On October 27 2010, Statkraft Energi AS sent erroneous Elspot nominations to Nord Pool Spot. The nominations resulted in 4,000 MW too much sale in each hour at any given price in Norway for delivery on October 28, which led to significant price movements both in the physical and the financial market. Market Surveillance has conducted extensive investigations following the incident and has made a recommendation to the board of Nord Pool Spot.
Nord Pool Spot has concluded that the incident constitutes market manipulation, cf. Market Conduct Rules section 4.1, and that Statkraft Energi AS has acted with negligence in respect of the technical error which caused the incident. Nord Pool Spot has not found any evidence that Statkraft Energi AS acted with intent or had any illegitimate purpose by the erroneous nominations. Nord Pool Spot also finds it mitigating that Statkraft Energi AS has proactively worked to explain the incident and has publicly admitted its error and made measures to prevent such errors from reoccurring.
In accordance with the recommendation from Market Surveillance, Nord Pool Spot has issued a violation charge of NOK 250,000 to Statkraft Energi AS for market manipulation. The recommendation from Market Surveillance can be found here.
NASDAQ OMX Oslo ASA has also issued a violation charge in relation to the same incident. Please see exchange information no. 38/11 at www.nasdaqomxcommodities.com.
Lysaker, 7 July 2011 10:00 CET
For further information, please contact Nord Pool Spot:
Mikael Lundin, CEO Nord Pool Spot AS, phone +46 8 555 166 16
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its customers. 350 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2010 the group had a total turnover of 310 TWh, which includes the auction volume in the UK market N2EX.