EEX offers remedies to address EU concerns on Nasdaq deal

European Energy Exchange AG

28/05/2024 19:08

By Foo Yun Chee
       BRUSSELS, May 28 (Reuters) - The European Energy
Exchange  T3PA.DE  (EEX) has offered remedies in a bid to
address EU antitrust concerns about its bid for Nasdaq's
European power trading and clearing business, according to an
update on the European Commission website on Tuesday.
    EEX, which is part of Deutsche Boerse  DB1Gn.DE , submitted
its proposal on Monday, the site showed, without providing
details in line with the Commission's policy.
    The Commission, which acts as the EU competition enforcer,
extended its deadline for a decision on the deal by two weeks to
June 26.
    The EU watchdog in a questionnaire sent to rivals and
customers earlier this month seeking feedback on the deal asked
whether the deal may allow EEX to expand its market power by
bundling products and if it could impact prices.
    Some customers are also worried that the deal may see EEX
reinforce Germany as a proxy hub with spread contracts, with
less interest in developing Nordic markets with its system price
and different contracts.
    EEX and Nasdaq have said the deal posed no significant
threat to competition in Denmark, Finland, Sweden, Norway or any
other EU country, that it would not eliminate competition
between the two companies, and that they have seen positive
market reaction.

 (Reporting by Foo Yun Chee; Editing by David Holmes)
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