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New electricity product successfully auctioned

(PresseBox) (München, ) Yesterday’s auction by E.ON of 250 megawatts of generation capacity met with a great deal of market interest: Over 120 companies from all over Europe, particularly utilities, traders, and industrial enterprises, informed themselves about the “Virtual Power Plant” product that was up for auction as well as the associated transaction terms. 15 successfully bid for between five and 30 megawatts of generation capacity in the years 2008 and 2009.

When exercising their rights to generation capacity, these companies will enjoy the same flexibility as power station owners, however, without having to bear the associated risks. Depending on the market situation, the successful bidders can decide on a daily basis whether they wish to draw on their claim on generation capacity from their “virtual power plant” or purchase the required electricity on the power exchange. If they choose to exercise their claim, the electricity thus procured is charged on the basis of current market rates for hard coal and CO2. Independently of the cost of any electricity actually sourced in this way, the companies involved also pay a monthly service charge of 12,201 euros per megawatt of generation capacity purchased at the auction.

“The successful launch of the auction concept means that we can now offer a completely new type of product to the market that gives our wholesale customers an unrivalled amount of flexibility. It also represents another step towards a more competitive energy market,” explained E.ON Energie AG Management Board Chairman, Klaus-Dieter Maubach.