The organisation for Nordic energy regulators – NordREG - and Nord Pool Spot have on a first meeting agreed to found a Regulatory Council to provide a forum for exchange of information and discussion on market development in the Nord Pool Spot market area.
The Regulatory Council consists of high level representatives from regulators in the Nord Pool Spot area and Nord Pool Spot executive management. The following countries are represented in the council: Norway, Sweden, Denmark, Finland and Estonia. The forum will extend the dialogue between Nord Pool Spot and the regulators in the region and also serve as a point for information from Nord Pool Spot to all relevant regulators.
Director General Antti Paananen from the Finnish Energy Market Authority was elected chairman of the Regulatory Council.
The parties agreed on a mandate for the Nord Pool Regulatory Council, subject to final approval by the NordREG board, outlining the purpose of the forum as follows:
- Exchange of information between Nord Pool Spot and the regulators concerning issues such as analytical work on market behavior and outcome, regulatory changes in the countries concerned and questions raised in the Nord Pool Spot customer advisory board.
- Assist national regulators in performing obligations to monitor the electricity markets which evolve from EU's third liberalisation package and new obligations which might evolve from the expected EU regulation on monitoring, transparency and integrity of the electricity market.
- Form a forum for discussing market functioning when new areas are added to the Nord Pool Spot area.
- Any other issues with a regulatory aspect as agreed by the parties involved.
In the first meeting, the Regulatory Council discussed the issue on publication of bidding curves. Nord Pool Spot explained their view of the important balance between the general need for transparency on the one hand and the risks of revealing information on members’ trading strategies.
Finally, the Regulatory Council exchanged general information on the market surveillance.
“I am pleased to see that we have now fulfilled NordREG’s ambition to establish a regulatory body for the relevant regulators in the Nord Pool Spot area. The discussions show that topics we will cover are essential for a well functioning market in the Nordic countries and Estonia” says Antti Paananen, Chairman of the Regulatory Council.
“The Nord Pool Spot Regulatory Council will serve as an important foundation for our future dialogue with national regulators in our area” says Mikael Lundin, CEO for Nord Pool Spot.
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its customers. 350 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2010 the group had a total turnover of 310 TWh, which includes the auction volume in the UK market N2EX.
Lysaker, 24 May 2011 11:00 CET
For further information, please contact Nord Pool Spot:
Stina Johansen, Communications manager Nordic, +47 67 10 91 81 or +47 916 50 603
or The Danish Energy Regulatory Authority:
Markus Hübner, +45 72 26 81 31