Regulator approves trading platform for new UK-Norway power cable

Stock Markets44 minutes ago (Jun 09, 2021 09:22AM ET)

(C) Reuters.

By Nora Buli

OSLO (Reuters) – The Nord Pool (NASDAQ:POOL) exchange has received an operating license to host day-ahead power trading auctions for the first electricity cable linking Norway and Britain from this autumn, Norway’s Energy Regulatory Authority (NVE-RME) said on Wednesday.

The concession allows Nord Pool to run auctions for delivery over the new 1,400 megawatt (MW) North Sea Link cable once trial operations begin on Oct. 1, the regulator said.

On Tuesday, the operators of North Sea Link, transmission system operators (TSOs) Statnett and National Grid (LON:NG), announced testing of the subsea cable would commence on June 15.

Nord Pool will be running an implicit auction, meaning capacity on the cable and production traded on the exchange are auctioned together.

This ensures that electrical energy flows from areas with a surplus of power and lower prices to areas with a deficit and higher prices.

The cable connects Norway’s southern price zone NO2 with the British power market. Nord Pool already operates in both markets.

Initially, Nord Pool is the only platform to offer trading on the new connection though others may be allowed to do so in the future, for example via shared order books, NVE-RME said.

“Nord Pool is happy to receive this positive news from RME (NVE) today – and we appreciate the focus RME has put on securing an efficient go-live of the trading solution,” the exchange said in an e-mailed statement to Reuters.

Regulator approves trading platform for new UK-Norway power cable

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Stories

Discover

Tennis-Unseeded Krejcikova wins maiden Grand Slam title in Paris

World38 minutes ago (Jun 12, 2021 12:26PM ET) 6/6 (C) Reuters. Tennis - French Open -...

Biden to hold solo news conference after Putin summit

World54 minutes ago (Jun 12, 2021 12:10PM ET) (C) Reuters. FILE PHOTO: U.S. President Joe...

Apple’s iPadOS 15 breaks the app barrier

The announcement of new iPad software at this year’s WWDC conference had an abnormally...

7 new security features Apple quietly announced at WWDC

Apple went big on privacy during its Worldwide Developer Conference (WWDC) keynote this week,...

This Week in Apps: WWDC 21 highlights, Instagram Creator...

Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile...

Popular Categories