London, 2013-10-03 13:55 CEST (GLOBE NEWSWIRE) --
N2EX, the GB power market operated jointly by Nord Pool Spot and NASDAQ OMX Commodities Europe, is fast approaching securing half of the UK day-ahead energy market, with record trading figures for August 2013.
August saw N2EX achieve its largest share of day-ahead market since its launch in January 2010, with 49% of GB consumption traded through its platform. Increasing volumes of trade over the past three years have secured the position of N2EX as Europe’s third largest power market by volume (with N2EX’s parent company Nord Pool Spot the leader).
N2EX’s strong showing in August follows a record July which saw total traded volume for its three markets (day-ahead auction, prompt and intraday) reach 79,363Gwh, an increase of 19% on the same month last year. On the N2EX day-ahead market 10,989 Gwh was traded, up over 28% on July 2012. Overall auction volume traded on N2EX in the first eight months of 2013 shows an increase of nearly 60% compared with the same period in 2012.
Commenting on N2EX’s record growth Mikael Lundin, CEO at Nord Pool Spot, said: “These excellent trading figures are testament not only to the trust the GB energy sector puts in the daily index price produced by N2EX, but also cement N2EX’s position as the predominant GB day-ahead market operator in the run up to North West European price coupling.
“We are already looking at developing new products to allow our members to take advantage of the opportunities presented by a common European trading algorithm. With Nord Pool Spot poised to deliver the GB Virtual Hub we also have the prospect of pooled liquidity between the GB power exchanges, granting N2EX members access to BritNed and IFA interconnector capacity. At N2EX we are working hard to ensure a smooth transition to price coupled trading for all our members.
“In the meantime Nord Pool Spot continues to work with the GB energy sector to develop the N2EX platform, giving greater value for money to members and continuing to deliver a robust index and secure markets. ”
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 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, please visit www.nasdaqomx.com/commodities
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