Mastering the Nordic Power Futures Market

30 September & 1 October 2026

In March 2026, Nord Pool and Euronext successfully launched the new Nordic Power Futures Market, marking an important step in the evolution of the region’s financial power markets. 

Building on this development, Nord Pool Academy introduces Mastering the Nordic Power Futures Market – a new course designed to provide participants with a clear understanding of how the Nordic power futures market operates, how prices are formed, and how market participants can use futures and EPADs to manage risk, hedge exposure and identify trading opportunities.

This intensive 1.5-day course provides a comprehensive understanding of the Nordic Power Futures Market, combining physical market fundamentals with practical insights into financial trading, hedging, risk management and market development. The course will take place at the The Bristol Hotel, Oslo and will be available online.

The course brings together market practitioners from Nord Pool, Euronext and the wider energy industry, and includes a keynote presentation from Morten Bech Holte, economic commentator and author of the bestselling book Landet som ble for rikt (The Land that Became Too Rich). Morten will share his perspective on the economic context shaping the Nordic region, and the challenges and opportunities for energy markets and society.

  • Registration and networking lunch from 11:00 on 30 September
  • Course runs from 12:00 on 30 September to 16:00 on 1 October

Format

Join in person or via virtual classroom 

Who is it for

Traders, investors or anyone working in the back or front office, lawmakers, energy regulators and students 

Nord Pool Digital Diploma

Take the online test to get your Digital Diploma! 

Gain practical insights and a strong understanding of the Nordic Power Futures Market by exploring core topics including: 

Understanding the Nordic Physical Market & Price Formation

  • The Day-Ahead Market and auction process
  • Market clearing and electricity price formation
  • The Nordic System Price
  • System Price versus Area Prices
  • The Nordic bidding zone structure
  • Congestion and cross-border power flows
  • The impact of Flow-Based Market Coupling
  • Generation fundamentals across the Nordic region:
    • Hydro
    • Wind
    • Nuclear
  • Fundamental drivers of Nordic power prices
  • Continental market influences and interconnectors
  • Introduction to:
    • Intraday Markets
    • mFRR Markets

From Physical Prices to Financial Markets: How the Financial Market Works

  • Why power futures markets exist
  • Evolution of Nordic power derivatives
  • Market fundamentals and price drivers
  • Trading and hedging principles
  • Futures contract structures
  • EPAD contracts
  • Market participants and liquidity providers
  • OTC versus Exchange Trading
  • Price discovery and market liquidity

The Market Through Unprecedented Times

  • Market evolution from 2020–2026
  • Covid-19 impacts
  • The European energy crisis
  • Gas market influences
  • Continental market integration
  • Changing market correlations
  • Lessons learned for traders and risk managers

The Euronext Nord Pool Power Futures Market: Understanding the New Market Structure

  • Acquisition of Nasdaq's Nordic power futures business
  • Migration to Euronext Clearing
  • The Optiq® trading platform
  • Clearing architecture
  • Risk management framework
  • Contract suite overview
  • Liquidity development and future growth

Keynote Address & Networking Aperitif

Martin Bech Holte, author of “The Country That Became Too Rich”

Clearing, Margining & Risk Management

  • Why central clearing matters
  • Euronext Clearing overview
  • Initial and variation margin
  • Collateral management
  • Position management
  • Default management processes
  • Risk controls and stress testing
  • Lessons from extreme market events

EPADs & Area Price Risk: Managing Nordic & Baltic Price Risk

  • Understanding area price risk
  • How EPADs work
  • EPAD auctions
  • Nordic EPAD markets
  • Baltic EPAD markets
  • Hedging strategies using System Price Futures and EPADs
  • Liquidity considerations
  • Practical hedging examples

Trading Strategies & Market Analysis: How Professional Market Participants Trade

  • Utility hedging strategies
  • Generator hedging approaches
  • Retailer risk management
  • Proprietary trading strategies
  • Spread trading opportunities
  • Weather and hydrology analysis
  • Using market fundamentals in trading decisions

Unique Opportunities and Challenges for the Nordic Market: Political & Regulatory Perspectives

  • Regulatory developments
  • Nordic market evolution
  • European market integration
  • Future policy considerations

Expert Panel Discussion

  • The Future of the Nordic Financial Power Market


Fee

Physical participation (*):

Fee for members: ……………………………   EUR 900 

Fee for non-members: ……………………… EUR 1200

Online participation:

Fee for members: ……………………………   EUR 625

Fee for non-members: ……………………… EUR 900

The participation fee includes all presentations, online material and test of knowledge.

(*)The fee also includes lunch and snacks during the course. 

To ensure we can answer all questions, participant numbers are limited. Availability is allocated on a first come, first served basis. 

Please note - you must book your own accommodation. More details will follow upon registration. 

If you are a student, journalist or feel you may be entitled to a discount, please get in touch.  

Questions?

Feel free to send any questions you have about the course to: [email protected] or call us on +47 459 79 183.