The first meeting to launch the Nord Pool Spot BEMIP* project was held on 11 February 2010. The project is a joint project formed by an agreement of the power exchange Nord Pool Spot AS, AS Augstsprieguma Tīkls, LITGRID UAB, Elering OÜ, Fingrid Oyj and Svenska Kraftnät.
The aim of the project is to make the sale and purchase of electricity for physical delivery between the Baltic countries more efficient and optimise cross-border capacity utilisation. The project will support the establishment of the physical market places. The plan is to expand the physical market place of Nord Pool Spot into the Baltic states, including the day-ahead market (Elspot) and intraday market (Elbas).
Chairman of the steering committee Mr Karri Mäkelä, estimates that “ In the best vision the Baltic spot market bidding areas and implicit auctions on all borders between EU countries might be in place from 1 January 2011 and the common Baltic intraday market if possible latest on 1 January 2013.”
*) The Baltic Energy Market Interconnection Plan (BEMIP) is the EU Commission initiative to achieve further integration of Lithuania, Latvia and Estonia with EU energy networks and energy markets. The Nord Pool Spot BEMIP project offers possibilities to fulfil several of the targets described in the BEMIP.
About Nord Pool Spot
Nord Pool Spot runs the largest physical power market in the world, offering both day-ahead and intraday markets to its participants. 330 companies from 20 countries trade on the exchange. The Nord Pool Spot group has offices in Oslo, Helsinki, Stockholm, Fredericia (Denmark) and London. Nord Pool Spot is owned by the Nordic transmission system operators. In 2009 the group had a turnover of 287 TWh representing a value of EUR 10.8 billion.
Tallinn, 11 February 2010
For further information, please contact Nord Pool Spot:
Karri Mäkelä, director operations, phone + 35 84 07 32 08 60
Siw Hauge, director communications, phone + 47 90 61 59 92