EEX Nordic Power Markets
EEX Nordic Power Markets provide futures for hedging power price risk across the Nordic region. The product portfolio includes Nordic System Price Futures and Nordic Zonal Futures covering all 12 Nordic bidding zones.
Market participants can use these futures to manage Nordic power price exposure at system and bidding-zone level. The combination of system price and zonal products also supports spread trading and the management of area price risk.
Which Nordic Power Futures are available at EEX?
EEX offers two main types of Nordic Power Futures:
- Nordic System Price Futures, which reference the Nordic system price.
- Nordic Zonal Futures, which provide exposure to individual Nordic bidding zones in Denmark, Finland, Sweden and Norway.
- Implied EPADs, which replicate the price difference between a Nordic bidding zone and the Nordic system price.
Together, these products enable market participants to select futures that match their specific hedging and trading requirements.
Prices for the EEX Nordic Power market
See prices for the front month, front quarter, and front year at a glance.
EEX provides market data for its Nordic power derivatives, supporting market participants in monitoring prices and trading activity across Nordic System Price and Zonal Futures.
Nordic System Price Futures
What are EEX Nordic System Price Futures?
EEX Nordic System Price Futures are financially settled power derivatives based on the Nordic system price. They enable market participants to hedge or trade exposure to Nordic wholesale power prices.
Key contract specifications
| Trading hours | Tradeable maturities | Delivery rate | Tick size | Fulfilment |
| 8:00 am to 6 pm (CE(S)T) | Current week and the next four weeks, Current month and the next six months, seven quarters and ten years | 1 MW | € 0.01 per MWh | Cash settlement |
What are EEX Nordic Zonal Futures?
EEX Nordic Zonal Futures are power derivatives that enable market participants to hedge price risk in individual Nordic bidding zones.
EEX lists zonal baseload futures for all 12 Nordic bidding zones. The available maturities vary by bidding zone, reflecting factors such as interconnection with continental European power markets, renewable generation capacity and existing market liquidity.
The zonal futures model builds on the approach used across EEX's other European power derivatives markets.
What are the benefits of Nordic Zonal Futures?
Trading Nordic Zonal Futures at EEX can provide:
- Efficient risk and collateral management by combining Nordic positions within EEX's wider European power derivatives offering.
- Access to a broad participant base through EEX's pan-European trading community.
- Additional trading opportunities across Nordic bidding zones and between Nordic and continental European power markets.
- Greater price transparency through exchange-based trading.
EPEX SPOT's NEMO-harmonised indices serve as the underlying references for the Nordic zonal products.
| Country | Bidding zone | Available baseload futures |
| Denmark | DK1, DK2 | Day, Weekend, Week, Month, Quarter, Year |
| Finland | FI | Month, Quarter, Year |
| Sweden | SE1 | Month, Quarter, Year |
| Sweden | SE2, SE3, SE4 | Week, Month, Quarter, Year |
| Norway | NO1, NO2 | Week, Month, Quarter, Year |
| Norway | NO3, NO4, NO5 | Month, Quarter, Year |
See the EEX contract details and product codes for detailed product information.
What are EEX Implied EPADs?
EEX Implied EPADs replicate the price difference between a Nordic bidding zone and the Nordic system price.
An Implied EPAD is created by simultaneously trading a Nordic System Price Future and the corresponding Nordic Zonal Future. The resulting spread mirrors the EPAD value and provides a straightforward way to hedge the area price difference between a bidding zone and the Nordic system price.
What are the benefits of EEX Implied EPADs?
EEX Implied EPADs offer several potential benefits:
- Liquidity: They connect liquidity in the Nordic system price market with individual bidding zones.
- Capital efficiency: System Price and Zonal Futures can benefit from a single margin requirement and cross-margining.
- Simplified execution: Both legs can be traded through a single execution.
- Transparency: Spread order book trading provides transparent price information and additional trading opportunities.
What is Location Spread Trading for Nordic Power Futures?
Location Spread Trading enables EEX participants to trade the price difference between two power delivery areas with simultaneous execution of both legs.
EEX offers location spread trading across its power derivatives portfolio, giving its pan-European trading community access to geographic spread strategies involving Nordic and continental European power markets.
Location spreads can be traded:
- Between Nordic Zonal Futures
- Between Nordic Zonal Futures and Nordic System Price Futures
- Between EEX continental European power products and Nordic Zonal or System Price Futures
For the complete range of available combinations, see the Nordic Zonal Futures presentation below.
What is the EEX Future-to-Spot Service for Nordic Power?
The EEX Future-to-Spot Service connects eligible Nordic Week and Month Futures with the underlying spot market.
In cooperation with EPEX SPOT, EEX offers the Future-to-Spot Service for available Week and Month Futures across all 12 Nordic bidding zones.
See more information about the EEX Future-to-Spot Service.
What are the margin requirements for EEX Nordic Power Futures?
Nordic Power Futures cleared through ECC are subject to applicable margin requirements. Current initial margin values and intercommodity credits are available on the ECC margining page.
For more detailed portfolio analysis, Lacima provides a margin estimation tool that can be used to estimate end-of-day initial margin requirements, simulate the effect of potential trades and assess potential cross-margining opportunities.
| Publishing date | Title | File |
|---|---|---|
| 2026-11-03 | EEX Nordic Power Presentation | pdf (2 MB) |
| 2024-06-12 | EEX Nordic Zonal Futures | pdf (1 MB) |
| 2024-01-09 | EEX Customer Information – EEX to launch Nordic Zonal Futures | pdf (263 KB) |
| 2024-01-09 | EEX Press Release – EEX to launch Nordic Zonal Futures for power derivatives markets on 25 March | pdf (133 KB) |
| 2024-01-09 | FAQ – EEX Nordic Zonal Futures | pdf (219 KB) |