STOCKHOLM, Sweden, Dec. 10, 2002 (PRIMEZONE) -- Nord Pool's wholly-owned subsidiary, Nordic Electricity Clearing House ASA (NECH), has reached an extensive cooperation agreement with OM (Other OTC:OMGPF) (Stockholm:OM) for the provision and facility management of OM's SECUR(TM) clearing system. The agreement is set to run for seven years and means that OM will become the new systems provider for Nord Pool's clearing operations with effect from January 1, 2004. Until then Nord Pool will continue to work with Power Clearing Systems AS (PCS).
"This clearing agreement with OM enables us to consolidate our position as an energy exchange in the Nordic region, at the same time as we enhance our position for further joint ventures in Europe," explained NECH Chairman of the Board, Torger Lien. "This agreement with OM is also extending the scope of our long-term cooperation with one of the world's leading providers of transaction technology."
The clearing agreement between NECH and OM follows extensive tendering which has involved a number of providers. OM was chosen following a comprehensive evaluation.
"We are proud to be involved in further developing the world's first international exchange for energy trading," commented Magnus Bocker, Chief Operating Officer at OM. "Nord Pool has been a success since its inception in 1993 and is an excellent example of successful pan-Nordic cooperation."
Nord Pool offers trading in standardized physical and financial energy contracts in addition to its clearing services. The company has established customer service operations in all Nordic countries and is also a co-owner of the German energy exchange, European Energy Exchange (EEX). Nord Pool has also acted as a systems provider and adviser to the French electricity exchange Powernext. As the Nordic region's electricity exchange Nord Pool plays a key role in the Nordic electricity market by offering transparent and accepted market prices for both the spot and derivatives markets.
OM is a world-leading provider of transaction technology. OM offers system solutions as well as managing the systems operations for banks, brokerage firms, clearing houses and other financial institutions including participants on the world's energy markets. OM has more than 100 customers in 20 countries throughout the world. Last summer OM and Nord Pool signed an agreement for renewed support, operation and the upgrading of OM's PowerCLICK(TM) system including the improvement of its operational security. PowerCLICK(TM) is the electronic trading system used by Nord Pool for the Nordic financial market.
For more information visit www.om.com and www.nordpool.com
For further information or comments, please contact
Magnus Bocker, COO, OM AB +46 8 405 66 44 Knut H. Johansen, SVP Energy, OM AB +47 90 98 13 18 Anna Eriksson, VP Brand & Communications +46 8 405 66 12 Torger Lien, Chairman of the Board, NECH ASA +47 675 280 70 Geir Reigstad VD, Nordic Electricity Clearing House ASA +47 9 084 67 35 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2002/12/10/20021210BIT00050/wkr0002.pdf