This January Nord Pool celebrates a decade of power trading in the UK, having handled enough electricity in that time to power Greater London for 25 years!
The power market started its London-based operation on 12 January 2010 in response to customer demand seeking greater competition in power trading. By the end of 2019 a total of 1,021 TWh had been traded, enough energy to power Greater London for a quarter century.*
The market’s first day of trading saw just 7 GWh of power traded, with a total of 19.6 TWh traded by the end of 2010. Since then Nord Pool’s UK market has gone from strength-to-strength, its highest day’s trading (so far) being 4 December 2013, when more than 500 GWh was handled.
Milestones have included Nord Pool’s launch of the first successful day-ahead power auction in the UK and winning the tender to deliver and operate the ‘UK virtual hub’ which enabled the UK to become the first power market with two competing power exchanges in day-ahead trading. This innovation paved the way for the multi-NEMO (Nominated Electricity Market Operator) power exchange arrangements since rolled-out across Europe.
Emma McKiernan, Nord Pool’s Director for Nordic, Baltic, UK & Ireland, who joined the UK operation when it first began, commented: “A decade ago, Nord Pool was the winner of a tender to work closely with the UK power sector to deliver trading services designed ‘by the market for the market’. It was customer demand which saw Nord Pool extend its reach into the UK and that customer focus continues to this day as we deliver simple, efficient and secure day-ahead and intraday power trading to our UK customers trading both domestically and across Europe.
“At Nord Pool we firmly believe that competition ultimately benefits our customers and ensures that we hone our products and services to best meet their needs. We will continue to lobby on such important issues as shared order books across all markets and timeframes and also work to ensure a smooth transition for UK traders post-Brexit.”
Marianne Wergeland Jenssen, Director Markets at Nord Pool, added: “We must thank all customers trading in our UK market for the continuing high levels of trust and commitment which they place in us. Nord Pool is dedicated to creating a competitive and efficient single European power market for all our customers, regardless of their size or where they trade.”
About Nord Pool
Nord Pool, Europe’s leading power market, delivers efficient, simple and secure trading across Europe. The company offers day-ahead and intraday trading, clearing and settlement to customers regardless of size or location. Today 360 companies from 20 countries trade on Nord Pool’s markets.
Nord Pool operates markets in the Nordic and Baltic regions, Germany, France, the Netherlands, Belgium, Austria and the UK. Nord Pool is a Nominated Electricity Market Operator (NEMO) in 15 European countries, while also servicing power markets in Croatia and Bulgaria. In 2019 Nord Pool had a total turnover of 494 TWh traded power. The company has offices in Oslo, Stockholm, Helsinki, Tallinn, London and Berlin.
Nord Pool has 25 years of power market experience built on offering flexibility, transparency, innovation, greater choice and participation to our customers.
Oslo, 13 January 2020
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