Operating result RWE Supply & Trading

RWE Supply & Trading doubled its operating result compared with the same period last year to € 760 million. In energy trading, we benefited from the fact that major successful forward transactions concluded in earlier years have only started to affect the income statement positively in 2009. Among other things, this applies to the external marketing of electricity produced by RWE Power and RWE npower. Income from these trading transactions can only be accounted for as profit or loss on realisation of the underlying transactions, i.e. at the time of delivery of the electricity. RWE Supply & Trading also recorded a strong gain in the gas midstream business. However, this was partially due to significant one-off effects, including the reversal of provisions accrued in preceding years to cover purchase agreement uncertainties. In addition, we received strong earnings contributions from the continuous optimisation of our international gas procurement portfolio.