From 1 October 2011, Euro will be the official trading currency for the Nordic day-ahead market Elspot. The change will take place for all trading in Elspot on Friday 30 September for delivery Saturday 1 October.
It will still be possible for customers at Nord Pool Spot to submit orders and receive settlement in NOK, SEK and DKK, as well as in EUR, as Nord Pool Spot will offer a currency service of converting customers’ bids to EUR and receiving settlement in local currency. Customers who do not wish to use this service from Nord Pool Spot are free to handle conversion from local currency to EUR through their own settlement bank or any other financial institution of their choice.
For the introductory period and until further notice, the currency service fee is set at 0.01% on the settlement amount in NOK, SEK or DKK exchanged for a customer per day. Please note that the fee is lowered from 0.02% as announced in exchange information number 33/2011 to 0.01%. The fee compensates for the exposure and administration of Nord Pool Spot for handling the currency service.
Customers already submitting orders in EUR will not be charged the currency service fee.
There are no technical changes required in Nord Pool Spot's customers’ systems.
Nord Pool Spot will still publish official prices in NOK, SEK and DKK, as well as in EUR. Prices in EUR will be published a few minutes earlier than prices in the Nordic currencies due to the exchange service operation.
This exchange information is a reminder, please refer to exchange information number 33/2011 for further details.
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, 8 September 2011 15:10 CET
For further information, please contact Nord Pool Spot:
Stina Johansen, Communications Manager Nordic, phone +47 916 50 603