Lysaker, 12 October 2012.
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 contact:
Sara Aadnesen, Director Communication, phone +47 6752 8080/+47 9060 0759, sara.aadnesen@nasdaqomx.com
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