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London, May 24, 2005 - Sakonnet Technology, the world's leading provider of subscription-based energy trading and risk management software, has won three new clients for its Java-based Xenon® system in Eastern Europe.

Xenon is now in production at E.ON Hungary, E.ON Czech Republic and Západoslovenská energetika (ZSE). The new subscriptions are a measure of growing confidence within the E.ON group in Xenon's performance and robustness, and the unique subscription fee pricing model and hosted service. Sakonnet works in partnership with E.ON IS, in Hanover, to provide Xenon to E.ON trading operations throughout Europe.

E.ON IS enables affiliates access to Xenon via private lines to production and back-up server sets in remote secure data centres. Sakonnet provides Xenon licensing, upgrades and back-up support. Xenon is already used by E.ON AG's largest trading unit based in Munich.
Commenting on their adoption of Xenon, Cornel Czinege, portfolio manager at E.ON Hungaria, said: "Sakonnet working in partnership with E.ON IS provides dependable technology, high quality service and a lease model that met our requirements. We are expecting a higher level of efficiency in reporting thanks to this platform."

Sakonnet, which has recently grown to 58 staff in offices in London, New York and Rio de Janeiro, has more than five years' experience of providing an ASP, subscription-based energy trading and risk management software service.

Sakonnet's corporate clients, which also include Fortis Financial Services and Nuon Trading and Wholesale, benefit from Sakonnet's low-risk business model because they avoid the capital cost of upfront licence fees and on-going maintenance costs. Instead, they pay an 'all-in' quarterly fee under multi-year service and licensing agreements. The combination of Xenon's Java-based architecture and the ASP model means that the corporate user can obtain substantive new functionality on a frequent, zero-administration basis.

Commenting on the wider uptake of Xenon within the E.ON group, Thurstan Bannister, Chief Executive Officer of Sakonnet, said: "The proven performance of Xenon™ with customers around the world and Sakonnet's unique business model have a growing appeal to energy companies. They need flexibility with their trading and risk management software and must have total confidence in service quality being sustainable. That's exactly what we offer, which is why Sakonnet is growing steadily and profitably.

Eric Min

About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.

Media Contacts:
Alastair Turner
SPARX Communications
+44 (0)1753 893000

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