Presentation of Vattenfall's Views on the Electricity Market 2004

Vattenfall will present the report “Vattenfall’s Views on the Electricity Market 2004” during a Media Seminar and a Press Conference in Hamburg on Wednesday December 8th. The presentation will be preceded by a visit for interested journalists to Vattenfall Trading Services, Vattenfall’s central trading platform, on Tuesday afternoon December 7th.

Vattenfall’s Views on the Electricity Market 2004 is the third report of its kind published by Vattenfall. The first part of the Report contains descriptions of major changes affecting the EU energy markets, including the Commission’s medium term vision for the Internal Electricity Market (IEM). It also discusses whether liberalisation and competition meet the expectations and analyses electricity generation in the coming integrated and liberalised energy markets. Furthermore, it discusses the wholesale markets and consumer markets. The second part of the Report gives an overview of the development of the European energy market, including descriptions and analyses of Vattenfall's core markets (the Nordic countries, Germany and Poland). It is our pleasure to invite you to the official presentation of the report during a press conference with Vattenfall’s CEO Lars G Josefsson and Senior Executive Vice President Dr. Klaus Rauscher. Before the press conference there will be an introductory media seminar with guest speaker Stefan Nießen, Head of Corporate Communications at European Energy Exchange AG, as well as Arne Mogren (Vattenfall Group), Gabriele Rahn (Vattenfall Trading Services) and Tadeusz Staszewski (Vattenfall Poland). You are welcome to register for either of the two sessions or for both. For more details, including program and reply form, please see enclosed pdf file. For further information, please contact: Martin May, Head of Group Media Relations, phone: +46 (0) 8 739 52 70, e-mail: martin.may@vattenfall.com From Vattenfall's Press Office, telephone: +46 8 739 50 10.