Nordic Power Markets
EEX Nordic Power Markets
EEX’s Nordic power product portfolio consists of System Price futures as well as zonal futures for all Nordic bidding zones, enabling market participants to choose the most suitable tools for their hedging needs, and ultimately improving liquidity across these markets.
Nordic Zonal Futures Product Scope
Zonal futures represent a new market model for the Nordic region, with proven success on the other 25 EEX European power derivatives markets.
The benefits of zonal futures at EEX include:
- More efficient management of risk and collateral;
- A wider pool of market participants.
- Enhanced trading opportunities; and
- Improved price transparency.
EPEX’s trusted, NEMO-harmonised indices form the underlying references for these products.
EEX lists zonal base load futures for all 12 Nordic bidding zones. The scope of available maturities depends 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 also offers location spread trading as standard with all EEX power contracts. This grants EEX’s network of pan-European traders access to the market and facilitates the execution of geographic trading strategies, with the potential of increasing overall liquidity.
Location spread trading enables trading participants to efficiently trade the price differences between specified delivery areas with guaranteed execution. Location spread trading is available:
- 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 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, offers 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
To find the current initial margin values and intercommodity credits, visit the ECC website here.
For bespoke margin estimation and management, Lacima’s dedicated estimator tool is available. With such analytics capabilities, it is possible to estimate initial margin call at the end of the day as well as simulate the impact of potential trades. In addition, assessment of cross-margining opportunities is also possible. For more information, visit the Lacima website.
| Publishing date | Title | File |
|---|---|---|
| 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) |