OKTE a. s. - the organizer of the short-term market in electricity will start its activities on 1 January 2011

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Pursuant to the Act No. 142 Coll. of 3 March 2010 amending the Act No. 656/2004 Coll. on Energy and on the amendments to certain acts as amended, amending the Act No. 276/2001 Coll. on Regulation in Network Industries and on the amendments to certain acts as amended, SEPS, a.s. have established its daughter joint stock company OKTE, a.s. The activities of the newly established company OKTE, a.s. are based on the legislative standards and regulations linked with the entry of the Slovak Republic on the European liberalized market in electricity.

The effective access of all participants on the market based on transparent and non-discriminatory criteria is one of the main objectives pursuant to the Directive of the European Parliament and of the Council 2009/72/EC as the one of documents adopted in the framework of the third liberalization package of measures. Enhanced transparency and more effective development of the market in electricity will be ensured by separation of the respective processes from the Transmission System Operator (SEPS, a. s.).

The organizer of the short-term market in electricity - OKTE a. s., the activities of which will start on 1 January 2011, will organize and evaluate the short-term market in electricity and ensure the deviation clearing on the territory of the Slovak Republic. The extension of its activities in the field of administration and collection of measured data as well as execution of central invoicing of the charges linked with operation of the electricity system is planned in the future. The financial flows and invoicing services will be simplified by such extension.

The General Assembly has elected Mr. Michal Cabala as the Chairman of the OKTE, a.s. Board of Directors in charge of management of the company in the position of its Director General.

Mr. Michal Cabala has been working with SEPS, a.s. since its establishment in 2002 in different positions linked with the strategy and development of the transmission infrastructure. Since 2009 he has been working with the Office for Regulation of Network Industries (ÚRSO) in the position of director of the Electro Energy Regulation Department.

OKTE, a.s. will ensure fluent transition of all contract commitments, rights and duties linked with the deviation clearing and organization of the short-term market in electricity from SEPS, a.s. performing these activities since 31 December 2010.

In the framework of the market in electricity in the Slovak Republic, OKTE, a.s. has been established by law as the new regulated entity subject to ÚRSO regulation.