[PDF] - Company Presentation Contents Page Page General information Oil PDF Document

SLIDE 1

Company Presentation

SLIDE 2

1

RWE Trading as an operating company within the RWE Group

RWE AG (Group Centre)

Upstream (Production) Electricity generation Gas and oil production Supraregional and regional electricity and gas networks Gas Midstream (commercial

ptimisation of

procurement, transport, storage) Continental Europe UK RWE Power RWE Dea RWE Gas Midstream RWE Trading Energy trading Electricity and gas supply RWE Energy RWE npower RWE Power RWE Gas Midstream RWE Energy RWE npower RWE Systems RWE Dea RWE Trading RWE npower

SLIDE 4

3

RWE Trading is RWE‘s interface with the energy wholesale markets

RWE Trading implements the market-

defined benchmarks for the RWE Group’s generation and supply activities.

RWE traders not only deal with

commodities such as power, gas, coal and

il, they also actively trade physical and

financial derivatives as well as environmental certificates.

The asset the based commodity positions

f RWE Group are sold to or bought from

RWE Trading at wholesale market prices. We consolidate these positions through proprietary trading. This hedging helps us to manage the risks of having very large

pen positions in each of the physical

commodity markets.

This business model unites the natural

focus on obtaining the best potential value from the RWE Group’s physical assets with the benefits of financial (proprietary) trading.

* STPM = Short-term position management

RWE Energy/ npower

STPM*

RWE Power/ RWE npower RWE Trading Retail customers/ industrial customers Market

buy/sell

Trading customers

sell buy sell

Proprietary trading

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4

The trading floor as the central information platform for wholesale market issues

Sales management Analysis Risk management Dealers Markets Producers Commodity trading STPM Load distribution Risk controlling

Grid operators

Schedule Management Wholesale markets Production Support functions

RWE Power RWE npower RWE Energy RWE npower sales

Credit management Back office

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5

RWE’s power sales portfolio

The wholesale markets set the benchmark

RWE places its trust in the liquidity and reliability of the wholesale markets and sells a large part of its production directly into this pan-European market. Of the 164.3 TWh produced by its own power plants in 2006, the RWE Group sold 92.8 TWh on the wholesale markets and 71.5 TWh through sales

rganisations.

Sales

rganisations

43.5% Wholesale markets 56.5%

71.5 TWh 92.8 TWh

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Best in class – our history and our future

We contribute to the commercial success of the RWE Group by applying our

combined knowledge and skills in the best interests of the Group’s assets.

We continue to expand our proprietary trading activities based on fundamental

analysis of the drivers of supply and demand, and therefore prices.

We continue to be a driver of liquidity in the power, gas, coal, oil and

CO2 markets.

We continue to be the preferred long-term partner for sustainable success in

European energy markets, capable of delivering innovative energy commodity risk management solutions.

2000 2002 2003

Joint short- term trading and asset dispatch function – STPM*

2005 ff. 1898 1998

Purely speculative trading

Best practice blueprint for risk control Provider

f market

information/ route to the wholesale markets Integrated wholesale risk pool and portfolio manager

* Short-term position management

Hugo Stinnes

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RWE Trading – key figures (I)

RWE Trading is one of the largest and

most important European energy commodity traders.

With a workforce of over

500 employees, RWE Trading

perates trading floors in Essen,

Swindon and London, as well as representative and agency offices across Europe.

RWE Trading is active on leading

international exchanges. Besides

ur activities in Europe, RWE Trading

actively trades on the NYMEX and the global commodity markets. Oil: USA, Europe, Asia, Middle East Coal: ARA, Newcastle, Richards Bay

RWE Trading currently forms the

backbone of the European OTC power and gas trading business. RWE Trading in Europe

Oslo Essen Amsterdam Paris Madrid Leipzig London Swindon Warsaw

Trading floor Representative/agency office Traded markets Energy exchange

Prague Kosice Graz Brussels Ljubljana Bucharest

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RWE Trading – key figures (II)

RWE Trading employees at year end**

* Figures for 2004 incorporate Innogy’s trading and asset management team after RWE takeover. **Year-end figures for RWE Trading GmbH, including apprentices.

Management accounts

f RWE Trading 2006

Performance gross margin € 875.3 m Performance EBITDA € 690.3 m Risk capital € 438.8 m RORAC 98.2 %

Since 2005, RWE Trading profits have been reported externally, together with the figures from the RWE Power generation business, to reflect a higher degree of integration with the asset business of the RWE Group. RWE Trading measures its performance

n a pure mark-to-market basis, whereas

RWE discloses these results following the legal structure and according to the applicant rules of IAS/IFRIC.

100 200 300 400 500 600 2002 2003 2004 2005 2006

192 176 483* 504 534

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RWE Trading – organisation

Finance & Reporting (Global)
Project Controlling & Valuation
Back Office, IT & Business

Change Management (Global)

Integration & Organisation

Managing Director and Chief Commercial Officer (CCO) Dr Peter Kreuzberg Managing Director and Chief Financial Officer (CFO) Dr Bernhard Günther Chief Executive Officer and Member of the Group Business Committee Peter Terium

Power Trading

(Continental Europe)

Short-Term Position Management

(Continental Europe)

Power Trading (UK)
Short-Term Position Management

(UK)

Gas Trading (all Europe)
Global Commodities Trading
Global Commodities Marketing

& Logistics

Carbon Trading
Analysis for Global & Pan-

European Commodities

Structure & Valuation (Global)
Lobbying and Regulations

(Global)

Legal & Communications (Global)
Strategy Application & Asset

Interface (Global)

Risk (Global)
Human Resources (Global)

SLIDE 11

Power trading

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RWE Trading – facts and figures

Our power trading volumes have seen consistent growth in recent years. This is just

ne indication of RWE Trading’s successful market approach. The slight decline in

2006 was due to politically influenced market distortions in France and Spain.

Where we trade power RWE Trading: power trading volumes

TWh Trend Power trading CE and power trading UK 799 1,055 1,316 1,315 1,250 200 400 600 800 1,000 1,200 1,400 2002 2003 2004 2005 2006

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RWE Trading has a multitude of trading partners

The German wholesale energy market

is not a “members-only club”.

During the first eight months of 2006,

nly 6% of RWE Trading’s total trading

volume had been generated by energy trade with the other three major utilities

perating in Germany.

The market is internationally oriented

and – except for the industrial customers which are still “abstaining” – intersectoral.

* e.on, Vattenfall, ENBW

Proprietary traders 5.2% Oil companies 5.2% Industry 0.1% Municipal utilities 3.7% German utilities 6.3% Banks 16.2% European utility companies (excl. Germany) 48.8% Spot markets 14.1%

SLIDE 14

Gas trading

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Gas trading

The growth in gas trading further

strengthens the RWE Group’s position in the natural gas markets.

Trading volumes for natural gas have

been stable in recent years and are expected to rise as the Continental European gas markets open and RWE’s gas assets and trading activities are further integrated.

By 2006, gas trading volumes for RWE

Trading in Continental Europe and the UK were around 900 TWh. European gas trading hubs

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Cooperation between RWE Trading and RWE Gas Midstream

RWE Gas Midstream will further strengthen

RWE Group’s competitiveness in the increasingly liberalised European gas market.

RWE Gas Midstream bundles the non-

regulated areas of the RWE Group’s gas business (purchase, transport and storage capacity rights).

RWE Trading and RWE Gas Midstream

cooperate closely with each other in the gas business.

RWE Trading will continue to be an active

trader at liquid gas trading points. This business is being integrated by RWE Gas Midstream as part of the commercial

ptimisation of the entire gas portfolio of the

RWE Group, ranging from short-to long-term procurement and supply commitments.

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Oil trading

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Oil trading

RWE Trading’s business model for oil covers global physical commodities and

derivatives trading as well as risk management.

Group-wide synergies include: – Marketing of RWE Dea equity crude (among others North Sea, Dubai, Egypt) – Risk management and hedging of RWE Dea’s physical upstream position – Procurement of fuel oil for RWE power plants – Global derivative expertise for hedging strategies of oil-indexed fuels (e.g. gas) RWE Trading carries out spread transactions between oil products and locations

based on price differentials.

SLIDE 19

Coal trading

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RWE Trading’s role in the world of coal trading

As a significant player in the international

physical coal and freight trading markets, RWE Trading offers a range of products, from basic supply and trading deals to advanced integrated risk management and marketing solutions.

The value of these activities is enhanced

by our active involvement in coal and freight financial derivatives.

RWE Trading is the RWE Group’s interface

with the international coal trading market:

– Physical: >20 million tonnes of coal are

burnt (directly/indirectly) per year, including an increasing amount of coal from abroad

– Derivatives: >100 million tonnes of

derivatives per year

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Main drivers of coal trading market and the challenges for RWE’s coal trading business

Rising demand from China and India and the

renaissance of coal-fired power generation in Europe.

Significant increases in ocean freight rates and

coal export prices.

Larger trade flows and higher price volatility,

creating a vibrant market with a very strong international orientation.

Thanks to extensive market knowledge and its

team of dedicated experts, RWE Trading is well positioned to manage the risks presented by a changing market and to offer made-to-measure supply solutions to our customers.

We source from and supply to a number of

different countries and suppliers globally, including long-term basis contracts.

We will also play an active role as a market

maker for new and attractive products.

SLIDE 22

Emissions trading

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Emissions trading

Optimisation of power, gas and other fuel positions via emissions trading

is a necessary part of European energy markets.

The European Trading System (ETS) combines market forces with politically

imposed caps on emissions. RWE Trading has been a successful participant from the very beginning and is a leading contributor to the rapid development of this market.

We are ready to meet the complex challenges of the ETS market, by handling day-

to-day fluctuations, and by having the tools and experience to hedge long-term

risks. For example, we actively support the further development of trading master

agreements.

The ETS will continue to be an important futures market. Although there is a high

degree of volatility in daily trading, there is a also strong long-term element. The CO2 market provides decision makers with valuable input when it comes to planning long-term investments in generation assets/power plants.

SLIDE 24

Our risk management

SLIDE 25

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Commodity risk governance structure

RWE Group Center

RWE AG Executive Board Group Risk Management RWE Energy RWE Power RWE Trading RWE npower

Portfolio management Risk control Risk control Risk control Risk control Short-term position management (UK) Short-term position management (continent) Asset management Trading desks Asset interface Portfolio management Asset management

RWE Gas Midstream

Risk control Portfolio management Market Committee New Product Team Risk Committee Asset Book Committee Gas & Oil Asset Book Committee Continent Asset Book Committee UK Carbon Working Group Group Business Committee Market Assessment Team

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Risk philosophy

The Chairman of the Board is the chief risk controller. Professional risk management forms the basis of our successful

energy trading business.

Our strict risk management philosophy is implemented through

the following structures and measures:

– Best-in-class processes for trading, risk controlling and

back office/operations based on banking industry standards

– Integrated management of all trading activities, and independent

evaluation and supervision of market and credit risks using an inter-organisational state-of-the-art trading and risk management system

– Organisational separation of front office and support and

control functions (dual control principle)

– Transactions on the basis of international master agreements

(ISDA, EFET, etc.)

SLIDE 27

Backup

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Contents of Backup

Power trading

RWE Trading = the Group’s wholesale risk

pool and portfolio manager in Germany, Continental Europe …

… and the UK
Major fundamental factors influencing

power prices on the wholesale market

Forward price development in Europe
Power trading volumes in Continental

Europe: increasing liquidity

Wholesale markets work: development of

trading volumes in Germany as of 2002

Coal trading

Coal prices (US$/t)
Coal prices and freight prices (US$/t)

Emissions trading

Environmental trading
Environmental trading

Price development (EUA 06)

Environmental trading

Price development (EUA 07)

Environmental trading

Price development (EUA 08)

28

31 32 33 35 40 41

Page

47

48 49

50

51 52 53 54

Page

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Power trading

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Deregulation

Competition Competition Regulation of network access and network access charges (Federal Network Agency)

Retail price Generation Exchange trading OTC

Transmission

Distribution Sales & services Taxes & duties

Deregulation has separated the different levels of the value-chain – for

this reason the power price is being built on different markets.

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30

The power wholesale market

Forwards/

ptions/

structured products Settlement: physical and financial Physical Futures/

ptions

Settlement: mainly financial Physical Trading Wholesale market OTC market

(e-OTC Germany 2006: 1,680 TWh)

Spot market Futures market Exchange

(EEX 2006: 1,133 TWh)

Spot market

(EEX 2006: 88.7 TWh)

Future market

(EEX 2006: 1,044 TWh)

OTC clearing

EEX 2006: 642 TWh

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RWE Trading = the Group’s wholesale risk pool and portfolio manager in Germany, Continental Europe …

Sells standard forward products Buys CO2 certificates Buys power Sells power

RWE Energy

Sells to customers
Buys back to back
Locks in sales margin
Bears volume and

credit risk

Industrial SMEs Municipalities Residential

Sells power

RWE STPM* Cont

Manages RWE’s

short-term position (< 2 months) on the continent, including power plant dispatch, fuels and retail load Day-ahead position (hourly profile) Day-ahead position (hourly profile) Transfer of generation capacity

incl. fuels

and CO2 Sells capacity and services Buys and sells Short-term/spot market (< 2 months) Balancing market

RWE Power

Long-term asset

management

Hedges with standard

instruments

Internal market maker

as regards trade for load profiles/shape

Hedges fuels and

CO2 for power sold Long-term gas supply contracts Embedded lignite supply Buys gas

RWE Trading

Buys standard forward

products from RWE Power

Manages risk within

defined limits

Internal market maker

for fuels and CO2 Emissions trading World coal market Wholesale power markets

* Short-term position management

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32

… and the UK

RWE npower Generation

Long-term asset management
Hedges CO2 for capability

not yet transferred to Trading Buys power Sells power

RWE npower Retail

Sells to customers
Buys back to back
Locks in sales margin
Bears volume and

credit risk

Industrial SMEs Residential

Sells power

RWE STPM* UK

When an option is exercised, STPM*

manages generation capability until production (< 1 week)

Manages optionality of plants

(dispatch including fuels) and retail load Option exercise Load profile Sells capacity and services Buys and sells Spot market (< 1 week) Balancing market

RWE Trading

Buys capability

from RWE npower

Manages the spread
ption within defined

limits

Internal market

maker for power, fuels and CO2 Emissions trading World coal market Wholesale gas market Buys and sells Wholesale power market Transfer of capability

incl. CO2

Buys CO2 certificates

* Short-term position management

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Major fundamental factors influencing power prices on the wholesale market

Power price

Rainfall CO2 price Gas price Oil price Coal price Uranium price Revisions Thermic power plant Technical failures Power plants/ networks school holidays Windturbines Wind Temperature Public holidays Illumination Brightness Climatisation/ electric heating Time of day Clouds

Long-term influences:

Changes on basis of

market changes

Political decisions
Capacity changes

Storage and river power plant

Futures markets reflect traders’ expectations in terms of future fundamental influence factors

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“Marginal power plant” principle: decisive for price formation on the wholesale market

The daily demand on the EEX is countered by a

multitude of offers for electricity from different generation sources. Each power plant type (nuclear, gas, coal, etc.) has marginal costs for its utilisation.

Marginal costs are mainly determined by

“variable costs” for fuels (incl. CO2) and operating resources - costs that are incurred during power plant operation and have to be earned as a minimum.

Starting with the most favourable offer, power

plants are successively called up on the EEX until demand is met.

The offer price of the last power plant needed to

meet this demand (“marginal power plant”) determines the market price for all other power plants.

The power price thus results from the intersection

f supply and demand. That is why in case of

high demand prices will rather be determined by power plants with relatively high marginal costs whereas in case of low demand they will rather be determined by lower marginal cost power plants.

€/MWh Power supply in MW

(graded by offer prices)

Offer price Market price Power demand K2 K3 K4 K5 Full costs K1

variable costs + capital costs Short-term variable costs per power plant type (fuel +

perating

resources) + CO2

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Forward price development in Europe

Marked price increase throughout Europe in 2005 and 2006. Since mid-2006, stable price level for Germany at around € 55/MWh.

25 30 35 40 45 50 55 60 65 70 01.01.05 01.03.05 01.05.05 01.07.05 01.09.05 01.11.05 01.01.06 01.03.06 01.05.06 01.07.06 01.09.06 01.11.06 01.01.07 01.03.07 01.05.07 01.07.07 €/MWh Deutschland Frankreich Niederlande Skandinavien

Germany Netherlands France Scandinavia

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Price increase for 2008 since 2005

Germany shows the lowest price increase by European comparison at 48%.

90% 100% 110% 120% 130% 140% 150% 160% 170% 180% 190% 01.01.05 01.03.05 01.05.05 01.07.05 01.09.05 01.11.05 01.01.06 01.03.06 01.05.06 01.07.06 01.09.06 01.11.06 01.01.07 01.03.07 01.05.07 01.07.07 €/MWh Deutschland Frankreich Niederlande Skandinavien

Germany Netherlands France Scandinavia

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Spot market volume at important european markets 2003 - 2007

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 03 Apr 03 Jul 03 Okt 03 Jan 04 Apr 04 Jul 04 Okt 04 Jan 05 Apr 05 Jul 05 Okt 05 Jan 06 Apr 06 Jul 06 Okt 06 Jan 07 Apr 07 Jul 07 Month TWh

EEX EXAA Powernext APX Nordpool

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Futures market volume at important european markets 2003 - 2007

10 20 30 40 50 60 70 80 90 100 110 120 Jan 03 Apr 03 Jul 03 Okt 03 Jan 04 Apr 04 Jul 04 Okt 04 Jan 05 Apr 05 Jul 05 Okt 05 Jan 06 Apr 06 Jul 06 Okt 06 Jan 07 Apr 07 Jul 07

.

Month TWh

EEX Powernext Endex Nordpool

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EEX market volume 2004 - 2007

20 40 60 80 100 120 140 160 J a n 4 A p r 4 J u l 4 O k t 4 J a n 5 A p r 5 J u l 5 O k t 5 J a n 6 A p r 6 J u l 6 O k t 6 J a n 7 A p r 7 J u l 7 Month Volume (TWh) EEX Clearing EEX Futures EEX Spot

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Power trading volumes in Continental Europe: increasing liquidity*

2002 2003 2004 2005 2006 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000 5,000,000,000 6,000,000,000 2001

Scandinavia Netherlands OTC Netherlands France OTC France Germany OTC Germany Spain * In bn kWh; measurable trading volume at exchanges and via electronic broker platforms OTC

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Wholesale markets work: development of trading volumes in Germany as of 2002

2002 2003 2004 2005 2006 500 1.000 1.500 2.000 2.500

Source: EEX, RWE Trading data, 2006e = “estimate”/based on data available up to October 2006.

Since deregulation there has been a continual increase in the volumes traded

n the German wholesale market.

Note: this graph is based on measurable trading volumes and does not include bilateral “voice OTC” trading. Market analysts estimate the total trading volume including non-measurable, anonymous OTC trading to be around double the volumes shown here.

3.000

e-OTC Forwards Clearing Futures Spot

TWh

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European network effectively limits the market position of individual producers

Relevant production for Germany is 192 GW. Conclusion of the “ EU sector inquiry regarding networking*: “Pivotal Supplier Index (PSI) for Germany is small” Share of the “big four”: 43%

30% Cross-border capacities (58 GW) 17% Others (33 GW) 10%

Inst. wind

power plants (20 GW) 17% RWE (32 GW) 12% e.on (23 GW) 7% EnBW (13 GW) 7% Vattenfall (13 GW) 0.0% UK 0.0% DE 0.0% NL 8.2% E 97.2% BE 100.0 % F

* Sources: EU Sector Inquiry 2005/2006, study by London Economics and Global Energy Decisions

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Europe’s power market is connected

Price level often higher than in Germany Price level often lower than in Germany

Northern Europe

Strongly dependent on

hydropower and thus largely influenced by other fundamental factors than other European regions

Presently “normal” water levels

Southern Europe

Increased use of air

conditioning and electric heating

Failing hydropower production Generally increasing demand

due to economic development

Eastern Europe

Partly subsidised cheaper

electricity

No open wholesale markets CO2 not as fungible as in

pen energy markets

Rising exports are a sign of healthy competition: electric power, too, tries to find the highest available

price. If a trader can sell electricity at a higher price in a neighbouring European country than at home,

he will try to use this opportunity. Different production structures and different fundamental influences result in growing cross-border trading (but not necessarily in growing physical electricity flows)

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Power wholesale markets and market deregulation - status quo regarding cross-border network capacities

Germany already complies with all requirements for cross-border network capacities.

Compliant Compliant with most requirements Non-compliant Long-term agreements are available (no publicly accessible information) Status: April 2006

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Four core statements by RWE Trading on power wholesale markets

Functioning wholesale markets are the prerequisite for competition and the ensuing

economic benefits for the European industry.

The European wholesale market for power has shown a very positive development:

just look at the growth rate for traded volumes or the increasing number of market participants.

RWE Trading is one of the leading market participants in Europe and plays an active

part in shaping the wholesale markets.

Markets require a framework and regulation, but overregulation stifles trust in the

markets! Regulation should always focus on promoting competition.

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46

European power markets showing

utstanding development

More than sufficient liquidity in the core markets Diversified and numerous market participants Convergence of power prices in Europe Price peaks are also a European phenomenon Market position of individual producers effectively limited in the European market

SLIDE 48

Coal trading

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48

Coal prices (US$/t)

20 40 60 80 100 120 Jan 03 Mar 03 May 03 Jul 03 Sep 03 Nov 03 Jan 04 Mar 04 May 04 Jul 04 Sep 04 Nov 04 Jan 05 Mar 05 May 05 Jul 05 Sep 05 Nov 05 Jan 06 Mar 06 May 06 Jul 06 Sep 06 Nov 06 Jan 07 Mar 07 May 07 Jul 07 Sep 07 Nov 07

Monat Preis in $/t

API#2 API#4

Price in US$ Month

API#2 API#4

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49

Coal prices and freight prices (US$/t)

Price in US$/t

5 10 15 20 25 30 35 40 45 Jan 03 Apr 03 Jul 03 Oct 03 Jan 04 Apr 04 Jul 04 Oct 04 Jan 05 Apr 05 Jul 05 Oct 05 Jan 06 Apr 06 Jul 06 Oct 06 Jan 07 Apr 07 Jul 07 Oct 07

C4 ausschließlich Frachtrate (API#2 - API#4)

Month C4 Implied freight

SLIDE 51

Emissions trading

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51

CO2 emissions trading

The CO2 market is characterised by fast-growing liquidity 20.000 40.000 60.000 80.000 100.000 120.000 140.000 160.000 180.000 J a n 4 A p r 4 J u l 4 O k t 4 J a n 5 A p r 5 J u l 5 O k t 5 J a n 6 A p r 6 J u l 6 O k t 6 J a n 7 A p r 7 J u l 7 O k t 7 Handelsvolumen [1000 EUA]

Traded volumes in 1,000 EUA

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CO2 emissions trading Price development (EUA 07)

5 10 15 20 25 30 35 02.01.2006 30.01.2006 27.02.2006 27.03.2006 26.04.2006 26.05.2006 26.06.2006 24.07.2006 21.08.2006 18.09.2006 17.10.2006 14.11.2006 12.12.2006 12.01.2007 09.02.2007 09.03.2007 10.04.2007 08.05.2007 06.06.2007 04.07.2007 01.08.2007 29.08.2007 26.09.2007 24.10.2007 Trading Date Price [EUR/EUA] 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Volume [1000 EUA]

Vol Price

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CO2 emissions trading Price Development (EUA 08)

5 10 15 20 25 30 35 2 . 1 . 2 6 3 . 1 . 2 6 2 7 . 2 . 2 6 2 7 . 3 . 2 6 2 6 . 4 . 2 6 2 6 . 5 . 2 6 2 6 . 6 . 2 6 2 4 . 7 . 2 6 2 1 . 8 . 2 6 1 8 . 9 . 2 6 1 7 . 1 . 2 6 1 4 . 1 1 . 2 6 1 2 . 1 2 . 2 6 1 2 . 1 . 2 7 9 . 2 . 2 7 9 . 3 . 2 7 1 . 4 . 2 7 8 . 5 . 2 7 6 . 6 . 2 7 Trading Date Price [EUR/EUA] 2000 4000 6000 8000 10000 12000 Volume [1000 EUA]

Vol Price