Vattenfall withdraws from UK trading services market

Vattenfall withdraws from UK trading services market Vattenfall AB, Stockholm, has announced that the company will discontinue its trading services activities on the UK power market. Vattenfall has closed its London office and moved staff back to the Stockholm headquarters. "The recent development on the UK power market and Vattenfall´s strong focus on core European markets has led to this decision. For the time being our strategy is to concentrate on core European markets", said Erik Hagland, Head of Vattenfall's Business Unit Supply and Trading. He also added:"The exit process, which is almost finished, has been smooth and cooperation from stakeholders has been very satisfactory." The exit from the UK markets will have no financial impact on Vattenfall AB. Vattenfall AB entered the UK market in 1999 offering trading and risk management services to small independent players who needed support in order to meet additional responsibilities and risks brought about by the New Electricity Trading Arrangements (NETA). NETA was introduced by OFGEM in March 2001 with some similarities with the Scandinavian market in which Vattenfall AB had gained substantial experience as one of the leading market players. Vattenfall AB's largest UK customer was Electricity Direct who, with Vattenfall AB's support, grew to become the largest independent Supplier in the UK. Electricity Direct became a part of the Centrica group in July 2002 when British Gas Trading Ltd bought them. From Vattenfall's Press Office, telephone: +46 8 739 50 10. For more information, please contact: Erik Hagland, Head of Supply and Trading, Vattenfall AB, phone +46 (8) 739 7153 Martin May, Head of Group Media Relations, Vattenfall AB, phone +46 (8) 739 52 70, mobile +46 (0)70 539 52 70. Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat. Today, Vattenfall generates power and supplies energy to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. For more information, see www.vattenfall.com . Under NEWS & COMMENTS you will find media service, including Press Releases and Key Events. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/04/20040817BIT21840/wkr0001.pdf