Nord Pool the Nordic power exchange GROUP MARKET REPORT

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1 May 28 Nord Pool the Nordic power exchange GROUP MARKET REPORT Highlights physical markets: POWER: Volume Elspot 23.4 TWh in May and TWh YTD. Volume Elbas GWh in May and YTD 63.6 GWh. The exchange's market share in May was 71.2 per cent, compared to 69.9 in April. MEMBERS: Nord Pool Spot: three new members in May and four YTD, 378 memberships in total. Highlights financial markets: POWER: Volume traded and cleared Nordic power in May 224 TWh and YTD TWh, compared to 22 TWh and TWh last year. Nord Pool market share of traded Nordic power contracts was 51.4 per cent in May 28 compared to 4.9 per cent in May 27. Volume traded and cleared international power contracts 4 TWh in May and 23.8 TWh YTD. CARBON: Volume EUAs and CERs 1.4 million tonnes in May and 67.1 million tonnes YTD. MEMBERS: Nord Pool ASA: 16 new members YTD, 416 memberships in total. For detailed information about May figures, see enclosed tables.

2 Physical market Nord Pool Spot AS Turnover in the physical market in May was 23.4 TWh (1 TWh = 1 billion KWh). This was a decrease of 6.4 per cent from April (25 TWh). Power imports/exports Nordic market: The figures for import/export between the Nordic countries and the rest of Europe show that the Nordic region exported 51 GWh in May. EUR/MWh 8 Average system price/month GWh 3 2 Exchange with Nordic area monthly The exchange's market share in May was 71.2 per cent, an increase of 1.3 percentage points from April. Compared with May 27, this represents an increase of 3.6 percentage points Germany Estonia Poland Russia Netherlands Net In May 27, 451 GWh were exported. Development European power prices and volume TWh Spot turnover monthly Overview of spot prices for the largest exchanges in Europe since 23: Nord Pool (Nordics), EEX (Germany) and Powernext (France). EUR/MWh Spot prices (NP, EEX, PWX) EEX PWX NP Spot The average spot price in May was EUR 25.8, a decrease of 12.6 EUR/MWh, or 31.8 per cent from the preceding month.

3 Financial market and clearing 4 3 Turnover on the exchange in May was against TWh in April. The notional value of the turnover in May was EUR 6,1 million. Turnover of cleared bilateral market trades in May 19 TWh against 86.1 TWh in April. In the same period in 27, the figure was 1.5 TWh. Turnover of traded and cleared contracts in May was 224. TWh against 22. TWh in April. In the same period in 27, the figure was 17.1 TWh. Turnover on international power contracts on the exchange in May was 2.4 TWh against 5 TWh in April. Turnover of traded and cleared contracts on international power in May was 4. TWh against 6.6 TWh in April. In May 1.4 million tco 2 were traded and cleared, against 9.6 million tonnes in April (1 tco 2=1 EUA=1 CER). EUR/ tco2 EUA/CER prices Future power prices 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 Q3 28 of EUR/MWh, up from 39.1 EUR/MWh in April. EUR/MWh Spot and forward prices May Spot Price Month Fwd Q & Yr Fwd The price for the Q4 28 contract increased from EUR/MWh 53.1 in April to in May. Turnover power markets Nord Pool group EUA D EC -8 C ER D EC -8 EUA D EC -9 TWh Turnover all markets EUA EUA/CER turnover Elspot & Elbas Financial Market Clearing Financial Market OTC

4 Nord Pool Monthly Report May 28 Physical market, Nord Pool Spot AS Elspot prices (EUR/MWh) May 28 April 28 May Jun 27 - May 28 System price Århus Copenhagen Finland Oslo Trondheim Tromsø Sweden Kontek Turnover, Spot TWh meur , ,387. 3, ,13.6 GWh/day meur/day Market share 71.2 % 69.9 % 67.6 % 7.3 % 68.8 % 69.7 % Turnover, Elbas GWh ,665.3 meur GWh/day meur/day Physical electricity flows net GWh (- export / + import) Denmark Finland 1,43 1,141 1,372 7,248 6,243 13,116 Norway , ,273 Sweden -1,638-1,546-1,572-6,5-3,482-1,35 The Nordic Region ,

5 Financial market, Nord Pool ASA Financial power contracts Closing prices, Nordic forward contracts May 28 April 28 May 27 3 rd quarter th quarter Year Year Jun 27 - May 28 Turnover on the exchange TWh Nordic TWh International TWh Total meur 6,1 6,16 2,412 29,96 1,22 62,96 Number of transactions 13,193 15,518 6,56 65,993 36, ,392 GWh/day 5,93 6,384 3,481 6,248 3,117 5,52 meur/day No. transactions/day Clearing turnover TWh Nordic TWh International TWh Total meur 1,523 9,277 5,44 47,641 22,12 17,273 Number of transactions 17,945 2,68 1,77 88,25 57,45 19,542 GWh/day 11,435 1,298 8,55 11,12 8,27 1,667 meur/day No. transactions/day Trading in carbon contracts Closing prices, carbon contracts EUADEC EUADEC CERDEC Turnover on the exchange Volume (1, EUA) 1,684 3,22 2,123 13,334 9,57 3,46 Volume (1, CER) 1, ,915 12,582 Total Volume 2,788 3,618 2,123 2,249 9,57 43,42 meur Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Clearing turnover Volume (1, EUA) 4,41 6,597 5,795 34,317 26,332 78,626 Volume (1, CER) 6,17 3,4 32,848 57,325 Total Volume 1,427 9,637 5,795 67,165 26, ,951 meur , ,562.2 Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Trading days in period

6 About Nord Pool Services from Nord Pool Nord Pool is Europe s largest power exchange in terms of both physical and financial contract volumes. Further, Nord Pool is also the only commodity exchange to provide trade in emissions allowances (EUAs) and carbon credits (CERs). 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 subsidiaries Nord Pool Finland Oy and Nord Pool Spot AB are owned by the national grid companies Fingrid, Energinet.dk, 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 Nord Pool ASA has 416 members. Nord Pool Spot AS 32 members in Elspot and 58 in Elbas. The memberships include 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 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 gas exchange, Nord Pool Gas AS, organises physical trade of natural gas. The products offered are day contracts and a following-month contract. Nord Pool Gas AS is owned by Energinet.dk and Nord Pool Spot with a share of 5 % each. The financial market Nord Pool ASA Nord Pool ASA provides a marketplace where the exchange members can trade derivative contracts in the financial market. Financial power 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 and CERs. 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, and 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. 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 AB Urban Hammarstedt, director trading 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