Nord Pool the Nordic power exchange GROUP MARKET REPORT. TWh

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1 November Nord Pool the Nordic power exchange GROUP MARKET REPORT Physical market Nord Pool Spot AS Turnover in the physical market in November was 26.7 (1 TWh = 1 billion KWh). This was an increase of 9. per cent from October (24.5 TWh). In November 26, turnover was 25.2 TWh. EUR/MWh Average system price/month TWh Spot turnover monthly The exchange's market share in November was 7.4 per cent, a drop of.5 percentage points from October. Compared with November 26, this represents a drop of The average spot price in November was EUR 45.72/MWh, an increase of 9.12 EUR/MWh, or 24.9 per cent, from the preceding month. Compared with November 26, the figure represents a decrease of 2.2 per cent (EUR 46.75/MWh). 1.4 percentage points. The total traded volume for the first eleven months was TWh against TWh for the same period in 26. This is an increase of 17.5 per cent. Power imports/exports in the Nordic market, November : The figures for import/export between the Nordic countries and the rest of Europe show that the Nordic region imported 611 GWh in November.

2 GWh Exchange with Nordic area monthly 23- Turnover of cleared bilateral market trades in November was 15.4 TWh against TWh in October. In the same period in 26, the figure was TWh Germ any Es tonia Poland Rus sia Net In November 26, 792 GWh were imported. The import of power into the Nordic region derives from Russia, Poland, Germany and Estonia. Looking at the physical electricity flows between the countries, there were exports from Norway (26 GWh) and Denmark (863 GWh), while Sweden (1.25 GWh) and Finland (529 GWh) were importers. The Nordic region has imported a net total of GWh during the last eleven months. During the same period in 26, 1.95 GWh were imported. Development European power prices and volume The figure below gives an overview of the spot prices for the largest exchanges in Europe since 23, Nord Pool (Nordics), EEX (Germany) and Powernext (France). Turnover of traded and cleared contracts in November was TWh against TWh in October. In the same period in 26, the figure was 227. TWh. The value of the financial contracts (financial market and clearing) in November was EUR 1.48 million against EUR million in October. The number of active participants was 98, and they executed a total of transactions. In October, the corresponding figures were 14 participants and transactions. Total turnover year to date (both financial market and clearing) was TWh at a value of EUR million. The corresponding figures for the same period in 26 were 2.2 TWh and EUR million. In November 17.2 million tonnes CO 2 were traded and cleared, against 12.2 million tonnes in October (1 tonne CO 2 =1 EUA=1 CER). The value of the contracts was EUR 321 million. In November 26, 5.7 million tonnes were traded and cleared, at a value of EUR 59.9 million. EUR/MWh 1 Spot prices (NP, EEX, PWX) EUR/ tco2 EUA/CER prices EEX PWX NP Spot Financial market and clearing - Nord Pool ASA/ Nord Pool Clearing ASA Turnover on the exchange in November was TWh against TWh in October. The notional value of the turnover in November was EUR million EUADEC-7 CERDEC-8 EUADEC-8 Year to date, emission allowances equating to 84.2 million tonnes CO 2 have been traded and cleared (54. million tonnes in the same period in 26). These had a value of EUR 1.41 million (EUR 1.11 million in the same period in 26).

3 EUA 2 EUA/CER turnover Turnover Nord Pool Group Financial Market Future electricity prices OTC These prices indicate the market's expectations of future power prices in the wholesale market. Trading in the financial market (the future power market) indicates a price for the forward contract for Q1 28 of 51.4 EUR/MWh, down from EUR/MWh in October. TWh Turnover all markets Elspot & Elbas Financial Market Clearing See enclosed tables for more information. EUR/MWh 1 8 Spot and forward prices October Spot Price Month Fwd Q & Yr Fwd In November, the price for the Q2 28 contract decreased from EUR/MWh 48.5 to For the annual contract for 28, the price decreased from EUR/MWh 52.8 to in November.

4 For further information about the statistics or the slides material, please contact: FINLAND: Nord Pool Finland OY Karri Mäkelä, director sales & marketing Tel: km@npspot.com SWEDEN: Nord Pool Spot AS Urban Hammarstedt, director production Tel: uh@npspot.com DENMARK: Nord Pool Spot AS Anders Houmøller, director business development Tel: ah@npspot.com NORWAY: Nord Pool group Lars Galtung, vice president communications Tel: lars.galtung@nordpool.com

5 Nord Pool monthly report November Physical market, Nord Pool Spot AS Elspot prices (EUR/MWh) November October November 26 Jan-Nov Jan-Nov 26 Dec 26- Nov System price Århus Copenhagen Finland Oslo Trondheim Tromsø Sweden Kontek Turnover, Spot TWh meur 1, , , ,22.1 8,645.1 GWh/day meur/day Market share 7.4% 7.9% 71.8% 71.9% 62.3% 72.% Turnover, Elbas GWh , ,621.9 meur GWh/day meur/day ,46.45 Physical electricity flows net GWh (- export / + import) Denmark ,25-1,317 Finland , ,6 Norway -26-1, , ,41 Sweden 1,25 1, , The Nordic Region ,698 1,95 2,252

6 Financial market, Nord Pool ASA Financial electricity contracts Closing prices, forward contracts November October November 26 1 st quarter nd quarter Year Year Jan-Nov Jan-Nov 26 Dec 26- Nov Turnover on the exchange TWh meur 6,536 8,66 3,25 4,212 34,248 42,257 Number of transactions 13,53 15,129 8,69 12,92 82,773 18,466 GWh/day 5,612 7,244 3,292 4,296 3,71 4,185 meur/day No. transactions/day Clearing turnover TWh , ,2.5 2,46.9 meur 1,48 14,761 7,446 73,816 75,285 8,463 Number of transactions GWh/day 1,44 14,58 1,317 9,394 8,631 9,551 meur/day No. transactions/day Trading in European emissions allowances (CO 2 ) Closing prices, emissions allowances EUADEC EUADEC CERDEC Turnover on the exchange Volume (1, EUA) 4,479 5,188 1,374 29,995 15,547 31,778 meur Number of transactions ,17 1,811 3,242 Volume (1, EUA)/day meur/day No. transactions/day Clearing turnover Volume (1, EUA) 17,24 12,225 5,727 84,217 53,968 89,817 meur ,41.3 1,1.6 1,461. Number of transactions ,31 6,54 Volume (1, EUA)/day meur/day No. transactions/day Trading days in the period

7 About Nord Pool Services from Nord Pool Nord Pool was the first multinational commodity exchange for electricity, green certificates and European Union allowances (EUAs). The business of the Nordic power exchange is to provide marketplaces for trading in physical and financial contracts in the Nordic countries (Finland, Sweden, Denmark and Norway). Organisation The Nord Pool group comprises Nord Pool ASA and Nord Pool Spot AS. Nord Pool ASA comprises the wholly owned subsidiaries, Nord Pool Clearing ASA and Nord Pool Consulting AS. The national grid companies Svenska Kraftnät and Statnett holds 5 per cent each in Nord Pool ASA. Nord Pool Spot AS and its subsidiary Nord Pool Finland Oy is owned by the national grid companies Fingrid, Energinet, Statnett, Svenska Kraftnät and Nord Pool ASA by twenty per cent each. The Nord Pool group has offices in Lysaker (Oslo), Fredericia, Stockholm, Helsinki, Berlin and Amsterdam. Members The Nord Pool group has more than 42 members in total, including exchange members, clearing clients, members and representatives in 2 countries. The customer base for Nord Pool ASA now includes 48 members. Nord Pool Spot AS has a customer base of 299. The membership includes energy producers, energyintensive industries, large consumers, distributors, funds, investment companies, banks, brokers, utility companies and financial institutions. The physical market - Nord Pool Spot AS The physical market is the basis for all electricity trading in the Nordic market. The spot price set here forms the basis for the financial market. Nord Pool Spot organises the market place which comprises the Elspot and Elbas products. Elspot is the common Nordic market for trading physical electricity contracts with next-day supply. Elbas is a physical balance adjustment market for Sweden, Finland and Denmark. Both the Elspot and Elbas market also include the KONTEK area in Germany. The financial market Nord Pool ASA Nord Pool ASA provides a market place where the exchange members can trade derivative contracts in the financial market. Financial electricity contracts are used to guarantee prices and manage risk when trading power. Nord Pool offers contracts of up to six years' duration, with contracts for days, weeks, months, quarters and years. Nord Pool also trades EUAs). Clearing Nord Pool Clearing ASA Clearing consists of Nord Pool Clearing ASA which enters into financial contracts as a contractual counter-party. This means that Nord Pool assumes liability for covering the future clearing of financial contracts in order to reduce the risk of the contracts for buyers and sellers. Nord Pool Clearing provides clearing for financial, standardised electricity contracts traded on and off the exchange. Consulting Nord Pool Consulting AS Nord Pool Consulting AS is a consulting company specialising in services in the fields of consulting, operations and development of international deregulated power markets.

8 Norway Sweden Denmark Finland The Netherlands Germany