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Aim to reduce settlement risk by increasing the use of payment netting and reducing settlement times in the European energy industry (Version 1.6) Solution: 10 th business day of the following month becomes Business Day Definition due date for

  1. Aim to reduce settlement risk by increasing the use of payment netting and reducing settlement times in the European energy industry (Version 1.6) Solution: 10 th business day of the following month becomes Business Day Definition due date for European Gas and Power Business day Defintion: Any week day that EUR and GBP can both move. Approach: 1) European Energy Settlement Calendar agreed 2005 2006 [IN PROGRESS] 2) Cross Product Payment Netting Agreement drafted GBP EUR Non-Business GBP EUR Non-Business Holiday Holiday Days Holiday Holiday Days [ONGOING] 3) Individual Master Agreements linked after std. reviews 03-Jan 03-Jan 02-Jan 02-Jan 25-Mar 25-Mar 25-Mar 14-Apr 14-Apr 14-Apr Costs and Challenges Benefits 28-Mar 28-Mar 28-Mar 17-Apr 17-Apr 17-Apr 02-May 02-May 01-May 01-May 01-May 1) Completing payment cycle by Basle calculation methodology the 10 th business day when 30-May 30-May 29-May 29-May 8% risk capital requirement 29-Aug 29-Aug 28-Aug 28-Aug receiving ZBT allocations on the 20% p.a risk capital charge 26-Dec 26-Dec 26-Dec 25-Dec 25-Dec 25-Dec 3 rd or 4 th business day CP A: Paying 5 mn for NBP Gas 27-Dec 27-Dec 26-Dec 26-Dec 26-Dec 2) Peak in workload of Back Office CP B: Paying 5 mn for UK Power Settlement Cycle due to shorter settlement times => 5 mn residual amount not netted 3) Cross Currency Netting mechanics (concept 8% x 5 mn = 0.40 mn Commodities with Commodities without established) Calendar Day Allocations (e.g ZBT) Allocations (all other) 0.40 mn x 20% = 0.08 mn p.a Fr 01-Apr-05 1 Prepare allocations Prepare invoices 1 Mo 04 Apr-05 2 ALLOCATIONS 2 Both CP’s save 0.08 mn per year Di 05-Apr-05 3 Send allocations INVOICING CP 3 Mi 06-Apr-05 1 Prepare invoices 4 Stages and Scope Do 07-Apr-05 2 INVOICING CP Send Invoices 5 1) Same currency Gas & Power Fr 08-Apr-05 3 Send invoices Validate invoices 1 2) Cross currency Gas & Power Mo 11-Apr-05 1 Validate invoices Netting Statement 2 Di 12-Apr-05 2 Payment process starts 3 Trial: Live since October-04 (same currency netting) Mi 13-Apr-05 3 PAYING CP 4 Do 14-Apr-05 4 Payment of Net amount due 5 –more trial participants welcome To find out more contact: Jon Cameron, Payment Netting Working Group Chair, jon.cameron@rwe.com or visit www.efet.org

  2. Settlement Cycle Commodities with Commodities without Allocations (e.g ZBT) Allocations (all other) Calendar Day Fr 01-Apr-05 1 Prepare allocations 1 Prepare invoices Mo 04 Apr-05 2 ALLOCATIONS 2 Di 05-Apr-05 3 Send allocations INVOICING CP 3 Mi 06-Apr-05 1 Prepare invoices 4 Do 07-Apr-05 2 INVOICING CP 5 Send Invoices Fr 08-Apr-05 3 Send invoices 1 Validate invoices Mo 11-Apr-05 1 Validate invoices Netting Statement 2 Di 12-Apr-05 2 3 Payment process starts Mi 13-Apr-05 3 PAYING CP 4 Do 14-Apr-05 4 Payment of Net amount due 5

  3. Business Day Definition Business day Defintion: Any week day that EUR and GBP can both move. 2005 2006 GBP EUR Non-Business GBP EUR Non-Business Holiday Holiday Days Holiday Holiday Days 03-Jan 02-Jan 03-Jan 02-Jan 25-Mar 14-Apr 25-Mar 25-Mar 14-Apr 14-Apr 28-Mar 17-Apr 28-Mar 28-Mar 17-Apr 17-Apr 02-May 01-May 02-May 01-May 01-May 30-May 29-May 30-May 29-May 29-Aug 29-Aug 28-Aug 28-Aug 26-Dec 26-Dec 26-Dec 25-Dec 25-Dec 25-Dec 27-Dec 26-Dec 27-Dec 26-Dec 26-Dec Published by EFET Payment Netting Working Group www.efet.org

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