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Opcom
MONTHLY MARKET REPORT JANUARY 2013

Day-Ahead Market Spot Market Relevant figures for January 2013: Number of registered participants on Day Ahead Market: 142 Number of active market participants [participants/month]: 107 Average number of active market participants [participants/day]: 92 Average price (arithmetic mean) [EUR/MWh]: 41.35 Average price (weighted mean) [EUR/MWh]: 43.47 Total traded volume [MWh]: 1,193,196.008 Average traded volume [MWh/h]: 1,603.758 DAM share of net forecasted consumption [%]: 24.10 Value of transactions [mil. EUR]: 51.86
Total Traded Volume [MWh] 889,416.868 1,193,196.008 +34.15% Total Traded Volume [MWh] 1,002,447.258 1,193,196.008 +19.03% Average Traded Volume [MWh/h] 1,195.453 1,603.758 +34.15% Average Traded Volume [MWh/h] 1,347.375 1,603.758 +19.03% DAM Share [%] 17.88% 24.10% +34.76% DAM Share [%] 20.20% 24.10% +19.32% Average Price [EUR/MWh] 55.23 41.35 -25.12% Average Price [EUR/MWh] 40.89 41.35 +1.13% Value of Transactions [EUR] 50,311,769.03 51,863,944.88 +3.09% Value of Transactions [EUR] 42,618,449.88 51,863,944.88 +21.69%

Period January 2012 January 2013 Variation

Period December 2012 January 2013 Variation

Intraday Market IDM Relevant figures for January 2013: Number of registered participants on IDM: 55 Number of active market participants [participants/month]: 1 Total traded volume [MWh]: 0 Centralized Market for Bilateral Contracts Number of registered participants on CMBC: 144 Relevant figures for January 2013 - Public Auction mechanism: Bilateral Contracts Traded in January: Number of Traded Offers: 28 Traded electricity volume [MWh]: 1,050,623.808 Avg. (arithmetic mean) Price [EUR/MWh]: 48.64 Avg. (weighted mean) Price [EUR/MWh]: 49.74 Value [mil. EUR]: 52.26 Bilateral Contracts with Delivery in January: Number: 163 Electricity Volume [MWh]: 1,034,031.984 Market Share out of the estimated consumption [%]: 20.97 Avg. (arithmetic mean) Price [EUR/MWh]: 53.17 Avg. (weighted mean) Price [EUR/MWh]: 53.59 Value [mil. EUR]: 55.41 Relevant figures for January 2013 - Continuous Negotiation mechanism: Standard Contracts traded in January: Number of base load forward contracts for one week delivery period: 40 Number of base load forward contracts for one month delivery period: 10 Traded electricity volume [MWh]: 13,440 Avg. (weighted mean) Price [EUR/MWh]: 52.40 Value [mil. EUR]: 0.70 Standard Contracts with Delivery in January: Number of base load forward contracts for one week delivery period: 45 Number of base load forward contracts for one month delivery period: 10 Number of base load forward contracts for one quarter delivery period: 3 Electricity Volume [MWh]: 16,392 Market Share out of the estimated consumption [%]: 0.33 Avg. (weighted mean) Price [EUR/MWh]: 51.87 Value [mil. EUR]: 0.85 Centralized Market for Green Certificates GCM Relevant figures for January 2013: Number of registered participants on Centralized Market for Green Certificates: 256 Number of active market participants [participants/month]: 50 Green Certificates: Number: 203,426 Average price [EUR/certificate]: 56.36

For more information about the Power Market results of January 2013 the reader is referred to OPCOM website: www.opcom.ro

ROMANIAN POWER MARKET OPERATOR

Day Ahead Market Prices (EUR/MWh) Base (1-24) 41.35

EUR/MWh 100
Average Price Average Price for Peak Average Price for Off-Peak

January 2013 Off-Peak (1-6 & 23-24) -1,62% 26,71 +12,63%

Peak (7-22) +1,13% 48.67

80

60

40

20

0
1- 2- 3- 4- 5- 6- 7- 8- 9- 10- 11- 12- 13- 14- 15- 16- 17- 18- 19- 20- 21- 22- 23- 24- 25- 26- 27- 28- 29- 30- 31Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Figure 1: Daily DAM price development (base, peak and off-peak)

Day Ahead Market Traded Volume [MWh] 1,193,196.008 +19.03% Market Share [%] 24.10

January 2013

Centralized Market for Electricity Bilateral Contracts (CMBC and CMBC-CN) Delivery Volume [MWh] 1,050,423.984
MWh
Volume - CMBC-CN Volume - CMBC Volume - DAM DAM Share CMBC Share CMBC-CN Share Total market share (DAM+CMBC+CMBC-CN)

January 2013

Market Share [%] +17,50% 21.31

60%

2,500,000

50% 2,000,000

40% 1,500,000 30% 1,000,000 20%

500,000 10%

aa

0
Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13

0%

Figure 2: Monthly development for DAM transactions and deliveries according to contracts concluded on centralized market for bilateral contracts
EUR/MWh
80 69.87
Average Price DAM Average Price CMBC for delivery

60.65 60 55.23 49.26 48.85 40 49.38 47.81 43.60 40.39 41.11 49.25 49.18 49.18 50.46 47.37 48.31 49.59 47.22 44.29 48.99 49.07 49.47 53.17

44.91 40.89 41.35

20

0 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

Figure 3: Monthly development for DAM average price and CMBC average price for deliveries according to concluded contracts

Centralized Market for Green Certificates Number of Green Certificates 203,426

Traded Volume (Number of Green Certificates)

January 2013 Price* [EUR/certificate] 243.85

Price **

+119.47%
Price *

-0.24%
[EUR/certificate] 56.49 56.36 55.64

250,000

56.15 55.42

56.15 55.42

57.39 57.03

57.36 56.79

56.34 54.80

56.06

55.70

55.58

55.95

56.17

56.37

60

54.36

200,000

52.62

53.47

53.88

57.03

56.79

54.34

50

40
150,000

30
100,000

20
50,000

10

0
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

Figure 4: Monthly development for price and number of traded green certificates
*The price in Romanian currency was converted to EUR using the average exchange rate for the last month of the previous year published by National Bank of Romania (BNR). This reference exchange rate respects the provisions of the Law 220/27.10.2008, with further amendments and additions. For March 2011 - February 2012, the value of the average exchange rate is equal to 4.2925 lei. Starting from March 2012 the value of the average exchange rate is equal to 4.3267 RON. ** The price in Romanian currency was converted to EUR using the exchange rate published by National Bank of Romania (BNR) in the preceding day of the trading day. Beginning with March 2012, the monthly price is calculated as weighted average of the prices of the two sessions organized by OPCOM.

ROMANIAN POWER MARKET OPERATOR

Opcom
www.opcom.ro Bd. Hristo Botev 16-18 Bucure?ti 030236 ROMNIA