Estonian, Latvian and Lithuanian electricity transmission system operators (TSOs) Elering, Augstsprieguma Tīkls (AST) and Litgrid have signed a Memorandum of Understanding (MoU) on the purchase of the shares of the Nord Pool Spot, Europe's largest power exchange. This is a crucial milestone in the implementation of the Baltic Energy Market Interconnection Plan (BEMIP).
The current owners, Energinet.dk, Fingrid, Statnett and Svenska Kraftnät see the extension of ownership to the Baltic TSOs as an important and natural step in the further process integration of the Baltic and Nordic electricity markets.
For the Baltic TSOs, the ownership of Nord Pool Spot is a strategic investment. It will enable participation in the decision-making process where the market interests of the respective Baltic countries are discussed. It allows the Baltic TSOs to contribute to the Nord Pool Spot corporate activities in development of the regional and European power market.
A well-functioning common power market in the Baltic area is one of the highest priorities of the BEMIP. Estonia has already been functioning as a Nord Pool Spot bidding area, with day-ahead market (Elspot) and intraday market (Elbas) established. After adoption of the new Law on Electricity in Lithuania in January, the legal background for the establishment of the Nord Pool Spot Lithuanian bidding area is in place. Agreement on Power Exchange Operation in the Republic of Lithuania between Litgrid and Nord Pool Spot has also been signed. The launch of the Lithuanian bidding area is intended for 18 June 2012. In Latvia, the certification procedure of AST as an Independent System Operator is to be completed this year. A project with Nord Pool Spot has been initiated towards launching a Latvian bidding area.
Lysaker, 3 April 2012
For more information, please contact:
Executive Vice President Bente Hagem, +47 913 547 20
Head of press and communication Maria Jäderberg, +46 8 478 80 10
Executive Vice President Juha Kekkonen, +358 40 560 5274
Development Manager Juha Hiekkala, +358 40 553 9898
Vice President, Electricity Market Søren Dupont Kristensen, +45 76 22 44 34