Powernext futuresTM statistics February 28, 2005

(1)

POWERNEXT FUTURES™ STATISTICS

Total market volume (lots)

Total market volume (MWh)

Daily average (MWh)

Daily average (lots)

Number of members

Open interest (MWh)

Delivery (MWh)

December-04 1 061 1 763 624 80 165 48 13 3 731 385 154 200 January-05 880 2 282 475 108 689 42 13 4 177 308 293 532 February-05 547 616 630 30 832 27 14 3 725 017 362 544

Year Contracts February-05

Lots MWh High traded Low traded Settlement

price (end of month)

Settlement price (end of prev.

month)

Variation

Base

2006 - - - - 34,53 33,79 2%

2007 5 43 800 34,80 34,80 34,80 34,40 1%

Peak

2006 - - - - 46,93 46,88 0%

2007 - - - - 48,00 47,98 0%

Quarter Contracts February-05

month)

Variation

Base

Q1 125 273 000 30,10 32,35 31,26 30,55 2%

Q2 25 55 200 32,40 32,40 31,85 31,57 1%

Q3 - - - - 35,15 34,53 2%

Q4 - - - - 36,42 35,65 2%

Peak

Q1 - - - - 41,27 41,13 0%

Q2 25 19 800 42,65 42,65 42,90 43,25 -1%

Q3 25 19 500 46,95 46,95 47,65 47,03 1%

Q4 - - - - 49,24 48,35 2%

Month Contracts February-05

month)

Variation

Base

03/2005 230 170 890 36,85 31,50 39,00 31,80 23%

04/2005 12 8 640 31,45 31,45 32,88 31,30 5%

05/2005 - - - 29,25 28,89 1%

Peak

03/2005 25 6 900 40,50 40,50 51,06 41,00 25%

04/2005 75 18 900 42,85 41,00 42,00 41,33 2%

05/2005 - - - - 39,03 39,33 -1%

February 28, 2005

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Baseload contracts overview

Daily volume in lots

0 50 100 150 200 250 300 350 400 450

18/06/0424/06/0430/06/0406/07/0412/07/0418/07/0424/07/0430/07/0405/08/0411/08/0417/08/0423/08/0429/08/0404/09/0410/09/0416/09/0422/09/0428/09/0404/10/0410/10/0416/10/0422/10/0428/10/0403/11/0409/11/0415/11/0421/11/0427/11/0403/12/0409/12/0415/12/0421/12/0427/12/0402/01/0508/01/0514/01/0520/01/0526/01/0501/02/0507/02/0513/02/0519/02/0525/02/05 Calendar contracts Quarterly contracts Monthly contracts

Daily settlement price of the up-coming delivery period in €/MWh

26 27 28 29 30 31 32 33 34 35 36 37 38 39

18/06/200424/06/200430/06/200406/07/200412/07/200418/07/200424/07/200430/07/200405/08/200411/08/200417/08/200423/08/200429/08/200404/09/200410/09/200416/09/200422/09/200428/09/200404/10/200410/10/200416/10/200422/10/200428/10/200403/11/200409/11/200415/11/200421/11/200427/11/200403/12/200409/12/200415/12/200421/12/200427/12/200402/01/200508/01/200514/01/200520/01/200526/01/200501/02/200507/02/200513/02/200519/02/200525/02/2005 Front-Month Front-Quarter Front-Year

Open Interest by Delivery Year in MWh

0 500 000 1 000 000 1 500 000 2 000 000 2 500 000 3 000 000 3 500 000 4 000 000 4 500 000

18/06/0425/06/0402/07/0409/07/0416/07/0423/07/0430/07/0406/08/0413/08/0420/08/0427/08/0403/09/0410/09/0417/09/0424/09/0401/10/0408/10/0415/10/0422/10/0429/10/0405/11/0412/11/0419/11/0426/11/0403/12/0410/12/0417/12/0424/12/0431/12/0407/01/0514/01/0521/01/0528/01/0504/02/0511/02/0518/02/0525/02/05 PO 2004 PO 2005 PO 2006 PO 2007

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Peakload contracts overview

Daily volume in lots

0 10 20 30 40 50 60 70 80 90 100

18/06/0424/06/0430/06/0406/07/0412/07/0418/07/0424/07/0430/07/0405/08/0411/08/0417/08/0423/08/0429/08/0404/09/0410/09/0416/09/0422/09/0428/09/0404/10/0410/10/0416/10/0422/10/0428/10/0403/11/0409/11/0415/11/0421/11/0427/11/0403/12/0409/12/0415/12/0421/12/0427/12/0402/01/0508/01/0514/01/0520/01/0526/01/0501/02/0507/02/0513/02/0519/02/0525/02/05 Monthly contracts Quarterly contracts Calendar contracts

Daily settlement prices

38 40 42 44 46 48 50 52

18/06/200425/06/200402/07/200409/07/200416/07/200423/07/200430/07/200406/08/200413/08/200420/08/200427/08/200403/09/200410/09/200417/09/200424/09/200401/10/200408/10/200415/10/200422/10/200429/10/200405/11/200412/11/200419/11/200426/11/200403/12/200410/12/200417/12/200424/12/200431/12/200407/01/200514/01/200521/01/200528/01/200504/02/200511/02/200518/02/200525/02/2005

€/MWh

Front-Month Front-Quarter Front-Year

Open Interest by Delivery Year in MWh

0 100000 200000 300000 400000 500000

18/06/0425/06/0402/07/0409/07/0416/07/0423/07/0430/07/0406/08/0413/08/0420/08/0427/08/0403/09/0410/09/0417/09/0424/09/0401/10/0408/10/0415/10/0422/10/0429/10/0405/11/0412/11/0419/11/0426/11/0403/12/0410/12/0417/12/0424/12/0431/12/0407/01/0514/01/0521/01/0528/01/0504/02/0511/02/0518/02/0525/02/05 PO 2004 PO 2005 PO 2006 PO 2007

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Baseload price spreads (in €/MWh) EEX - Powernext Futures

-1,0 -0,6 -0,2 0,2 0,6 1,0 1,4

18/06/0425/06/0402/07/0409/07/0416/07/0423/07/0430/07/0406/08/0413/08/0420/08/0427/08/0403/09/0410/09/0417/09/0424/09/0401/10/0408/10/0415/10/0422/10/0429/10/0405/11/0412/11/0419/11/0426/11/0403/12/0410/12/0417/12/0424/12/0431/12/0407/01/0514/01/0521/01/0528/01/0504/02/0511/02/0518/02/0525/02/05 EEX-Powernext Front-Month EEX-Powernext Front Quarter EEX-Powernext Front Year

Peakload price spreads (in €/MWh) EEX-Powernext Futures

-1,6 -1,2 -0,8 -0,4 0,0 0,4 0,8 1,2 1,6 2,0 2,4

18/06/200425/06/200402/07/200409/07/200416/07/200423/07/200430/07/200406/08/200413/08/200420/08/200427/08/200403/09/200410/09/200417/09/200424/09/200401/10/200408/10/200415/10/200422/10/200429/10/200405/11/200412/11/200419/11/200426/11/200403/12/200410/12/200417/12/200424/12/200431/12/200407/01/200514/01/200521/01/200528/01/200504/02/200511/02/200518/02/200525/02/2005 EEX-Powernext Front Month EEX-Powernext Front Quarter EEX-Powernext Front Year

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Market Liquidity

02/2005 Baseload Contract

Q2/2005 Baseload Contract

Cal 2006 Baseload Contract

Availability of a bid-ask spread (in % of the daily trading session total duration)

40%

50%

60%

70%

80%

90%

100%

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

Average bid-ask spread

0 1 2 3 4 5 6 7

01/02/0502/02/0503/02/0504/02/0507/02/0508/02/0509/02/0510/02/0511/02/0514/02/0515/02/0516/02/0517/02/0518/02/0521/02/0522/02/0523/02/0524/02/0525/02/0528/02/05

€/MWh

0 5 10 15 20 25

Lots

Average volume on the spread Average bid-ask spread

0 0,2 0,4 0,6 0,8 1 1,2

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

0 0,2 0,4

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

€/MWh

0 2 4 6 8 10 12 14 16 18

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

(7)

02/2005 Peakload Contract

Q2/2005 Peakload Contract

Cal 2006 Peakload Contract Average bid-ask spread

0 1 2 3 4 5 6 7 8 9 10

01/02/0502/02/0503/02/0504/02/0507/02/0508/02/0509/02/0510/02/0511/02/0514/02/0515/02/0516/02/0517/02/0518/02/0521/02/0522/02/0523/02/0524/02/0525/02/0528/02/05

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/05 02/02/05 03/02/05 04/02/05 07/02/05 08/02/05 09/02/05 10/02/05 11/02/05 14/02/05 15/02/05 16/02/05 17/02/05 18/02/05 21/02/05 22/02/05 23/02/05 24/02/05 25/02/05 28/02/05

0 0,2 0,4 0,6 0,8 1 1,2 1,4

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/05 02/02/05 03/02/05 04/02/05 07/02/05 08/02/05 09/02/05 10/02/05 11/02/05 14/02/05 15/02/05 16/02/05 17/02/05 18/02/05 21/02/05 22/02/05 23/02/05 24/02/05 25/02/05 28/02/05

0 0,2 0,4 0,6 0,8 1

01/02/05 03/02/05 07/02/05 09/02/05 11/02/05 15/02/05 17/02/05 21/02/05 23/02/05 25/02/05

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/05 02/02/05 03/02/05 04/02/05 07/02/05 08/02/05 09/02/05 10/02/05 11/02/05 14/02/05 15/02/05 16/02/05 17/02/05 18/02/05 21/02/05 22/02/05 23/02/05 24/02/05 25/02/05 28/02/05

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CONTACTS

Powernext S.A. Marketing Marketing and Sales

25, rue Louis Le Grand Audrey MAHUET : 33 (0) 1 73 03 96 05 Thierry CAROL : 33 (0) 1 73 03 96 04

75002 PARIS a.mahuet@powernext.fr t.carol@powernext.fr

tél. +33 (0)1 73 03 96 00 Sovann KHOU : 33 (0) 1 73 03 96 07 Richard KATZ : 33 (0) 1 73 03 96 02

fax +33 (0)1 73 03 96 01 s.khou@powernext.fr r.katz@powernext.fr

information@powernext.fr Philippe CHAUVANCY : 33 (0) 1 73 03 96 03

p.chauvancy@powernext.fr Market Operations

Bisser ALEXNADROV : +33 (0) 1 73 03 96 12 b.alexandrov@powernext.fr