VERBUND provides Chairman to the EEX Exchange Council

12/12/2007Wien

In the course of its last meeting this year, the Exchange Council of the European Energy Exchange (EEX) has elected a new chairman. The vote was unanimously cast in favour of Dr. Günther Rabensteiner, Chairman of the Managing Board of VERBUND-Austrian Power Trading AG and long-term member of the Exchange Council.

With that, Dr. Rabensteiner will take over the office from Dr. Jacques Piasko from Switzerland, who is leaving the Exchange Council. As Deputy General Director Dr. Sereinig, Member of the VERBUND Managing Board in charge of Power Trading, commented, the election of a VERBUND representative to the office of Chairman of the Exchange Council of EEX constitutes confirmation and approval of the successful international strategy of the VERBUND Group. In view of the pending decisions of the owners regarding the expansion of the European strategy, EEX is faced with a number of major challenges.

New Control Structure for EEX
Against this backdrop, the Exchange Council has commissioned its Compliance Committee to design a concept for the future maintenance and further development of proven structures, especially the incorporation of market participants into decision-making processes of the Exchange. This regulatory system is to correspond to the current structure of EEX under public law in terms of quality and transparency.

The EEX Exchange Council is a body of the Exchange defined in the German Stock Exchange Act and consists of a total of 23 members representing the different interest groups and business circles. Next to the trading participants with 18 elected representatives from different groups (domestic and foreign VERBUND and Power Trading companies, municipal utilities and regional suppliers, brokers and financial service providers, as well as commercial consumers), the EEX Exchange Council includes four representatives of associations (VIK/Association of the Energy and Power Supply Industry, registered association), BDEW/Federal Association of the Energy and Water Industries, registered association) and BDI/Federation of German Industries, registered association), as well as an investors' representative.