Trading Starts In First Carbon Futures Contracts - First Day Sees 108,000 Tonnes Traded

European Climate Exchange (ECX) and the International Petroleum Exchange (IPE) today announced that the first day of trading for ECX Carbon Financial Instrument (ECX CFI) futures contracts saw 108,000 tonnes of CO2 traded. Full details of the day’s trading are as follows:

Volume traded: 108,000 tonnes – 108 lots

Price range: €16.80 - €17.40

Closing price for December 2005: €16.85

The first trade took place between BP and E.ON UK plc at 0800hrs BST for 10 lots (equivalent to 10,000 tonnes of CO2) of December 2005 at a price of €17.05. The trade was cleared by Calyon Financial SNC (a subsidiary of Calyon Corporate and Investment Bank) and ABN AMRO Futures Limited.

“The Exchange increases liquidity through greater price transparency and this deal confirms our support for the development of the EU Emissions Trading Scheme” said Emma Johansson, BP’s lead emissions trader.

Gareth Halstead, Lead Trader at E.ON UK plc., said: “E.ON UK is excited to be at the beginning of trading in ECX CFI futures contracts on the IPE. The launch of futures contracts is a decisive step in the development of a liquid pan-European emissions market.”

The ECX CFI futures Contract, which is listed for electronic trading on the IPE, is the first exchange-traded CO2 futures contract for the European Union’s Emissions Trading Scheme. ECX CFI futures allow users to lock-in prices for emissions allowances delivered at set dates in the future and are a useful alternative to over-the-counter forward contracts, allowing users to secure transparent prices and reduce counterparty risk. Trades are cleared through LCH.Clearnet Ltd.

Peter Koster, Chief Executive of ECX commented: “This is an historic day for the carbon market in Europe. We have seen a brisk start to the futures market broadly in line with our expectations.”

Neil Eckert, Chairman of ECX, said: “This is a significant achievement for everyone involved at both ECX and IPE and marks an important step in advancing the EU Emissions Trading Scheme into a European commodities market.”

Access to the IPE for the trading of ECX CFI futures Contracts can be secured by becoming an IPE Member or order-routing as a client of an IPE Member. There are currently 28 members, including most of Europe’s and America’s major trading banks, who have signed up to trade for clients or on their own behalf – a full list can be found at:

http://www.theipe.com/electronic/membership_electronic.asp?sp=membership_list

Further information about gaining access to ECX CFI futures contracts can be found at www.ecxeurope.com or www.theipe.com/emissions