COVID-19 Outbreak 2020; Nord Pool Business Continuity Management
Updated 20 March
Nord Pool is following the development of the global outbreak of the COVID-19 virus very closely. Our business priority is always to ensure the smooth and efficient running of our critical functions and processes. That means that we should, in all circumstances, successfully operate the day-ahead and intraday power markets – including market coupling through Single Day Ahead Coupling (SDAC) and Single Intraday Coupling (SIDC).
In response to questions from external stakeholders and customers, Nord Pool can confirm that the current health situation has so far had no impact on its market operations.
In these challenging times, our central mission is to ensure the efficient and transparent formation of market results in the markets we operate. To Nord Pool, and all our market participants, transparency and compliance remain key to delivering our core services and products in day-ahead and intraday.
Nord Pool has a company-wide Business Continuity Management plan. We are set up to run our daily operations from separate sites in different geographical locations and countries. This is tested regularly.
A number of proactive measures have already been taken to ensure the continuous operation of all our markets:
- Nord Pool is prepared and is continuously testing different scenarios for possible increased employee absence due to illness.
- The possibility for continuing work tasks off-site was identified early on as a key contingency. From 12 March all Nord Pool employees, except a few critical teams within Operations, Finance and IT, have been working from home.
- For the critical teams still working from our offices, rotational team arrangements have been implemented. As a result, these teams never meet on Nord Pool premises. Nord Pool can run daily operations from both our Oslo (Norway) office and/or our Espoo (Finland) office – in addition to back-up locations.
- Nord Pool adopted strict access restrictions at all our premises early on, and extra hygiene measures have also been taken.
- From 18 March Nord Pool has implemented a deployment freeze on all non-essential and non-critical system updates. This freeze period will last until further notice. This action is a necessary measure to ensure robust operations and to reduce the potential for any additional risk to our customers and wider stakeholders in the coming weeks.
In addition, recommendations have been clearly communicated to Nord Pool employees in line with WHO and local government advice, concerning all prevention measures and travel restrictions.
Nord Pool will communicate with market participants and other stakeholders should anything change.
Currency market volatility
There is currently significant volatility in the currency markets. This can impact market participants trading in local currencies other than the EUR and GBP as there could be a difference between preliminary and final prices, especially over the weekends.
To minimise currency rate impact on our customers, Nord Pool hedges against these risks in accordance with our unified rulebook.