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The ultimate objective of the BSP Regional Energy Exchange is, firstly, to become a leading cross-border energy exchange in the South Eastern European region and, secondly, to become a bridge among European energy markets through the mechanisms of market coupling or implicit auctions. Highly competent, neutral and transparent regional energy exchange will be a promoter of energy markets' liberalization and efficiency.

In the Slovenian and Serbian market 66 orders in the total volume of 15.120 MWh were entered in February. In the Slovenian market 49 orders were entered, most of them (34) with Base product. In the Serbian market 17 orders with Base product were entered in the same period. In February there were no concluded transactions on BSP Regional Energy Exchange.

Trading report for February 2010

Trading Report for the last six months (from September 2009 until the end of February 2010)

Total volume of concluded transactions from September 2009 until the end of February 2010 reached 3.716 MWh, of which 2.036 MWh was reached in the Slovenian and 1.680 MWh in the Serbian market.

In the Slovenian market 33 transactions were concluded, of which 14 with Base, 18 with Euro-peak and 1 with Euro-off-peak2 products in the aforementioned period. In the Serbian market 7 transactions with Base product were concluded in the last six months.

The total volume of entered orders on both markets from September 2009 until the end of February 2010 reached 140 GWh, as of more than 60 percent of all orders were entered in the Slovenian market. The total volume of entered orders in the Slovenian market reached 85 GWh and in the Serbian market reached 55 GWh. In the same period 892 orders were entered in the Slovenian market, most of them (397) with Base product. In the Serbian market 292 orders were entered, most of them (278) with Base product.

BSP SouthPool is the regional cross-border energy exchange in the South Eastern Europe (SEE) offering a comprehensive range of services on Slovenian and Serbian markets. In addition to day-ahead energy trading process its services include clearing and financial settlement and from July 2009 also submission for clearing (OTC) of day-ahead products. The company with its headquarters in Ljubljana, Slovenia has common electronic trading platform, which currently enables trading with electricity on Slovenian and Serbian markets. At this moment BSP SouthPool has 24 members from 10 European countries: Austria, Belgium, Bulgaria, Denmark, Italy, Hungary, Germany, Slovenia, Serbia and Switzerland. In accordance with company's strategic goals of entering new markets of SEE region BSP SouthPool had signed a Letter of Intent on co-operation on the Macedonian energy market with ELEM (Macedonian power plants). Together they aim to establish the trading infrastructure for the new Macedonian energy market.

BSP SouthPool n wT h e n e w s l e t t e r o f t h e B S P R e g i o n a l E n e r g y E x c h a n g e N o 1 0

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Volume of entered and Serbian market from September 2009 to February 2010

orders and total trading volume in the Slovenian

Trading Volume Buy Orders Sell Orders

0September 2009

October 2009November 2009

December 2009January 2010

February 2010

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Trading volume from September 2009 to February 2010

in the Slovenian and Serbian market

0September 2009 October 2009 November 2009

Trading volume - Slovenian market Trading volume - Serbian market

December 2009 January 2010 February 2010

New sessions’ times at auction trading on BSPEPS became an observer on BSP SouthPool

Tradition Financial Services (TFS) Ltd., London became a new member of BSP SouthPool. As member of BSP exchange TFS is not market participant on any market so far.

From 5th March 2010 JP Elektroprivreda Srbija (EPS) became, without being an exchange member, an observer paricipant at BSP SouthPool and was granted access to Market Monitoring of Slovenian day-ahead market and Serbian day-ahead market.

In order to adjust BSP SouthPool Slovenian day-ahead market session' times to other trading activities on Slovenian energy market BSP SouthPool introduced new sessions' times. With 15th March 2010 sessions' times on the Slovenian day-ahead market are changed. Auction Session Call Phase is prolonged for 15 minutes (until 8:45) and Continuous Session is prolonged for 2 hours (until 12:00).

New auctions times offers traders many benefits: market position optimisation, lower risks, less technical/human resources involved in the trading process. Based on new changes in place HSE and GEN-I were extending their market participation contract with market maker agreement already in March. HSE and GEN-I will act as market makers on the Slovenian market and will place buy and sell orders in the trading system on a daily basis, thereby insuring basic liquidity. Therefore we expect that new sessions' times will bring more liquidity to the market, establish relevant price indices and increase market transparency.

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wnBSP SouthPool

New sessions' times at auction trading are the answer to traders' needs

Sessions' times on the Slovenian day-ahead market

1) Call Phase takes place from 08:00 to 08:45, 2) Freeze Phase begins at 08:45 and may last until 08:55, 3) Price Determination Phase takes place immediately after the Freeze Phase and ends by 09:00, 4) Post-trading Phase takes place immediately after the Price Determination Phase and lasts 15 minutes after the Price Determination Phase, 5) Inactive Phase takes place immediately after the Post-trading Phase until the end of the Trading Day;

1) Trading Phase takes place from 09:00 to 12:00, 2) Inactive Phase takes place from 12:00 to 24:00.

are changed as follows:

Auction Session:

Continuous Session:

TFS is new member of BSP SouthPool, EPS became an observer

At the moment BSP regional energy exchange has 24 members: B-P Energia Szolgalatato, Danske commodities, Edelweiss, Electrabel, Edison Trading, EGL, Elektro Celje, Elektro Ljubljana, Elektro Maribor, Elektro Primorska, Elektro prodaja, E.ON Energy Trading, Enel Trading, Energy financing team, EVN Trading South East Europe , Gen-I, Holding Slovenske elektrarne, Interenergo, Petrol energetika, Rudnap Group, Statkraft Markets, Termoelektrarna toplarna Ljubljana, Tradition Financial Services (TFS) and Verbund. 2

The newsletter is published by BSP Regional Energy Exchange LLC. Editor in ChiefTeja CerarManaging EditorBarbara Škrinjar Completed in March 2010, No 10/2010

Address: BSP Regional Energy Exchange LLC, Dunajska 128a, SI-1000 Ljubljana, SloveniaTelephone number: + 386 1 620 76 76Fax number: + 386 1 620 76 77Website: www.bsp-southpool.comE-mail: info@bsp-southpool.com

Copyright © 2008 – BSP d.o.o. - All rights reserved Your energy choice.BSP Regional Energy Exchange

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BSP AT E-WORLD 2010!Regional energy exchange BSP SouthPool presented itself to the visitors of fair E-World 2010 in Essen, Germany between 9th and 11th of February 2010. In three days more than 250 visitors visited our stand and we had more than 35 meeting with our business partners. We would like to thank you for visiting us in Essen. Same photo highlights from the fair….