Nord Pool, Europe’s leading power market, has welcomed key parts of a new statement from the European Federation of Energy Traders (EFET) recommending urgent improvements to intraday market design.
Among observations in a position paper published on Wednesday 6 May, EFET recommends immediate action to:
- enforce the mandatory sharing of order books by all Nominated Electricity Market Operators (NEMOs) from cross-zonal intraday gate opening time set by the Agency for the Cooperation of Energy Regulators at 15:00 (CET) D-1;
- extend cross-zonal intraday gate closing time from its current 60 minutes before the relevant market time unit, to real time - or as close as possible to real time; and
- extend the mandatory sharing of order books by NEMOs until real time, or as close as possible to real time.
Hans Randen, Director Market Coupling Operator at Nord Pool, comments: “We fully agree with EFET’s assessment that the last hour before delivery is the most vital for intraday market participants. This is the crucial period when most trades on continuous intraday markets are made. And with the increase of unpredictable renewables in the generation mix, its importance will only continue to grow.
“It is our view, and has been for some time, that mandatory liquidity sharing between NEMOs must be extended so that customers can get the greatest benefit from expanding liquidity. It is simply arcane to treat liquidity as ‘belonging’ to a single NEMO. In addition customers would be able more easily to balance their position and, where possible, play their part in supporting the power market, supply and demand, from the point when the day-ahead market closes upto real time, as the volatility of production and demand increases. And even without extending intraday gate closure, order books could – and should – still be shared by all NEMOs until real time.
“At Nord Pool we will continue to lobby for these important changes in the intraday market.”
You will find the recent EFET position paper here.
About Nord Pool
Nord Pool, Europe’s leading power market, delivers efficient, simple and secure trading across Europe. The company offers day-ahead and intraday trading, clearing and settlement to customers regardless of size or location. Today 360 companies from 20 countries trade on Nord Pool’s markets.
Nord Pool operates markets in the Nordic and Baltic regions, Germany, France, the Netherlands, Belgium, Austria and the UK. Nord Pool is a Nominated Electricity Market Operator (NEMO) in 15 European countries, while also servicing power markets in Croatia and Bulgaria. In 2019 Nord Pool had a total turnover of 494 TWh traded power. The company has offices in Oslo, Stockholm, Helsinki, Tallinn, London and Berlin.
Nord Pool has 25 years of power market experience built on offering flexibility, transparency, innovation, greater choice and participation to our customers.
Oslo, 12 May 2020
For further information, please contact:
Stina Johansen, +47 916 50 603 - [email protected]