German Energy Exchange will be European

The German Energy Exchange initiative is already gaining a European dimension in the project phase: The German energy sector, which decided in favour of having this new energy exchange set up by Deutsche Börse, Eurex and NYMEX on June 10, has now been joined by the Swiss utilities in supporting the project. Atel (Aare-Tessin AG for electricity, Olten); BKW (BKW FMB Energie AG, Bern); CKW (Centralschweizerische Kraftwerke AG, Lucerne); EGL (Elektrizitäts-Gesellschaft Laufenburg AG, Laufenburg); EOS (Energie Ouest Suisse, Lausanne); and NOK (Nordostschweizerische Kraftwerke, Baden) welcome the initiative and want to work in the project group, which is currently in the process of defining the products. This means that the exchange, which is to begin trading in the year 2000, could be launched as a European energy exchange based in Frankfurt. Deutsche Börse and Eurex have now also changed the project organisation and moved the project over to the German-Swiss derivatives exchange, Eurex. The project team has been joined by Hans E Schweickardt, who will be managing the project with Christian Geyer. The 54-year old Schweickardt comes from the Swiss utilities company Atel, where as an executive board member he was responsible for the energy sector. Eurex deputy CEO Otto Nägeli will head the Project Steering Committee.