EEX and Powernext agree to merge
The board of Germany’s European Energy Exchange (EEX) has agreed plans for the exchange to pool its power spot and futures markets with France’s Powernext exchange, laying the foundations for a pan-European energy exchange.
The Powernext board approved the plans for an equal merger last week.
The merged entity’s spot trading will be carried out in Paris, while the futures and clearing activities will be based in Leipzig. According to Powernext, the exchanges have agreed in principle to merge the German and French futures markets by 2009.
The merger agreement also includes plans to potentially integrate operations with the Swiss Eurex and Scandinavian Nord Pool exchanges, which are both shareholders in EEX with 23% and 17% stakes respectively.
Cooperation with Belgium’s Belpex exchange has also been proposed. Talks on the merger, ongoing since September, were initiated after an agreement on power market coupling between Germany, France, Belgium, The Netherlands and Luxembourg was signed in June.
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