Nord Pool, Europe’s leading power market, is pleased to announce that it will launch a day-ahead auction and a continuous intraday power trading market in Ireland.
The ground was laid for the new Nord Pool markets by Ireland’s Commission for Energy Regulation’s approval of the company’s application to operate as a Nominated Electricity Market Operator (NEMO) for the island of Ireland.
Richard Sarti, Nord Pool’s Director for UK and Ireland, said: “This move into Ireland is a natural progression for Nord Pool, as we provide similar services in Great Britain. As a result, we will be able to offer greater value to our members and those participants who wish to transact in both the Irish and the GB markets, as they will benefit from using a single platform to trade intraday and a single platform to trade day-ahead.
“The ability to self-clear means that Nord Pool is able to offer a single location to trade, clear and settle physical transactions in the wholesale market, while at the same time keeping barriers to entry and costs low for participants.”
Nord Pool intends to launch its new market in line with the I-SEM (Irish Single Electricity Market) go live in 2018. In the meantime, Nord Pool will work with the Irish Transmission System Operator to establish multi-NEMO arrangements in line with EU legislation for the day-ahead and intraday markets. This will ensure that there is a level playing field for NEMOs to operate and provide participants with equal access to liquidity and interconnector capacity, irrespective of where they choose to trade.
Richard Sarti continued: “Nord Pool’s ability to self-clear means that we offer a simple, efficient and secure clearing model which allows a wide range of market participants to have direct access to our market. In addition, if participants chose to trade across the various markets that Nord Pool offers, their collateral can be netted, increasing efficiency and value to Nord Pool customers.”
Under the All Ireland project, the Republic of Ireland and Northern Ireland are currently in the process of redesigning the Irish Single Electricity Market (I-SEM) to comply with EU guidelines on Capacity Allocation and Congestion Management (CACM). Nord Pool pioneered the concept of coupling power markets, some 20 years ago, providing the foundation for the market coupling target model being pursued by the EU today.
Nord Pool has already secured 14 NEMO designations, encompassing; Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Great Britain, Latvia, Lithuania, Luxembourg, the Netherlands, Poland and Sweden.
About Nord Pool
Nord Pool, Europe’s leading power market, delivers efficient, simple and secure trading across Europe. The company offers day-ahead and intraday trading, clearing and settlement to customers regardless of size or location. Today 380 companies from 20 countries trade on Nord Pool’s markets.
Nord Pool operates markets in the Nordic and Baltic regions, Germany and the UK, and is a Nominated Electricity Market Operator (NEMO) in 14 European countries, while also servicing power markets in Poland, Croatia and Bulgaria. In 2016 Nord Pool had a total turnover of 505 TWh traded power. The company has offices in Oslo, Stockholm, Helsinki, Tallinn and London.
Lysaker, 13 March 2017
For further information, please contact:
Stina Johansen, Communications Director, Nord Pool, +47 916 50 603 (for press enquiries)