"Being everyone's darling is not a sensible management goal," says Hans-Bernd Menzel, head of the Leipzig-based European Energy Exchange (EEX).

That piece of advice, given to Menzel many years ago by a senior banker, has served him well during his five years as head of EEX. While the exchange has endured some rocky times, including recent attacks from German politicians, Menzel and his team have remained committed throughout to a common aim: building EEX into a truly European energy exchange. And