March 30, 2005
The Polish Power Exchange chooses OMX's trading and clearing system CONDICO
OMX, a world leading provider of marketplace solutions and services for the financial and energy markets, and Towarowa Gielda Energii, the Polish Power Exchange, have signed an agreement regarding the trading and clearing system CONDICO. The agreement includes license, project and five-year support of the system, which will be used for the electricity spot and electricity derivatives market. The agreement also includes OMX setting up a green certificate register to enable trading of such certificates in the future.
The Polish energy market is still in a quite early stage of liberalisation, but already requires sophisticated technology to encourage the participants to explore all possibilities of both spot and financial markets for energy and natural gas. In addition, recent changes in energy law have created new possibilities for our exchange securing the register and trade of green certificates for market players. By choosing OMX to provide us with the technology solution, we can be sure that well be able to meet new challenges and fully explore the opportunities said Grzegorz Ornichimowski, CEO, Towarowa Gielda Energii.
We are very pleased that Towarowa Gielda Energii has chosen OMX as their technology partner. We believe that our proven and flexible solutions combined with our experience in supporting marketplaces with growth potential makes us a valuable partner, said Klas Ståhl, President OMX Technology. This agreement strengthens our position as a leading provider to the global energy industry and further reinforces our offerings for emerging markets.
About Towarowa Gielda Energii
Towarowa Gie©©da Energii SA (Polish Power Exchange SA) was set up within the framework of the privatisation and liberalisation programme of the power sector in Poland. The shareholders of the founding Consortium were selected through a tender announced by the Minister of State Treasury in July 1999. The Company launched its operations on December 7, 1999, and the first transactions were concluded over the coming six months with the power exchange up and running with physical delivery and settlements from June 30, 2000. At present Towarowa Gie©©da Energii SA operates on the Day-Ahead Market and the Futures Financial Market. For more information please visit www.polpx.pl
OMX owns and operates the largest securities market in Northern Europe and is a leading provider of marketplace services and solutions for the financial and energy markets. OMX consists of two divisions: OMX Technology a world-leading provider of outsourcing and transaction processing solutions and services based on pioneering and proven technology, and OMX Exchanges the integrated Nordic and Baltic marketplace for securities, giving customers access to approximately 80 percent of the Nordic and Baltic securities market. OMX is listed on the stock exchanges in Stockholm, Helsinki and Copenhagen. Recent CONDICO installments include the Romanian power market operator OPCOM and the pan-Iberian electricity market MIBEL. For more information please visit www.omxgroup.com.
For more information, please contact:
Klas Ståhl, President OMX Technology
+46 8 405 6035
Anna Rasin, VP Marketing & Communications
+46 8 405 6612
Towarowa Gielda Energii
Grzegorz Onichimowski, President of the Management Board
+48 22 341 99 12
Pawel Opara, Project Manager
+48 22 341 99 62
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