N2EX, the GB power market operated jointly by Nord Pool Spot and NASDAQ OMX Commodities Europe, has recorded an all-time volume record – with over 500 GWh traded on the N2EX day-ahead market.
The 507,114 MWh record was achieved on Tuesday 3 December.
During 2013 N2EX has edged ever closer to securing half of the UK day-ahead energy market, with August seeing N2EX achieve its largest share of day-ahead market since launch in January 2010 at 49% of GB consumption traded through its platform.
Total November trading figures show an increase of over 14% on the same month last year, with a total traded volume of 12,542 GWh. For the year to date, N2EX has seen an increase in volumes traded of over 50% compared to 2012. Growth in both membership and volume of trade have secured the position of N2EX as the leading GB market, and Europe’s third largest day-ahead power market, by volume.
Commenting on N2EX’s record traded volume Mikael Lundin, CEO at Nord Pool Spot, said: “The GB energy sector trusts N2EX to produce a robust daily index price and ‘votes with its feet’ every day by putting increasing volumes of trade through our platform.
“Indeed, the trusted position of N2EX was given even greater importance by the recent Labour Party ‘Green Paper’ with its stated desire for an inclusive, robust, transparent and liquid market similar to that successfully operated by Nord Pool Spot in the Nordic and Baltic regions.”
Thanks to the continued commitment of its members from across the GB power sector, N2EX has seen growth in the traded volume on its day-ahead platform increase significantly, helping to ensure that the GB power market is ready for North West European price coupling, when that comes into effect in 2014.
Welcoming the new record Bjørn Sibbern, Head of NASDAQ OMX Commodities, added: “Achieving such strong volumes visibly demonstrates N2EX, Nord Pool Spot and NASDAQ OMX Commodities’ increasingly strong position in the GB power market and promises well for 2014. The GB market is very important to us and going forward we will continue to support the market, and to provide and to build the best solution for all participants.”
Mikael Lundin continued: “2014 promises a great deal, with new products on N2EX to accommodate a common European trading algorithm and the launch of GB Virtual Hub enabling our members to access both BritNed and IFA interconnector capacity.
“Although price coupled trading may be new to the GB market, what will not change is our commitment to develop the N2EX platform for the benefit of all our members and the wider GB energy industry.”
Media contacts:
Stuart Disbrey, UK Communications Manager, Nord Pool Spot, phone +44 0203 697 7730/+44 07887 409 044. sd@npspot.com
Sara Aadnesen, Director Corporate Communications, NASDAQ OMX Commodities and N2EX, phone: +47 6752 8080/+47 9060 0759, sara.aadnesen@nasdaqomx.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. 370 companies from 20 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2012 the group had a total turnover of 432 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.
NOS Clearing ASA is the leading clearing house for the freight market and a specialist clearing provider to the commodities markets. The company is wholly owned by the NASDAQ OMX Group Inc. The clearinghouse, which is situated in Oslo, has more than 300 members.
NASDAQ OMX Clearing AB 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, please visit www.nasdaqomx.com/commodities
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