November 2007 – Increasing interest for trading on spot market

(Bucharest, December 3^rd, 2007) November 2007 confirms the positive trend from the last period, of active manifestation of the interest for the OPCOM products, in terms of the record number of the participants and the dimension of the trading intensions. On CMBC-CN, new forward contracts with base load delivery were concluded, having a delivery period of one month. CMGC attracts new market participants, more and more power generators that uses renewable energy sources, expressing their interest to the green certificates market place offered by OPCOM.

Day Ahead Market

The energy volume traded in November on DAM and the corresponding market share were maintained by the market, at high values, having a high interest for trading expressed by the record number of participants that submitted offers.

• In November, an average number of 54 participants activated daily on DAM. The highest interest for trading on spot market was registered for 23^rd of November, when a record number of 58 participants submitted offers.

• In November were traded on DAM, on the average, 549 MWh/h, at an average price of 138.80 lei/MWh (40.17 euro/MWh). Trades were concluded in all hourly intervals of this month. The hourly traded volumes varied between 232 MWh/h and 606 MWh/h.

• The share represented by this month trades in the internal forecasted consumption was 8%, knowing that the trading share from 01.01.2007 until today is 9.53%.

• The average price of 138.80 lei/MWh (40.17 euro/MWh), recorded a decrease with almost 32% related to November 2006.

In the first eleventh months of the current year, on an average, were traded 579 MWh/h, with almost 24% more than in the first eleventh months of 2006, at an average price of 161.61 lei/MWh (48.91 euro/MWh). The value of the energy traded in the first eleventh months of the current year, 774,914,345.07 lei is with almost 30% bigger than the value of the trades concluded in the same period of 2006.

Centralized Market for Bilateral Contracts concluded by public auction

On CMBC were submitted 44 selling offers. The prices of the concluded contracts were in the range of 138 – 181.7 lei/MWh, corresponding to contracts with off-peak delivery and base load delivery. The volume traded in this month is 117,360 MWh, out of which

78% will be delivered next year.

In November 2007, according to the contracts concluded before on CMBC, an energy quantity of 16.70% of consumption was in delivery, at a weighted price of 173.51 lei/MWh. Up to the present, the share of the volumes to be delivered in 2008 represents 11.62% of consumption.

Centralized Market for Bilateral Contracts with Continuous Negotiation

On CMBC-CN were traded 7 forward contracts, at an average price of 169.36 lei/MWh. The contracts, totalizing 5,208 MWh, have a delivery period of one month, December 2007.

Centralized Market for Green Certificates

After the November auction, on CMGC were traded 2,717 certificates, at the average price of 142.72 lei/certificate.

• Related to the number of the green certificates issued for 2007, the number of the green certificates traded in March – November on CMGC, in order to fulfil the mandatory quota for this year, is almost 47%. This percent, decreasing compared to last month value, is recorded due to the increasing of the number of the issued certificates with almost 31%.

Using the OPCOM instruments, almost 10,319,259 MWh were traded for 2007, in a transparent way, representing 21% of the internal forecasted consumption and 6,171,532 MWh were contracted for 2008, representing almost 12% of the consumption forecast for next year.

The increasing interest for trading on medium and short term, using the mechanisms and products offered by OPCOM, indicates the adaptability with the needs of the market participants and the existence of the requirements for establishing some substantial price signals and a reference price for the electricity.