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Nordic Power Products

Nasdaq Commodities moves to Futures contracts

Effective November 21 2016, Market Makers will solely quote Futures contracts instead of Nordic Electricity DS Futures and EPAD DS Futures contracts. The expected switch in liquidity will further improve the well-functioning market structure and attract broader participation focusing on a more standardised product offering.

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Nordic Power Factsheet

Download the printer friendly version for Nordic Power.

 

Nordic Power Market

The Nordic power market is one of the most liquid power derivatives markets in the world and it has developed over the past 20 years with the objectives to reduce and minimize risks, increase transparency and protect investors.

In response, Nasdaq Commodities, through the Nasdaq Oslo ASA Exchange and Nasdaq Clearing AB, offers a full suite of Nordic power contracts to ensure that customers’ trading and hedging needs are met. Consequently, the market has achieved a large degree of transparency as approximately 90% of the trading is being reported and cleared. In addition to a wide range of power products, Nasdaq Commodities also offers a broad product suite consisting of other commodity products including European power, Natural Gas, Freight & Fuel Oil, Renewables, Steel, Carbon, Electricity Certificates and Seafood. The Nasdaq Clearing service removes counterparty credit risk and offers netting and margin offsets between all of these markets.

 

Advantages with trading Nordic power at Nasdaq 
 

Full market access

  • One of the world’s leading and most liquid power derivatives exchanges.
  • Multiple front-end trading systems available to access all Nasdaq Commodities’ products. 
  • Easy access to other European power markets through an integrated platform for all products. 
  • Easy access through a wide range of membership models. Both a well-functioning GCM model and a Direct Clearing Member model.

Speed of execution

  • One of the fastest and most functionally complete multiasset trading systems in the world.  
  • Cost efficiency with low latency. 

Efficiency in clearing

  • One of the largest clearing houses for power derivatives. 
  • Removed counterparty credit risk. 
  • Significant netting and margin offsets.

Risk management

  • Back office systems ensure complete reporting through an open API.
  • A fully transparent regulated exchange and CCP.

 

The Nordic Power product offering

The Nasdaq Commodities offering includes Futures, Deferred Settlement Futures (DS Futures), Options and Electricity Price Area Differential (EPAD) contracts.

Futures

Nasdaq Commodities Futures contracts are daily mark-to-market where profits and losses from financial Futures contracts are realized on a daily basis.

DS Futures

In addition to the Futures contracts, Nasdaq Commodities also offers DS Future contracts which are financially settled contracts with similar cash flow settlement structure as the non-cleared physical power contracts i.e. cash settlement during the delivery period.

Options

Nasdaq Commodities offers Nordic power options for trading and clearing. Yearly and quarterly European style Options in addition to Monthly Asian style Options are available for trading and clearing. Option contracts in combination with other Nasdaq Derivatives are valuable tools to manage risk and hedging strategies.

EPAD Contracts

EPADs are Futures and DS Futures reflecting the difference between an e.g., Area Price and a Nordic System Price. EPADs allow members to hedge against the price risk caused by constraints in the transmission grid.

 

Opening hours

  • Exchange opening hours 08:00 – 16:00 CET.
  • Clearing opening hours 07:45 – 19:00 CET.

 

Fees

Please see fee list 

 

 

Nordic Power

 

Base Load
Covering all hours of all days in the
Delivery Period (00:00 – 24:00 CET)

Futures

  • Nordic Electricity

 

 

 

 

  • EPADS

 

Day: ENOD[DDMM]-[YY]
Week: ENOW[WW]-[YY]
Month*: ENOAFUTBLM[MMM]-[YY]
Quarter: ENOFUTBLQ[Q]-[YY]
Year: ENOFUTBLYR-[YY]

 

Week: SY[AAA]W[WW]-[YY]
Month*: SY[AAA]AFUTBLM[MMM]-[YY
Quarter: SY[AAA]FUTBLQ-[Q]- [YY]
Year: SY[AAA]FUTBLYR-[YY]

DS Futures

  • Nordic Electricity

 

 

  • EPADS
     

Month: ENOM[MMM]-[YY]
Quarter: ENOQ[Q]-[YY]
Year:  ENOYR-[YY]]

 

Month: SY[AAA][MMM-YY]
Quarter: SY[AAA]Q[QQ-YY]
Year: SY[AAA][MMM-YY]

Options

  • Futures


     

  • DS Futures

 

Month*: ENOAFUTBL[C/P]M[MMMY]-[XX]
Quarter: ENOFUTBL[C/P]Q[QY][MMMY]-[XX]
Year: ENOFUTBL[C/P]YR[Y][MMMY]-[XX]


Quarter: ENO[C/P]Q[QY][MMMY]-[XX]
Year: ENO[C/P]YR[Y][MMMY]-[XX]

Min. Contract Size

1 MW

Min. Ticker Size

0.01

Currency

EUR

EPAD

  • Areas

 

  • Reference

 

Århus, Copenhagen, Helsinki, Luleå, Malmø, Oslo, Riga, Sudsvall, Tallinn, Tromsø
 

Difference between the Area price and the Nordic System Price

* Average Rate Future

Securing Liquidity

  • Commitment from Market Makers, Liquidity Providers and brokers
  • Transparency of all trading information to build market confidence
  • Competitive trading and clearing fees
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