Introduction Anders Plejdrup Houmøller CEO, Houmoller Consulting This PowerPoint presentation is animated It’s recommended to run the animation when viewing the presentation. On most computers, you can start the animation by pressing F5. Now the presentation moves one step forward, when you press Page Down. It moves one step backward, when you press Page Up. 8 Jan. 2018

The German spot prices Concerning the next slide: There is no correction for inflation – the prices are nominal terms. Each point at the curve is a moving 7-day average Examples: For each year, the price associated with 7 March is the average of the prices during the seven days 1–7 March. For each year, the price associated with 8 March is the average of the prices during the seven days 2–8 March. 8 Jan. 2018

Sources: Energinet.dk and EPEX Spot German spot prices Nominal terms 1 Jan. 2002 – 8 Jan. 2018 -5 5 15 25 35 45 55 65 75 85 95 105 115 125 135 EUR/MWh Moving 7-days average 02 04 06 08 10 12 14 16 Sources: Energinet.dk and EPEX Spot

Thank you for your attention! Anders Plejdrup Houmøller Houmoller Consulting ApS Tel. +45 28 11 23 00 anders@houmollerconsulting.dk www.houmollerconsulting.dk 8 Jan. 2018