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19 December 2011 12:00

No. 70/2011 - Statnett SF is given a written warning for breach of the Market Conduct Rules

On 17 September 2011 Statnett SF sent an erroneous Elspot nomination to Nord Pool Spot. The nomination resulted in 912.9 MW too much electricity purchased in each hour at any given price for all 24 hours Sunday 18 September 2011 in Elspot area NO2. The incident is likely to have significant effect on the traded volume and the market prices. Market Surveillance has conducted investigations following the incident and has made a recommendation to the board of Nord Pool Spot.

Nord Pool Spot has concluded that the incident constitutes market manipulation, cf. Market Conduct Rules section 4.1, and that Statnett SF has acted with negligence by not having adequate routines in place in order to prevent such errors. Nord Pool Spot has not found any evidence that Statnett SF has acted with intent or had any illegitimate purpose by the erroneous nomination. Nord Pool Spot also finds it mitigating that Statnett SF contacted Market Surveillance to inform of the incident and that Statnett SF proactively has worked to explain the error. Furthermore, Statnett SF has taken steps to prevent such errors from recurring.

In accordance with the recommendation from Market Surveillance, Nord Pool Spot has given a written warning to Statnett SF for market manipulation. The recommendation from Market Surveillance can be found here.

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, 19 December 2011

For further information, please contact Nord Pool Spot:
Siw Hauge, Director Communications, +47 90 61 59 92


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