Benchmark Regulation – the Nordic system price
The EU Benchmark regulation 2016/1011 introduces a regime for benchmark administrators that ensures the accuracy and integrity of benchmarks. The Benchmark regulation came into force in Norway in December 2019.
The Nordic system price, which is calculated and published by European Market Coupling Operator AS (EMCO), is considered a benchmark under the Benchmark regulation.
EMCO/Nord Pool is in the application process with the Financial Supervisory Authority of Norway – Finanstilsynet – to become an administrator of benchmarks under the Benchmark Regulation.
EMCO is listed in the ESMA list of pending applications of authorisation or registration of administrators according to Article 34 of the Benchmark Regulation.
An Oversight Function has been established by EMCO to ensure oversight of all aspects of the provision of the Nordic system price.
The Oversight Function has three members including one leader. All are appointed internally in EMCO/Nord Pool. The appointments secure the integrity of the oversight function and absence of conflicts of interest.