POWERNEXT Futures monthly statistics February 28, 2007

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MONTHLY STATISTICS

Total market volume (MW)

Total market volume (MWh)

Daily average (MWh)

Daily average (MW)

Number of members

Open interest (MWh)

Delivery (MWh)

December-06 2 525 5 136 235 270 328 133 25 11 350 561 1 062 972 January-07 4 724 7 823 443 355 611 215 26 10 961 788 1 305 144 February-07 4 268 7 143 775 357 189 213 26 10 473 740 2 397 539

Year Contracts February-07

MW MWh Low traded

(€/MWh)

High traded (€/MWh)

Settlement price (end of month)

Settlement price (end of prev.

month)

Variation

Base

2008 232 2 037 888 45,90 49,15 48,60 48,40 0%

2009 108 946 080 45,95 48,95 48,82 48,16 1%

2010 5 43 800 49,35 49,35 49,18 49,52 -1%

Peak

2008 15 47 160 69,50 73,80 71,50 73,57 -3%

2009 5 15 660 70,25 70,25 71,88 73,92 -3%

2010 10 31 320 70,50 73,00 72,50 74,13 -2%

Quarter Contracts February-07

(€/MWh)

month)

Variation

Base

Q2 314 685 776 29,10 35,00 29,40 34,83 -16%

Q3 234 516 672 33,50 41,50 34,45 41,45 -17%

Q4 240 530 160 44,75 50,00 47,30 50,68 -7%

Q1 250 545 750 56,00 59,85 60,08 58,53 3%

Peak

Q2 95 74 100 40,20 45,75 40,19 51,44 -22%

Q3 159 124 020 53,75 65,00 54,68 68,25 -20%

Q4 65 51 480 64,25 75,00 67,75 78,27 -13%

Q1 35 27 300 81,00 85,25 81,25 86,57 -6%

Month Contracts February-07

(€/MWh)

month)

Variation

Base

03/2007 1 027 763 061 28,60 39,80 28,24 44,75 -37%

04/2007 500 360 000 28,00 33,50 26,57 42,13 -37%

05/2007 175 130 200 26,50 30,25 33,48 33,38 0%

Peak

03/2007 565 149 160 37,00 56,25 36,65 62,86 -42%

04/2007 109 27 468 37,00 42,30 35,21 58,97 -40%

05/2007 120 33 120 35,00 38,00 49,19 50,25 -2%

CONTACT Powernext S.A.

25, rue Louis Le Grand 75002 PARIS

tél. +33 (0)1 73 03 96 00 fax +33 (0)1 73 03 96 01 [email protected]

February 28, 2007

1

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Baseload contracts overview

Monthly volume in MW

0 500 1000 1500 2000 2500 3000 3500

Aug-05 Sep-05

Oct-05 Nov-05

Dec-05 Jan-06

Feb-06 Mar-06

Apr-06 May-06

Jun-06 Jul-06

Aug-06 Sep-06

Oct-06 Nov-06

Dec-06 Jan-07

Feb-07 Yearly contracts Quarterly contracts Monthly contracts

Daily settlement price in €/MWh

25 30 35 40 45 50 55 60 65 70 75

01/08/2006 14/08/2006

25/08/2006 07/09/2006

20/09/2006 03/10/2006

16/10/2006 27/10/2006

09/11/2006 22/11/2006

05/12/2006 18/12/2006

03/01/2007 16/01/2007

29/01/2007 09/02/2007

22/02/2007 Front-Month Front-Quarter Front-Year

Open Interest by Delivery Year in MWh

0 2 000 000 4 000 000 6 000 000 8 000 000 10 000 000 12 000 000 14 000 000

01/08/2006

30/08/2006

28/09/2006

27/10/2006

27/11/2006

28/12/2006

29/01/2007

27/02/2007 2006 2007 2008 2009 2010

2

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Peakload contracts overview

Monthly volume in MW

0 250 500 750 1000 1250 1500 1750 2000 2250 2500 2750

Aug-05 Sep-05

Oct-05 Nov-05

Dec-05 Jan-06

Feb-06 Mar-06

Apr-06 May-06

Jun-06 Jul-06

Aug-06 Sep-06

Oct-06 Nov-06

Dec-06 Jan-07

Feb- 07 Monthly contracts Quarterly contracts Yearly contracts

30 40 50 60 70 80 90 100 110

01/08/2 006

14/08/2 006

25/08/2 006

07/09/2 006

20/09/2 006

03/10/2 006

16/10/2 006

27/10/2 006

09/11/2 006

22/11/2 006

05/12/2 006

18/12/2 006

03/01/2 007

16/01/2 007

29/01/2 007

09/02/2 007

22/02/2 007

Front-Month Front-Quarter Front-Year

Daily settlement price in €/MWh Open Interest by Delivery Year in MWh

0 250 000 500 000 750 000 1 000 000 1 250 000 1 500 000 1 750 000 2 000 000 2 250 000

01/08/2 006

30/08/2 006

28/09/2 006

27/10/2 006

27/11/2 006

28/12/2 006

29/01/2 007

27/02/2 007

2006 2007 2008 2009 2010

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Market Liquidity

12/2006 Baseload Contract

Q1/2007 Baseload Contract

Cal 2007 Baseload Contract

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

40%

50%

60%

70%

80%

90%

100%

01/02/07 02/02/07 05/02/07 06/02/07 07/02/07 08/02/07 09/02/07 12/02/07 13/02/07 14/02/07 15/02/07 16/02/07 19/02/07 20/02/07 21/02/07 22/02/07 23/02/07 26/02/07 27/02/07

Average bid-ask spread

0 1 2

01/02/07 05/02/07

07/02/07 09/02/07

13/02/07 15/02/07

19/02/07 21/02/07

23/02/07 27/02/07

€/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 1,4 1,6 1,8 2 2,2 2,4

01/02/07 05/02/07

07/02/07 09/02/07

13/02/07 15/02/07

19/02/07 21/02/07

23/02/07 27/02/07

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/07 05/02/07 07/02/07 09/02/07 13/02/07 15/02/07 19/02/07 21/02/07 23/02/07 27/02/07

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

01/02/07 05/02/07

07/02/07 09/02/07

13/02/07 15/02/07

19/02/07 21/02/07

23/02/07 27/02/07

€/MWh

0 1 2 3 4 5 6 7 8 9 10

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/07 05/02/07 07/02/07 09/02/07 13/02/07 15/02/07 19/02/07 21/02/07 23/02/07 27/02/07

4

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12/2006 Peakload Contract

Q1/2007 Peakload Contract

Cal 2007 Peakload Contract

0 1 2 3

01/02/07 02/02/07

05/02/07 06/02/07

07/02/07 08/02/07

09/02/07 12/02/07

13/02/07 14/02/07

15/02/07 16/02/07

19/02/07 20/02/07

21/02/07 22/02/07

23/02/07 26/02/07

27/02/07

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/07 02/02/07 05/02/07 06/02/07 07/02/07 08/02/07 09/02/07 12/02/07 13/02/07 14/02/07 15/02/07 16/02/07 19/02/07 20/02/07 21/02/07 22/02/07 23/02/07 26/02/07 27/02/07

0 1 2 3 4 5 6 7

01/02/07 05/02/07

07/02/07 09/02/07

13/02/07 15/02/07

19/02/07 21/02/07

23/02/07 27/02/07

€/MWh

0 5 10 15 20 25

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/07 02/02/07 05/02/07 06/02/07 07/02/07 08/02/07 09/02/07 12/02/07 13/02/07 14/02/07 15/02/07 16/02/07 19/02/07 20/02/07 21/02/07 22/02/07 23/02/07 26/02/07 27/02/07 28/02/07

0 1 2 3 4 5

01/02/07 05/02/07

07/02/07 09/02/07

13/02/07 15/02/07

19/02/07 21/02/07

23/02/07 27/02/07

€/MWh

0 1 2 3 4 5 6 7 8 9 10

Lots

40%

50%

60%

70%

80%

90%

100%

01/02/07 02/02/07 05/02/07 06/02/07 07/02/07 08/02/07 09/02/07 12/02/07 13/02/07 14/02/07 15/02/07 16/02/07 19/02/07 20/02/07 21/02/07 22/02/07 23/02/07 26/02/07 27/02/07 28/02/07

5