Since the liberalization of the international power markets in the 1990s, energy trading has seen progressive growth. The UK Financial Services Authority (FSA) estimates that in 2005 the value of the combined UK and Eurozone forward power markets was close to 150 billion and the forward gas market was worth close to 90 billion. Even the nascent emissions market was valued at 2 billion.

However, the evolution of a pan-European energy trading environment that mirrors cross-border commodities o

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