EEX Spot Market To Start August 8 - Concentration Of All Liquidity Into One Product Family - EEX's Exchange Council Appoints Heinz-Dieter Waffel Of PreussenElektra As Chairman Of The Management Board - Managing Directors Of EEX And Chairman Of Market Surv

EEX, the European Energy Exchange, will begin trading energy on the spot market August 8, according to an announcement made by EEX today on Friday. "By setting the starting date on August 8, we have ensured that all our participants have fully completed their preparations," explained EEX' executive Board Members Christian Geyer and Hans E. Schweickardt. Market participants, as well as those companies closely related to trading, such as clearing participants, transmission grid operators and balance circle responsibles, will simulate trading and delivery processes on EEX until today, Friday. "The tests we ran with customers went very smoothly, and the last phase of the simulation process will be completed today" according to the Frankfurt-based company.

Since the transmission grid operators decided on July 1 to remove the division of the country into a northern and a southern trading zone, the so-called "T component," the transportation fee that was to be charged on crossing from one zone into the other, no longer applies. Thus EEX can offer to trade both energy blocks and single hours irrespective of their zonal classification. "EEX took this into account in its trading system at an early stage and has thus concentrated the entire trading liquidity in Germany into one product family," said EEX.

EEX further announced that the members of the Exchange Council appointed the chairman, deputy chairman and the Managing Directors of the Exchange Council at their constituent meeting on Thursday. Heinz-Dieter Waffel of PreusssenElektra AG is chairman of the Exchange Council, Dr. Eduard Thalmann from Alusuisse-Lonza Energie AG has been appointed deputy chairman. Christian Geyer and Hans E. Schweickardt are the Managing Directors of EEX. Furthermore, the Exchange Council nominated a chairman for EEX' Market Surveillance. When the spot market opens for trading August 8, Michael Zollweg, chairman of Market Surveillance for FWB, the Frankfurt Stock Exchange, and for the Eurex derivatives exchange, will also be responsible for the supervision of energy trading on EEX. By choosing Mr. Zollweg, EEX is utilizing the experience and expertise of Market Surveillance in the supervision of price formation processes.