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Good News on Gas Prices From Mea 5 November 2007

Despite recent record-high oil prices and unprecedented volatility in UK gas prices, MEA are pleased to be able to confirm that there are no plans at present to adjust the Fuel Cost Adjustment.

We are heading into this winter with over three-quarters of our anticipated gas usage for the period bought or “hedged” well in advance – the price was locked in back in the summer when the price for winter gas was some 25% lower than it is now.

The MEA Trading team constantly monitor global energy markets, and look up to 3 years forward in order to ensure that MEA’s risks are both quantified and actively managed, with real-time reporting to senior management and the Board.

Chairman, Eddie Teare said, “It is a testament to our sound and prudent risk policies, and the dedication of our traders and of all of our operational staff who ensure that the network and power stations are maintained to the highest of standards, that we are able to ride out the current difficult market conditions”.

For further information, please contact: Alison Cottier, PA & PR Manager, Tel: 687798

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