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European Energy Exchange AG (EEX) is continuing the spin-off process regarding its business divisions as planned. After the supervisory board, the exchange council, the exchange supervisory authority and the shareholders have granted their approval, the division of spot trading in power will now be spun off into an independent company: EEX Power Spot GmbH, which will at first be wholly owned by EEX, will be established retroactively as of 1 January 2007. With this spin-off EEX wants to attract new partners throughout the EU and set a further milestone for the development of a common European market for energy.
After the successful spin-off of the clearing division into an independent company with bank status (ECC AG) has been tried and tested in practice, same is now to be implemented for spot trading in power. Furthermore, the spin-off of the Derivatives Market including all products into an independent EEX subsidiary is planned for the year 2008.
“This strategic alignment shows clearly that the path to be followed now is and has to be the one towards Europe“, Dr. Hans-Bernd Menzel, CEO of EEX AG, emphasizes. “We are sure that new partnerships will be established on this new and flexible basis. From the political site, it is our impression, we receive full support for our plans.”
EEX operates Spot and Derivatives Markets for energy products. With currently 175 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. While coal is only quoted on the Derivatives Market, power, gas and CO2 emission allowances 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. 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 in which the exchange holds a majority share.
