Nordic physical power exchange Nord Pool to expand into derivatives
Updates with new offering from EEX, Epex Spot exchanges in final two paragraphs
OSLO, Aug 27 (Reuters) -Oslo-based power exchange Nord Pool, together with parent company Euronext ENX.PA, will launch a dedicated Nordic and Baltic power derivatives market, aiming to boost liquidity in the segment, the firms said on Tuesday.
Euronext Nord Pool Power Futures will offer trading of cash-settled futures for all maturities on the cross-Nordic system price and electricity price area differential contract (EPADs) across the Nordics and Baltics, the companies said.
The underlying spot indices will be provided by Nord Pool, and clearing will be handled by Euronext, they added.
Customer testing will open as soon as March 2025.
"Nord Pool and Euronext will work to bring back liquidity to Nordic power derivatives, with a proven set up which will attract OTC traded volumes into the market," Tom Darell, CEO of Nord Pool, said in a statement.
Liquidity in the Nordic financial power market has been under pressure as trading has shifted to short-term spot contracts or bilateral (OTC) deals due to growing price differences in the region.
Nord Pool has been offering physical day-ahead and intraday trading to date but decided to take the step to offer financial trading after extensive consultation with market players, Darell added.
"Their message has been clear: end uncertainty in the power derivatives territory by delivering a liquid power futures market, run by a business with commitment and a vision for the future," he added.
Still, Nord Pool's entry into the business segment will see three different operators vying for the Nordic power derivatives market.
A deal between Nasdaq NDAQ.O and the European Energy Exchange (EEX) T3PA.DE - which would have seen EEX purchase Nasdaq's Nordic power trading and clearing business - fell through earlier this year.
Separately, the EEX and EPEX SPOT exchanges said on Tuesday they would offer so-called Future-to-Spot services (FTS) to the 12 Nordic power market areas from October 2024.
This will allow participants registered with both power markets to enter bids in the day-ahead auctions of EPEX SPOT according to their corresponding position in EEX's Nordic Zonal Futures contracts, offering savings as well as cross-margining benefits, they said.
Reporting by Nora Buli, editing by Gwladys Fouche and David Evans
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