Logo(1.00”:3.33”) Font is Rotis Sans Serif however font may have to be embedded as it is important that this does not change on any presentations Size 32 points Yellow Line ( : 3.50) Yellow must follow EFETnet’s yellow pantone uncoated 108C Width 6 points A EFETnet Company below line:5.00” This is a combination font “EFETnet’ and rotis sans serif. This as well can not change and may have to be embedded Lines-top (1.00”:5.00”) Black, thickness1/4” Lines –bottom (3.25”:5.00”) Black thicknesss3/4

BUT it is now time to deliver on the promises EFET and Transparency Original EFET Paper more than 3.5 years old (6 May 2004) Updated more detailed paper over a year old (Information Transparency in Gas Markets, August 2006 www.efet.org/default.asp?Menu=283) Good progress on what needs to get done in Regional Initiatives BUT it is now time to deliver on the promises

Why transparency is vital

Why transparency is vital

Why transparency is vital

Why transparency is vital Inform market participants Confidence in prices and price formation Enabling competition on an equal footing Aid capacity purchases Enable market monitoring Regulate network companies and tariffs Expose inefficiencies

Transparency requirements Information should always be published unless there are very good reasons not to What should be published? Interesting debate – but probably not one for TSOs Let the market decide what to publish Incomplete information is sometimes useless information Traffic lights: No thanks, we need 1.234,567.89 Great progress developing the platform Now let’s add the information Regulators must allow the costs to be recovered from tariffs

The less than three rule  Huge amounts of information withheld Needs quick fixes until removed in 3rd package More strict application by regulators Redefine zones Commercial confidentiality clauses: Publish clauses or what clauses contain