Extended Offering for the Nordics

    EEX is now offering zonal futures for all Nordic bidding zones, a proven and successful market model in all other 20 European power derivatives markets, in addition to its existing suite of System Price futures.

    EPEX’s trusted, NEMO-harmonised indices form the underlying references for the new products.

    EEX is confident that overall liquidity in the Nordics can be improved by adding zonal futures. The proven benefits of zonal futures at EEX:

    • More efficient management of risk and collateral;
    • A wider pool of market participants;
    • Enhanced trading opportunities; and
    • Improved price transparency.

    Nordic participants can also hedge using the existing Nordic System Price products offered by EEX.

    EEX is committed to working together with the Nordic trading community and its existing customers to facilitate the adoption of the new zonal futures and ultimately build more liquidity in the Nordic region.

    Zonal Futures Product Scope

    EEX lists zonal base load futures for all 12 Nordic bidding zones. The scope of available maturities varies depending on specific factors, such as the presence of interconnectors with continental markets, the prevalence of renewable energy capacity, and existing liquidity.

    Country Bidding zone Baseload futures
    Denmark DK1, DK2 Day, Weekend, Week, Month, Quarter, Year
    Finland FI Month, Quarter, Year
    Sweden SE1 Month, Quarter, Year
      SE2, SE3, SE4 Week, Month, Quarter, Year
    Norway NO1, NO2 Week, Month, Quarter, Year
      NO3, NO4, NO5 Month, Quarter, Year

    The product codes and contract details file can be found here.

    Location Spread Trading

    EEX is also offering location spread trading along with the new zonal futures, as is standard with all of its power products. This is seen as a key measure to increase overall liquidity in the Nordic region, as it grants EEX’s network of pan-European traders access to the market and facilitates the execution of geographic trading strategies. 

    Location spread trading enables trading participants to efficiently trade the price differences between these delivery areas with guaranteed execution. Location spread trading will be offered:

    • Between Nordic zonal futures
    • Between Nordic zonal and System Price futures
    • Between EEX continental power products and Nordic zonal and System Price futures

    For the full set of location spread trading possibilities, please refer to the Nordic Zonal Futures presentation linked below.

    Nordic System Price

    EEX maintains its existing System Price Futures as below:

    EEX Nordic Power Futures

    Trading hours Tradeable maturities Delivery rate Tick size Fullfilment
    8:00 am to 6 pm (CET) The current week and the next four weeks, the current month and the next six months, seven quarters and six years 1 MW € 0.01 per MWh Cash settlement

    Future-to-Spot Service

    EEX, in cooperation with EPEX SPOT, is planning to offer the Future-to-Spot Service for available Week and Month Futures for all 12 Nordic Bidding Zones. For more information on the Future-to-Spot Service, please see here.

    Margin Requirements

    Positions in all EEX Power Derivatives, including Nordic Zonal Futures are subject to ECC initial margin requirements. ECC will calculate the margin rates on each ECC Business day according to ECC’s standard margin methodology. Intercommodity credits will apply for correlated opposing positions, reducing the overall margin requirement for portfolios. To find the current initial margin values and intercommodity credits, visit the ECC website here.

    Webinar: EEX Nordic Zonal Futures Update

    Watch our webinar on the launch of the EEX Nordic Zonal Power Futures, providing details of the offering, as well as addressing frequently asked questions.


    For more information, please see the webinar presentation or watch the webinar.


    Notice: To activate the video, please click on the picture. Please note that after activation your data will be forwarded to YouTube.

    Publishing date Title File
    2024-03-26 EEX Nordic Zonal Futures pdf (881 KB)
    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)



    Indirect Access


    For more guidance, please contact sales@eex.com

    Learn more about EEX Nordic Zonal Futures


    EEX and Nasdaq Commodities Announce Intention to Transfer Nasdaq’s European Power Business to EEX

    Press Release

    EEX product codes and contract detail file

    Product codes for EEX Nordic Zonal Futures and sample of contract detail file are now available here.

    To the files