Powernext FuturesTM statistics. May 31, 2006

The introduction of a power exchange in France is a direct response to the opening up of the European electricity markets. Powernext SA is a Multilateral Trading Facility in charge of managing an optional and anonymous organised exchange offering: - Day-ahead contracts for the management of volume risk on Powernext Day-AheadTM since 21 November 2001, - Medium term contracts for the management of price risk on Powernext FuturesTM since 18 June 2004. This document presents in a series of tables and graphics the May 31, 2006 update of Powernext FuturesTM statistics: year, quarter and month contracts for May 2006, base-load and peak-load contracts overview from December 2005 to May 2006 (monthly volume in MW, open interest by delivery year in MWh, daily settlement price of the upcoming delivery period), and market liquidity in May 2006 (average bid ask spread and availability for base-load and peak-load contracts). (J.S.)