Nord Pool, the European power market, is pleased to announce the signing of an agreement with Elma energy exchange in Iceland to cooperate on the launch of Iceland’s first short-term physical electricity trading market.
The new Elma power market will start with day-ahead trading, with intraday trading intended to follow at a later date.
Welcoming the advent of Iceland’s new power market, Tom Darell, CEO at Nord Pool, a Euronext company, said: “We are delighted to announce our success in the rigorous selection process to partner with Elma in pioneering the development of a new day-ahead trading market for Iceland. Operating an organized power market for the first time is a huge step forward for Iceland. It will bring important benefits in terms of efficiency, transparency, provision of reliable investment signals and reinforcement of security of supply.
“The team at Nord Pool looks forward to working closely with their counterparts at Elma, to help realize the company’s vision of efficient and secure Icelandic power trading.”
Katrín Olga Jóhannesdóttir, CEO at Elma, which is owned by Landsnet, the Icelandic Transmission System Operator, added: “We at Elma are delighted to have reach an agreement with Nord Pool that will allow us to build a well-structured power market in Iceland.
“By providing a trusted and transparent marketplace, Elma will play an important role in promoting competition and price transparency. This fosters innovation, assists in enhancing security of supply and improves energy security. The future is exciting, and we look forward to participating in it alongside Nord Pool, the leading power market in Europe.”
The Icelandic day-ahead market’s final launch date has yet to be determined, however it is expected to be in late 2024 or early 2025.
About Elma
Elma Power Exchange was founded in 2022 and is owned by Landsnet, the TSO in Iceland. Elma will provide a centralized platform for secure, dependable, and transparent exchange of electricity in Iceland. Elma has launched a web-based auction platform, in co-operation with Cropex energy exchange for long-term agreements, (PPA’s). Together with Nord Pool, Elma is implementing a day-a-head market with a January 2025 launch schedule. This strategic partnership and the forthcoming day-ahead market underscore Elma's commitment to enhancing the operational efficiency and transparency of Iceland’s energy market
About Nord Pool
Nord Pool, Europe’s leading power market, delivers efficient, simple and secure trading across Europe. In 2023 the company, which is majority owned by Euronext, celebrated 30 years of powering the market. Nord Pool offers day-ahead and intraday trading, clearing and settlement, and additional services, to customers regardless of size or location. Today 370 businesses from 20 countries trade on Nord Pool’s markets.
Nord Pool operates markets in the Nordic and Baltic regions, Germany, Poland, France, The Netherlands, Belgium, Austria, Luxembourg and the UK. Nord Pool is a Nominated Electricity Market Operator (NEMO) in 16 European countries, while also servicing power markets in Bulgaria, Croatia and Georgia. In 2023 Nord Pool had a total turnover of 1103.83 TWh traded power.
Nord Pool’s three decades of power market experience is built on offering flexibility, transparency, innovation, greater choice and participation to our customers.
For more information, please contact:
Irene Zeier
Communications Director
[email protected]
Oslo, 15 May 2024