivered the following day on the French hub; Powernext® Futures provides electricity price risk hedging for a period ranging between one month and three years; Powernext-Balancing GRTgaz allows the Transmission System Operator GRTgaz to progressively cover its daily balancing needs through a market-based mechanism. Powernext® Carbon, the leading spot EUA market, was sold to NYSE Euronext in December 2007. In May 2008, Powernext and EEX, the Leipzig-based energy exchange, announced the cooperation of their spot and futures electricity market.

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