The EU Commission has imposed a fine of EUR 2.3 million on Nord Pool Spot AS. This settlement terminates the EU Commission’s proceedings that started with an inspection in February 2012. Nord Pool Spot has cooperated extensively throughout the Commission’s investigation.
Commenting on the agreed settlement, CEO of Nord Pool Spot Mikael Lundin said: “In our desire to achieve integration within the European power markets we now acknowledge that we did, regrettably, breach European competition regulation. We discussed European power market integration too closely with another European power exchange. ”
Nord Pool Spot immediately started the work of educating its staff in competition regulation, implemented strict competition guidelines, and put procedures in place for reviewing all new projects and agreements with a special attention on competition regulation.
“Putting this case behind us, EU competition regulation is high on the agenda in Nord Pool Spot and we have been instigating routines and systems to ensure full observance of competition regulation in the future. I am confident that we now operate a fully compliant business,” says Mikael Lundin.
About Nord Pool Spot
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 370 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2013 the group had a total turnover of 493 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. Nord Pool Spot strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Lysaker, 5 March 2014
For more information, please contact:
Stina Johansen, Head of Communications, +47 916 50 603