RWE (Germany) hosted the Partnership’s (then e7) Summit in Munich in May 2004. The Chairmen of nine leading electricity companies celebrated their new partnership with Russian utility RAO UESR, welcoming among their ranks RAO CEO Anatoly Chubais as an associate partner until full membership is considered in parallel to Russia joining the G8 in 2006. Time was devoted to discussing the Kyoto Protocol’s Joint Implementation (JI) mechanism, the group’s annual theme for 2003-2004, focussing on JI’s investment outlook, especially in relation to the EU emissions trading scheme and how the Union’s new accession countries may affect the market. Opinions and national perspectives were later exchanged on the form a future framework for climate change could take, both with and without Kyoto. Mr. Ken Newcombe, Fund Manager from the World Bank’s Prototype Carbon Fund, gave a keynote address to the Summit.