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Creation of Powernext: a new power exchange opening up the French market

Source: RTE 26/07/2001

Powernext, officially created today 26 July 2001,will manage the power exchange. RTE is one of the new company's shareholders within a European transmission system operator holding company called HGRT

Powernext SA's capital of 10 million Euros is held by major players in electricity trading and financial markets.
Euronext and a European transmission system operator holding company called HGRT, which is initially set up with RTE, hold 34% and 17%, respectively. The remaining 49% of Powernext is equally distributed among BNP Paribas, Electrabel, Electricité de France, Société Générale, and TotalFinaElf.

Powernext SA's Chairman of the Board is RTE's Head of System Operation, Pierre Bornard.

Jean-François Conil Lacoste, previously Director of Euronext Derivative Markets, was named Chief Executive Officer of Powernext SA.

Powernext S.A., which will be operational in the autumn of 2001, will be based in Paris.

HGRT is an innovative concept that will allow the various European transmission system operators to be represented in Powernext and thereby establish appropriate market rules to meet European grid operators' supply security requirements

The physical delivery of electricity comes under the responsibility of RTE.

The transactions will be guaranteed financially by Clearnet, Euronext's clearing subsidiary.

Powernext will be the only power exchange to organise transactions recognised as deliverable to any point in the French electricity grid, which is considered to be a hub with no pre-set points of injection or withdrawal. This way, the traded products will have a single price schedule. The members will manage their own access to the interconnections with the Transmission System Operators concerned, for their transactions on Powernext and for their off-exchange bilateral transactions.

* Consult the Press Kit under our heading "News".

Press Officer
Michel DERDEVET: Director of Communication.
Tel.: 01 41 02 19 73