Powernext EEX acquires majority stake

Powernext EEX acquires majority stake
PEGAS markets to be operated by Powernext – Management Board of EEX to be extended by three new members

Leipzig, Paris, 21 October 2014

The European Energy Exchange (EEX), part of Deutsche Börse Group, will become the majority shareholder of Powernext , from 1 January 2015, as a logical development of the successful longstanding cooperation in power and gas started in 2008, both companies announced at a press conference in London today. In this context, EEX will hold 55.8 percent of the shares in Powernext. The necessary approval of the transaction by the relevant competition authorities has already been given.

“We are looking forward to welcoming Powernext as part of the EEX Group”, says Peter Reitz, Chief Executive Officer of EEX. “With this step, EEX will strengthen the position of the whole group as the central market place for energy, energy related and commodity products in Europe, thereby also broadening the international footprint of our mother organization Eurex Group. Our flexible structure which consists of individual companies for different markets with offices in different countries ensures a close contact to the market and an optimal support for our customers on site.”

The deal will be realised by an exchange of shares. From the 50 percent share which EEX currently holds in EPEX SPOT, it sells a 36.7 percent share to HGRT, a consortium of the Transmission System Operators RTE, Elia and TenneT. In return, EEX receives HGRT’s share in Powernext. In this context, EEX indirectly also becomes majority shareholder of EPEX SPOT. 

Along with this step, all natural gas activities of EEX Group will be bundled within Powernext in the future. That means that from 1 January 2015, the complete product offering of PEGAS will be operated by Powernext. 

“This new setup of PEGAS provides participants with easier access to the PEGAS markets as there will only be one membership and one common rulebook, pursuing our ambition to become the preferred gas platform in Europe”, says Jean-François Conil-Lacoste, Chief Executive Officer of Powernext. “At the same time, all customers that are currently admitted at either EEX or Powernext will come together on PEGAS. With regards to EPEX SPOT, we are happy to welcome power TSOs as direct shareholders, in a company closer to their fundamental interests”.

In the course of the extension of EEX Group, the organisational structure will be adjusted. Three new members will join the Management Board in order to optimally support the development of the individual fields of business of the group. As of 1 January 2015, the Management Board of EEX Group will be structured as follows:

• Peter Reitz, Chief Executive Officer
• Steffen Köhler, Chief Operating Officer
• Dr. Dr. Tobias Paulun, Chief Strategy Officer
• Dr. Thomas Siegl, Chief Risk Officer
• Iris Weidinger, Chief Financial Officer
• Jean-François Conil-Lacoste, Executive Director Power Spot Markets
• Dr. Egbert Laege, Executive Director Gas Markets

Jean-François Conil-Lacoste is currently working as Chief Executive Officer of EPEX SPOT (since its founding in 2008) and Powernext (since its founding in 2001). As Chairman of the Management Board of EPEX SPOT and Executive Director Power Spot Markets at EEX Group, he will be in charge of the Power Spot Markets of the group which are operated by EPEX SPOT. 

Dr. Egbert Laege has been working as Chief Commercial Officer Asset Optimization at E.ON Global Commodities SE until 30 November 2013 and has accompanied the development of EEX in the Supervisory Board since 26 June 2008 and of Powernext as a member of the Board of Directors since 3 February 2010. At EEX Group, he will take over responsibility of the PEGAS markets in his position as Executive Director Gas Markets. Furthermore, he will become Chief Executive Officer of Powernext as of 1 April 2015, Jean-François Conil-Lacoste stepping down from Powernext to concentrate fully on growing EPEX SPOT. 

Dr. Dr. Tobias Paulun, current Director Strategy and Market Design of EEX and Management Board member of EPEX SPOT, has been working at EEX for five years with a focus on business development and strategy. The new strategy division which he will lead as Chief Strategy Officer will enable EEX to put a stronger focus on the strategic direction of the Group. 

EEX Group currently consists of EEX, Cleartrade Exchange, EEX Power Derivatives, EPEX SPOT and European Commodity Clearing (ECC). It has offices in Berlin, Bern, Brussels, Milan, Leipzig, London, Luxembourg, Paris, Singapore and Vienna. With the integration of Powernext, more than 300 employees will be working for EEX Group in eleven locations. More than 360 participants are currently admitted to the products and services of EEX Group including Powernext. 

About EEX: 


The European Energy Exchange (EEX) is the leading European energy exchange. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances, coal and guarantees of origin are traded. In the context of its majority shareholding in Cleartrade Exchange (CLTX), EEX additionally offers the markets for freight, iron ore, fuel oil and fertilizer. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing (ECC). 

About Powernext: 


Powernext SA manages complementary, transparent and anonymous energy markets. Powernext Gas Spot and Powernext Gas Futures were launched on 26 November 2008 in order to hedge volume and price risks for natural gas in France, the Netherlands and Belgium. Powernext manages the National Registry for electricity guarantees of origin in France since 1 May 2013. Powernext owns 50 % in EPEX SPOT and 20 % in EEX Power Derivatives.

About EPEX SPOT:


The European Power Exchange EPEX SPOT SE operates the power spot markets for Germany, France, Austria and Switzerland (Day-Ahead and Intraday). Together these countries account for more than one third of the European power consumption. EPEX SPOT also acts as market operating service provider for the Hungarian Power Exchange HUPX and operates the coupling between the Czech, the Slovakian, the Hungarian and soon the Romanian markets on behalf of the local Exchanges. It is a European company (Societas Europaea) based in Paris with branches in Leipzig, Bern and Vienna. Over 220 companies from Europe are active on EPEX SPOT. 278 TWh were traded on EPEX SPOT’s power markets in the first nine months of 2014.

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