European Power Swaps

The terms and conditions of the swaps incorporate by reference such credit and other terms as the parties may establish through their pre-existing bilateral agreement. The swaps have the following characteristics:

Contract Overview:	An agreement to exchange cash flows based on the difference between the fixed price agreed by the parties and the floating price based on delivery of electricity at the applicable delivery point or grid on the specified determination date.
Trade Date:	As determined by the parties.
Effective Date:	The date on which the parties begin calculating their accrued obligations under the swap.
Termination Date:	As determined by the parties.
Buyer:	Party [A/B]
Seller:	Party [B/A]
Transaction Type:	[base load swap] [peak load swap] [off-peak swap]
Delivery Point:	As specified by the parties.
Fixed Price:	As determined by the parties.
Quantity:	As determined by the parties.
Floating Price:	The [base load swap] [peak load swap] [off-peak swap] for the applicable delivery point as determined by the relevant system operator.
Determination Period:	Effective Date through Termination Date.
Payment Date:	As determined by the parties.