Nord Pool Spot AS hereby gives notice that the collateral requirements for power contracts will be increased as of Monday 6 June 2011.
The adjusted collateral requirement will be increased by three days and will be calculated based on 10 days net purchase. The collateral requirement must be posted by 11:00 CET on Monday 6 June 2011.
As of 7 June 2011 the Finance Sector Union in Norway has given notice that a number of their members will be taken out in a strike. During a conflict involving the commercial banks we will not be able to carry out settlement of any trades. All settlement of trades will therefore have to be postponed until the conflict is resolved.
The adjustment in collateral requirements is precautionary in case the conflict escalates. The adjustment of collateral requirements is in accordance with the standard terms for trading and clearing in Nord Pool Spot markets.
The collateral requirement will be reduced to seven days net purchase as soon as the conflict is resolved, and the settlement of all trades affected by the strike is finalized.
In case the conflict is resolved prior to Monday 6 June 2011 at 08:00 CET the increase in the collateral requirements will be cancelled by Nord Pool Spot in an exchange information.
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its customers. 350 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2010 the group had a total turnover of 310 TWh, which includes the auction volume in the UK market N2EX.
Lysaker, 3 June 2011 10:00 CET
For further information, please contact Nord Pool Spot:
Stina Johansen, Communications Manager Nordic, +47 916 50 603
Morten Landrø, Risk Manager, +47 92 22 33 55