Powernext futuresTM statistics April 30, 2005

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) February-05 547 616 630 30 832 27 14 3 725 017 362 544

March-05 1 055 1 983 980 94 475 50 17 4 171 764 335 162 April-05 4 356 9 569 599 455 695 207 17 5 372 446 304 380

Year Contracts April-05

Lots MWh Low traded High traded Settlement

price (end of month)

Settlement price (end of prev.

month)

Variation

Base

2006 415 3 635 400 37,65 40,45 38,78 37,37 4%

2007 125 1 095 000 37,50 40,40 38,40 37,29 3%

Peak

2006 40 124 800 50,50 53,15 52,28 49,91 5%

2007 10 31 320 50,90 50,90 51,58 49,78 4%

Quarter Contracts April-05

Lots MWh Low traded High traded Settlement

price (end of month)

Settlement price (end of prev.

month)

Variation

Base

Q3 695 1 534 560 36,40 42,50 40,08 34,25 17%

Q4 365 806 285 40,50 43,15 41,83 35,75 17%

Q1 310 669 290 41,10 42,85 42,00 39,36 7%

Q2 125 273 000 37,00 37,75 37,24 40,28 -8%

Peak

Q3 175 138 600 49,30 55,30 53,60 43,81 22%

Q4 100 78 000 53,30 54,45 54,35 46,73 16%

Q1 150 117 000 53,20 55,10 54,30 51,05 6%

Q2 60 46 800 49,85 50,65 50,28 52,30 -4%

Month Contracts April-05

Lots MWh Low traded High traded Settlement

price (end of month)

Settlement price (end of prev.

month)

Variation

Base

05/2005 631 469 464 35,50 42,50 37,12 34,80 7%

06/2005 460 331 200 38,50 43,60 39,92 33,38 20%

07/2005 75 55 800 39,95 43,00 39,80 35,90 11%

Peak

05/2005 220 58 080 46,25 54,75 46,75 43,55 7%

06/2005 350 92 400 49,15 54,10 52,37 42,25 24%

07/2005 50 12 600 51,30 52,30 52,70 46,88 12%

April 30, 2005

Baseload contracts overview

Daily volume in lots during the last six months

0 40 80 120 160 200 240 280 320 360 400

01/11/04 07/11/04

13/11/04 19/11/04

25/11/04 01/12/04

07/12/04 13/12/04

19/12/04 25/12/04

31/12/04 06/01/05

12/01/05 18/01/05

24/01/05 30/01/05

05/02/05 11/02/05

17/02/05 23/02/05

01/03/05 07/03/05

13/03/05 19/03/05

25/03/05 31/03/05

06/04/05 12/04/05

18/04/05 24/04/05 Year contracts Quarterly contracts Monthly contracts

Daily settlement price of the up-coming delivery period in €/MWh during the last six months

29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

01/11/2004 07/11/2004

13/11/2004 19/11/2004

25/11/2004 01/12/2004

07/12/2004 13/12/2004

19/12/2004 25/12/2004

31/12/2004 06/01/2005

12/01/2005 18/01/2005

24/01/2005 30/01/2005

05/02/2005 11/02/2005

17/02/2005 23/02/2005

01/03/2005 07/03/2005

13/03/2005 19/03/2005

25/03/2005 31/03/2005

06/04/2005 12/04/2005

18/04/2005 24/04/2005 Front-Month Front-Quarter Front-Year

Open Interest by Delivery Year in MWh

0 1 000 000 2 000 000 3 000 000 4 000 000 5 000 000

18/06/2004 02/07/2004

16/07/2004 30/07/2004

13/08/2004 27/08/2004

07/09/2004 21/09/2004

05/10/2004 19/10/2004

02/11/2004 16/11/2004

30/11/2004 14/12/2004

28/12/2004 12/01/2005

26/01/2005 09/02/2005

23/02/2005 09/03/2005

23/03/2005 08/04/2005

22/04/2005 PO 2004 PO 2005 PO 2006 PO 2007

Peakload contracts overview

Daily volume in lots during the last six months

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180

01/11/04 07/11/04

13/11/04 19/11/04

25/11/04 01/12/04

07/12/04 13/12/04

19/12/04 25/12/04

31/12/04 06/01/05

12/01/05 18/01/05

24/01/05 30/01/05

05/02/05 11/02/05

17/02/05 23/02/05

01/03/05 07/03/05

13/03/05 19/03/05

25/03/05 31/03/05

06/04/05 12/04/05

18/04/05 24/04/05 Monthly contracts Quarterly contracts Year contracts

38 42 46 50 54 58

01/11/200408/11/200415/11/200422/11/200429/11/200406/12/200413/12/200420/12/200427/12/200403/01/200510/01/200517/01/200524/01/200531/01/200507/02/200514/02/200521/02/200528/02/200507/03/200514/03/200521/03/200528/03/200504/04/200511/04/200518/04/200525/04/2005

€/MWh

Daily settlement price of the up-coming delivery period in €/MWh during the last six months

Open Interest by Delivery Year in MWh

0 100 000 200 000 300 000 400 000 500 000 600 000 700 000

18/06/200402/07/200416/07/200430/07/200413/08/200427/08/200407/09/200421/09/200405/10/200419/10/200402/11/200416/11/200430/11/200414/12/200428/12/200412/01/200526/01/200509/02/200523/02/200509/03/200523/03/200508/04/200522/04/2005 PO 2004 PO 2005 PO 2006 PO 2007

Baseload price spreads (in €/MWh) EEX - Powernext Futures during the last six months

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

01/11/04 08/11/04

15/11/04 22/11/04

29/11/04 06/12/04

13/12/04 20/12/04

27/12/04 03/01/05

10/01/05 17/01/05

24/01/05 31/01/05

07/02/05 14/02/05

21/02/05 28/02/05

07/03/05 14/03/05

21/03/05 28/03/05

04/04/05 11/04/05

18/04/05 25/04/05 EEX-Powernext Front-Month EEX-Powernext Front Quarter EEX-Powernext Front Year

Peakload price spreads (in €/MWh) EEX-Powernext Futures during the last six months

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

01/11/2004 08/11/2004

15/11/2004 22/11/2004

29/11/2004 06/12/2004

13/12/2004 20/12/2004

27/12/2004 03/01/2005

10/01/2005 17/01/2005

24/01/2005 31/01/2005

07/02/2005 14/02/2005

21/02/2005 28/02/2005

07/03/2005 14/03/2005

21/03/2005 28/03/2005

04/04/2005 11/04/2005

18/04/2005 25/04/2005 EEX-Powernext Front Month EEX-Powernext Front Quarter EEX-Powernext Front Year

Market Liquidity

05/2005 Baseload Contract

Q3/2005 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%

01/04/05 05/04/05 07/04/05 11/04/05 13/04/05 15/04/05 19/04/05 21/04/05 25/04/05 27/04/05

Average bid-ask spread

0 0,5 1 1,5 2 2,5 3

01/04/05 04/04/05

05/04/05 06/04/05

07/04/05 08/04/05

11/04/05 12/04/05

13/04/05 14/04/05

15/04/05 18/04/05

19/04/05 20/04/05

21/04/05 22/04/05

25/04/05 26/04/05

27/04/05 28/04/05

€/MWh

0 5 10 15 20 25

Lots

Average volume on the spread Average bid-ask spread

Average bid-ask spread

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

01/04/05 05/04/05

07/04/05 11/04/05

13/04/05 15/04/05

19/04/05 21/04/05

25/04/05 27/04/05

€/MWh

0 5 10 15 20 25

Lots

Average volume on the spread Average bid-ask spread

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

40%

50%

60%

70%

80%

90%

100%

01/04/05 05/04/05 07/04/05 11/04/05 13/04/05 15/04/05 19/04/05 21/04/05 25/04/05 27/04/05

Average bid-ask spread

0 0,2 0,4

01/04/05 05/04/05

07/04/05 11/04/05

13/04/05 15/04/05

19/04/05 21/04/05

25/04/05 27/04/05

€/MWh

0 1 2 3 4 5 6 7 8 9 10

Lots

Average volume on the spread Average bid-ask spread

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

40%

50%

60%

70%

80%

90%

100%

01/04/05 05/04/05 07/04/05 11/04/05 13/04/05 15/04/05 19/04/05 21/04/05 25/04/05 27/04/05

05/2005 Peakload Contract

Q3/2005 Peakload Contract

Cal 2006 Peakload Contract Average bid-ask spread

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

01/04/05 04/04/05

05/04/05 06/04/05

07/04/05 08/04/05

11/04/05 12/04/05

13/04/05 14/04/05

15/04/05 18/04/05

19/04/05 20/04/05

21/04/05 22/04/05

25/04/05 26/04/05

27/04/05 28/04/05

€/MWh

0 5 10 15 20 25

Lots

Average volume on the spread Average bid-ask spread

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

40%

50%

60%

70%

80%

90%

100%

01/04/05 04/04/05 05/04/05 06/04/05 07/04/05 08/04/05 11/04/05 12/04/05 13/04/05 14/04/05 15/04/05 18/04/05 19/04/05 20/04/05 21/04/05 22/04/05 25/04/05 26/04/05 27/04/05 28/04/05

Average bid-ask spread

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

01/04/05 05/04/05

07/04/05 11/04/05

13/04/05 15/04/05

19/04/05 21/04/05

25/04/05 27/04/05

€/MWh

0 5 10 15 20 25

Lots

Average volume on the spread Average bid-ask spread

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

40%

50%

60%

70%

80%

90%

100%

01/04/05 04/04/05 05/04/05 06/04/05 07/04/05 08/04/05 11/04/05 12/04/05 13/04/05 14/04/05 15/04/05 18/04/05 19/04/05 20/04/05 21/04/05 22/04/05 25/04/05 26/04/05 27/04/05 28/04/05

Average bid-ask spread

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

01/04/05 05/04/05

07/04/05 11/04/05

13/04/05 15/04/05

19/04/05 21/04/05

25/04/05 27/04/05

€/MWh

0 2 4 6 8 10 12 14 16 18 20

Lots

Average volume on the spread Average bid-ask spread

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

40%

50%

60%

70%

80%

90%

100%

01/04/05 04/04/05 05/04/05 06/04/05 07/04/05 08/04/05 11/04/05 12/04/05 13/04/05 14/04/05 15/04/05 18/04/05 19/04/05 20/04/05 21/04/05 22/04/05 25/04/05 26/04/05 27/04/05 28/04/05

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