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In yesterday’s meetings, both the general meeting and the supervisory board of European Energy Exchange AG (EEX) discussed and supported the plans regarding the spin-off proposed by the management board and backed by the steering committee. According to a statement by Dr. Hans-Bernd Menzel, CEO of EEX AG, the European Energy Exchange is planning to transfer the business divisions of spot trading in power and derivatives trading regarding all products to independent companies for each of these fields as an essential strategic step towards becoming the leading European energy exchange. This measure is intended to initiate the systematic flexibilization of the corporate governance structure, which is required in view of the di-verse possibilities for co-operations with international partners in the framework of a forward-looking strategy.
The general meeting and the supervisory board have acknowledged this step as an important signal of openness for co-operations on other exchanges and market places. This will further promote the integration of the European energy markets.
The final assessment regarding the spin-off by the general meeting and the supervisory board as well as the resolutions by the executive bodies will constitute the subject of an extraordinary meeting of the supervisory board in the second half of July as well as of an extraordinary general meeting scheduled to take place during the second half of August.
European Energy Exchange (EEX) operates a Spot and a Derivatives Market for energy products. With more than 160 trading participants from 19 countries it is the energy exchange in continental Europe which boasts the biggest number of trading participants and the highest turnover. Power, CO2 emission allowances and coal are traded both short-term on the Spot Market and long-term on the Derivatives Market with a time horizon of up to six years into the future and, moreover, trading in gas will be launched in July 2007 along the same lines. Clearing of exchange and over-the-counter transactions (OTC clearing) is provided by European Commodity Clearing AG (ECC). ECC is the clearing house of EEX and a subsidiary of the exchange.
