Participation and volumes on N2EX, the UK power market offering jointly operated by NASDAQ OMX Commodities and Nord Pool Spot, continue to accelerate with recent weekly totals consistently in excess of 3000 GWh, equivalent to 50% of total UK supply.
This year total cleared volumes at N2EX have seen an almost fourfold increase compared to the same period in 2011. The increases are due to organic growth, wider participation, new memberships and the gross bidding arrangement for the day-ahead auction, whereby members commit a minimum of 30% of their annual generation into the N2EX day-ahead auction.
The N2EX day-ahead auction has so far this year cleared 65,000 GWh and the Continuous OTR Market 35,000 GWh. Membership has increased to 41 and participation on the daily auction has reached 36.
Mike Jackson, Head of UK Power & Gas Operations, E.ON Energy Trading and Chair of the N2EX Market Council, said: "We are delighted that all the good work from both N2EX and the industry has resulted in such a successful increase in liquidity and hope that this trend will continue into the future."
Geir Reigstad, Head of NASDAQ OMX Commodities, commented: “N2EX continues to go from strength to strength. We are very proud at NASDAQ OMX Commodities of our participation in this success story. A unique cooperation between UK Members and Market Provider has underpinned that success. With the establishment of such a strong reference price from the daily auction we are now focusing our efforts along with our members on the development of the UK curve and the NASDAQ OMX UK power futures which reference the N2EX Auction.”
Mikael Lundin, CEO of Nord Pool Spot, added: “With impressive growth and daily auction turnover figures approaching 400 GWh, equivalent to about a third of UK power consumption, we feel that N2EX has established itself as the spot exchange for the UK today. We look forward to continuing success in the UK power market and to playing our part in the vital North-West Europe market coupling project.”
Media contacts:
Sara Aadnesen, Director Communication, phone +47 6752 8080/+47 9060 0759, sara.aadnesen@nasdaqomx.com
Stuart Disbrey, Communications Manager UK, Nord Pool Spot, phone +44 7887 409 044, stuart.disbrey@nps.com
About N2EX
N2EX is the name of the UK power market offering from Nord Pool Spot and NASDAQ OMX Commodities. NASDAQ OMX Clearing is the authorized clearinghouse.
The web site www.n2ex.com provides market information and documentation for the UK power market.
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its members. 350 companies from 20 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2011 the group had a total turnover of 316 TWh, which includes the auction volume in the UK market N2EX.
For more information, visit www.nordpoolspot.com.
About NASDAQ OMX Commodities
NASDAQ OMX Commodities is the brand name for the NASDAQ OMX Group’s worldwide suite of commodity related products and services. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc.
NASDAQ OMX Commodities Europe is the trade name of NASDAQ OMX Oslo ASA which is authorized as a commodity derivatives exchange by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with NASDAQ OMX Commodities Europe are subject to clearing with NASDAQ OMX Clearing.
NASDAQ OMX Clearing is the trade name of NASDAQ OMX Stockholm AB which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance.
NASDAQ OMX Commodities has nearly 350 members from over 15 countries covering a wide range of energy producers, consumers and financial institutions.
For more information, visit www.nasdaqomxcommodities.com.
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