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ADD PRESENTATION TITLE HERE (GO TO: VIEW / MASTER / SLIDE MASTER TO AMEND) ADD PRESENTER’S NAME HERE / ADD DATE HERE © Copyright EDF Energy. All rights reserved. EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 3 WHAT IS THE POST-EMERGENCY CLAIM PRICE TRIGGER ACHIEVING? 1. Sets a price for automatic payment of claim 2. Provides a pricing signal to long Shippers 3. Provides a pricing signal to Ofgem as final claims validator 4. Does not provide incentive to supply more non UKCS gas

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 4 BASICS FOR THE POST-EMERGENCY CLAIM PRICE? 1. Should not be open to manipulation 2. Should be transparent 3. Should be simple 4. Should be market based

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 5 OPTIONS 1. UK Seven Day Pre-Emergency Average Not manipulated Transparent Simple Market based? Cost reflective? Does not reflect emergency Effective as a filter? 2. Frozen SAP Not manipulated Transparent Simple Basis for emergency cashout Does not reflect emergency Cost reflective? Effective as a filter?

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 6 OPTIONS CONTINUED 3. Frozen SMP Buy Not manipulated Transparent Simple Basis for emergency cashout Cost reflective? Does not reflect emergency Effective as a filter 4. Weighted average of accepted physical trades on the day Reflects emergency Market based Cost reflective? Open to manipulation Transparent (ish) Complex

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 7 OPTIONS CONTINUED 5. Indicative weighted average price of all physical market offers at end of gas day Reflects emergency Transparent Cost reflective? Open to manipulation Not market based 6. Other European market Price (e.g: TTF + X) Market based – but not UK Cost reflective? Open to manipulation? Transparent? Complex Does not take into account UK emergency

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 8 OPTIONS CONTINUED 7. BSC price divided by 49% Transparent Cost reflective? Not manipulated Market based Reflects emergency? Complex 8. Valid claim stack – after mechanistic validation bottom x% paid rest validated Market based Reflects emergency Cost reflective? Complex Arbitrary

EMERGENCY ARRANGEMENTS OPTIONS Stefan Leedham 24 June 2009 © Copyright EDF Energy plc. All rights reserved. PAGE: 9 OPTIONS CONTINUED 9. Weighted average price of claims that have passed mechanistic validation Market based Reflects emergency Cost reflective? Open to manipulation Complex Not transparent

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