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EEX offers remedies to address EU concerns on Nasdaq deal

Foo Yun Chee
·1 min read
FILE PHOTO: The logo of the European Energy Exchange (EEX), world's biggest online power trading platform is pictured at the headquarters in a centre-of-town high-rise office building in Leipzig

By Foo Yun Chee

BRUSSELS (Reuters) - The European Energy Exchange (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, 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.

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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)