NORTH AMERICAN ENERGY CREDIT AND CLEARING (NECC), THE CLEARING CORPORATION (CCORP) AND INTERCONTINENTALEXCHANGE (ICE) ANNOUNCE LAUNCH OF PHYSICAL ENERGY CLEARING

CHICAGO, IL, June 8, 2005

The North American Energy Credit and Clearing ("NECC"), an organization dedicated to creating a clearing solution for physical energy markets, The Clearing Corporation ("CCorp") and IntercontinentalExchange (ICE) jointly announce today that they have successfully launched a physical clearing service for the energy markets. Yesterday, for the first time, a cleared power contract that traded on Friday, June 3, was successfully delivered into ERCOT, the power transmission hub in Texas. The trade was executed using ICE's electronic platform and transmitted to NECC to be cleared, using a solution that combines CCorp's clearing technology and processing services with NECC settlement and scheduling methodology.

Tricia Harrod, Chairman of the advisory committee for NECC said, "This is an important step forward for the industry because we now have a clearing solution for physical energy that can provide seamless credit protection through delivery. As new products are introduced by NECC, we believe this will make a positive difference for us and for energy markets as a whole. Stated Sean O'Neal, Director of Merchant Energy at Calpine, "We are excited about the potential to use NECC's physical clearing to reduce our collateral requirements and expand our access to
counterparties in Texas and other markets."

George Sladoje is the Chairman of NECC and was former Executive Vice President at CBOT and the Chicago Stock Exchange. Of his company's accomplishment he said, "Our solution is the first of its kind in the U.S. to provide physical energy market participants the opportunity to clear, and thus credit protect, their power and natural gas positions through delivery. And, this arrangement will result in freeing up significant amounts of cash that is currently required as collateral to separately support forward and physical delivery positions thus enhancing overall market efficiency, particularly in power markets."

Richard Jaycobs, CEO of The Clearing Corporation, which provides the clearing systems and processing services for NECC, said, "We welcome this opportunity to enter the physical energy market space with NECC. Our agreement with NECC emphasizes our commitment to extending the spectrum of OTC cleared products in the energy marketplace. NECC's use of CCorp's Concero™ technology solution — a proven and time tested clearing platform— demonstrates the robust capabilities of our systems to meet the unique needs of physical energy markets."

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