LONDON ENERGY BROKERS' ASSOCIATION ANNOUNCES LAUNCH OF NEW INDICES FOR EUROPEAN EMISSIONS TRADING SCHEME

London - Wednesday 16th February - The London Energy Brokers' Association ("LEBA") announced today that it would be launching a series of Green Indices, designed to be an independent benchmark for the European Emissions market. It is expected that widely accepted indices will facilitate financial trading amongst players and drive liquidity in the market.

LEBA, supported by the major energy brokers will be releasing both spot and forward indices that it is hoped will be as successful as the UK power indices launched July 2003. It is planned that a forward index based on the European ETS Scheme trades for 2005, 2006 and 2007 will be launched by 1st April 2005, with a spot index to be launched later in the year once issues concerning the spot market have been resolved.

Ian Stevenson, Chairman of LEBA, commented: "As an independent association representing the major intermediaries in the wholesale emissions market, LEBA is ideally suited to providing market participants with a viable and comprehensive representation of market activity on a daily basis. LEBA believes that the new indices will be beneficial to trading institutions and facilitate the trading and hedging of the principal underlying commodity."

Telerate has agreed to collate and publish the data for the LEBA Green Indices, just as it currently does for other LEBA Indices. The role of a neutral third party to monitor and audit the data is essential for establishing and maintaining the integrity of any index.

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