POWERNEXT Futures monthly statistics January 31, 2007

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 January 31, 2007 update of Powernext FuturesTM statistics: year, quarter and month contracts for January 2007, base-load and peak-load contracts overview from July 2005 or July 2006 to January 2007 (monthly volume in MW, open interest by delivery year in MWh, daily settlement price in euros/MWh), base-load and peak-load price spreads and market liquidity in January 2007 (average bid ask spread and availability). (J.S.)