Tuesday, 1 February 2011

E.ON, RWE to Trade U.K. Power Futures as Market Opens

E.ON AG and RWE AG, Germany’s biggest utilities, are preparing to trade U.K. electricity futures as Nasdaq OMX Group Inc. began offering the contracts.

No trades were completed on the first day, according to the exchange’s website. Five companies are ready to buy and sell, Trine Riccardi, spokeswoman for Nasdaq OMX Commodities, said by e-mail, declining to provide their names.

“We’re not quite there yet,” Paul Beynon, vice president of U.K. power at RWE Supply and Trading GmbH, said today by phone from Swindon, England. “Our legal work hasn’t been completed yet, so it’s probably another one to two weeks until we can trade.”

Essen, Germany-based RWE is among the main supporters of the N2EX exchange, which led the company to trade with more counterparties on lower credit risks, Beynon said in December.


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