Welcome to our tenth edition of EMART Energy, to be held in Switzerland, specifically in Geneva. Our location this year is appropriate for a number of reasons: The importance of the Swiss high voltage grid as a hub for peak-load power supplies is increasing for energy traders, as the Swiss market liberalises and transmission services become more transparent; Switzerland is trying to reach an accord with the European Union about harmonisation of its energy market regulatory regime with EU internal market rules; and meanwhile in EFET we have welcomed as members additional Swiss based trading companies.

In this tenth anniversary year of cooperation between Synergy and EFET in our organisation of EMART Energy, traders must face up to some big issues in the energy world. Many European governments are struggling with the economic and budgetary implications of radically reforming their power and gas sectors. Politicians know that full market opening should entail subsidised production and subsidised consumption finally disappearing, but fear the inflationary and political consequences.

The efficient transport of energy within Europe is also recognised as a problem by politicians, with MEPs supporting 3^rd package gas provisions for “integrated systems at regional level covering several Member States” and asking the Commission to submit a report "outlining the feasibility of creating a single European transport operator". A single operator for an EU gas grid seems a distant solution. But it is clear that one of the largest challenges we face now in the gas market is to move away from local physical and contractual bottleneck frustrations to a dynamic platform of pricing zones across Europe, making best use of the true capabilities of integrated pipeline grids

Over the next twelve years the EU has agreed to target substantial GHG emission reductions and renewable energy production increases. It is by no means guaranteed that legislators, government ministers and officials and regulators will make sense of the mix of measures needed. If world energy prices do not decline or at least stabilise, they may be tempted to invoke concerns about 'security of supply', 'diversity of supply', or ‘employment protection’ to justify more intense interference in trade and in market mechanisms or to impose controls on trading activity. Indeed we already see recent signs in this direction in Bulgaria, France, Greece, Hungary, Italy, Poland, Slovakia and Spain. EFET is busy in each of these countries (and others) on behalf of member companies, in an effort to arrest the ensuing market distortions.