MARKET REPORT. April Highlights physical April 2012:

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1 il 212 Highlights physical il 212: MARKET REPORT POWER: Nord Pool Spot market share of Nordic consumption was 72.7% in il. The total Nordic preliminary consumption for il was 31.6 TWh compared to 34.8 TWh in March. Volumes traded in the day-ahead and intraday markets were 25.9 TWh in il compared to 28.3 TWh in March 212. The average Elspot system price for il was compared to 29.2 in March 212. The value of turnover in the day-ahead and intraday markets for il was EUR.9 billion. MEMBERS: Nord Pool Spot: 326 memberships in total. Highlights financial il 212: POWER: NASDAQ OMX Commodities Europe reached a volume of traded contracts of 53.9 TWh in il, compared to 86.2 TWh in March 212 (including international contracts). NASDAQ OMX Commodities reached a volume of traded and cleared contracts of 93.1 TWh in il, compared to TWh in March 212 (including international contracts). Exchange traded market share for Nordic power was to 57.7 percent in il, up 3.7 percentage points from March 212. CARBON: The total volume of traded and cleared EUAs and CERs in il was 2.6 million tonnes as compared to 7.5 million tonnes in March 212. MEMBERS: NASDAQ OMX Commodities: 346 memberships in total. For detailed information about the il figures, please see enclosed tables.

2 Physical markets Turnover in the day-ahead and intraday markets in il was 25.9 TWh (1 TWh = 1 billion KWh). In March, the turnover was 28.3 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 1,6 GWh in il Average system price/month GWh Exchange with Nordic area monthly TWh Based on preliminary figures total Nordic consumption for 212 was TWh compared to TWh for 211. This represents a decrease of.9 percentage points. Spot turnover monthly Germany Estonia Poland Russia Netherlands Net In March 212, 1,478 GWh were exported. Development European power prices and volume Overview of spot prices for some of the exchanges in Europe since 23: Nord Pool Spot (Nordics), and EPEX SPOT (Germany/Austria/France). NPS & EPEX spot prices The average Elspot system price in il was EUR 31.71, an increase of 2.51, or 8.6 per cent, from the preceding month. EPEX GER EPEX FRA Nord Pool Spot

3 Financial market and clearing Turnover of traded and cleared contracts in il was 93.1 TWh against TWh in March (incl. international contracts). In il 211, the figure was 98.7 TWh. 2. TWh was traded and cleared Nordic power options against 12.9 TWh in March. EUR/tCO2 4 Trading and clearing of carbon futures amounted to 2.1 million tco 2 in il, against 6.5 million tco 2 in March. EUA and CER prices Turnover on the exchange in il was 53.9 TWh against 86.2 TWh in March (including international contracts). The notional value of the turnover in il was EUR 1,844 million. Turnover of cleared bilateral market trades in il was 39.2 TWh against 77. TWh in March (including international contracts). In il 211, the figure was 37.7 TWh EUADEC-12 EUADEC-13 CERDEC-12 TWh 4 3 Turnover All Nordic Markets Future power prices These prices indicate the market's expectations of future power prices in the wholesale market. 2 1 Trading in the financial market (the future power market) indicates a price for the forward contract for Q3 212 of 31.5, up from 3.75 in March. Spot and Forward Prices il 3, Spot Exchange OTC Turnover of traded and cleared contracts on international power in il was 3. TWh against 8. TWh in March. Turnover on international power contracts on the exchange in il was 1.9 TWh against 2.5 TWh in March NP Spot (weekly) Month Fwd Q & Yr Fwd Carbon market EUA EUA/CER turnover In il, the price for the Q4 212 contract decreased from 4.75 to OTC Exchange In il, 2.6 million tco 2 were traded and cleared, against 7.5 million tonnes in March (1 tco 2=1 EUA=1 CER).

4 Contracts for Difference (CfDs) Nordic CfD Area Prices Front Year Contracts LUL SUN STO MAL OSL TRO HEL CPH ARH The total turnover of traded and cleared Contracts for Difference (CfDs) was in il 6.4 TWh, against 9.3 TWh in March. See enclosed tables for more information.

5 Monthly Report il 212 Physical markets, Nord Pool Spot Elspot prices () 212 Mar May SYS-System price NO1-Oslo NO2-Kristiansand NO5-Bergen NO3-Trondheim NO4-Tromsø SE-Sweden SE1-Luleå SE2-Sundsavll SE3-Stockholm SE4-Malmö FI-Finland DK1-Århus DK2-Köpenhamn EE-Estonia Turnover, Spot TWh meur GWh/day meur/day Market share 72.7 % 72.1 % Turnover, Elbas GWh meur GWh/day meur/day Physical electricity flows net GWh* (- export / + import) Denmark Finland Norway Sweden The Nordic region Physical consumption GWh* Denmark Finland Norway Sweden The Nordic region *Preliminary figures

6 Financial market, NASDAQ OMX Commodities Europe Financial power contracts Closing prices, Nordic forward contracts 212 Mar rd quarter th quarter Year Year May Turnover on the exchange TWh Nordic TWh International TWh Total meur Number of transactions GWh/day meur/day No. transactions/day Clearing turnover TWh Nordic TWh International TWh Total meur Number of transactions GWh/day meur/day No. transactions/day Trading in carbon contracts Closing prices, carbon contracts EUADEC EUADEC CERDEC Turnover on the exchange Volume (1, EUA) Volume (1, CER) Total Volume meur Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Clearing turnover Volume (1, EUA) Volume (1, CER) Total Volume meur Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Trading days in period

7 Nord Pool Spot AS operates the leading markets for buying and selling power in Europe, offering Elspot day-ahead and Elbas intraday markets in the Nordic and Baltic regions, and the N2EX market in the UK together with NASDAQ OMX Commodities. Nord Pool Spot is owned by the Nordic transmission system operators and regulated by the Norwegian Water Resources and Energy Directorate (NVE). The company has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. NASDAQ OMX Commodities is the brand name for the NASDAQ OMX Group s worldwide suite of commodity related products and services. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc. NASDAQ OMX Commodities Europe is the trade name of NASDAQ OMX Oslo ASA which is authorized as a commodity derivatives exchange by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. NASDAQ OMX Commodities Europe is the world s largest power derivatives exchange and one of Europe s leading carbon markets. All trades with NASDAQ OMX Commodities Europe are subject to clearing with NASDAQ OMX Stockholm AB, which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance. N2EX is the name of the UK power market offering from NASDAQ OMX Commodities and Nord Pool Spot. NASDAQ OMX Stockholm AB is the authorized clearinghouse. Members NASDAQ OMX Commodities has 346 members. Nord Pool Spot AS has 326 members in Elspot and 15 in Elbas. The memberships include energy producers, energy-intensive industries, large consumers, Distributors, funds, investment companies, banks, brokers, utility companies and financial institutions. Services and markets 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 fifty per cent each. The financial market NASDAQ OMX Commodities Europe holds the exchange license and maintains the responsibility for operating the exchange traded products. The exchange members can trade Nordic and international power derivative contracts. The spot price forms the basis for the financial market. Market participants use financial contracts to manage price risk when trading power. NASDAQ OMX Commodities Europe offers contracts of up to six years' duration covering days, weeks, months, quarters, seasons and years. On the carbon side, the exchange offers daily quarterly and yearly forward and futures carbon contracts, European Union allowances (EUAs) and global certified emission reductions (CERs). Clearing NASDAQ OMX Stockholm AB provides clearing by entering into financial derivatives contracts as a central clearing counterparty, thereby reducing the risk and margin requirements for buyers and sellers. The clearinghouse provides clearing of financial, standardised power contracts in the Nordic market, financially-settled German and Dutch power contracts, UK power futures and carbon contracts (EUAs and CERs) traded on and off the exchange. For further information about the statistics or the slides material, please contact: NASDAQ OMX Commodities Sara Aadnesen, Director Communications Tel: / sara.aadnesen@nasdaqomx.com Nord Pool Spot Stina Johansen, Communications Manager Nordic Tel: / stina.johansen@npspot.com Nord Pool Spot Marie Pålsson, Manager Power Data Services Tel mp@npspot.com The day-ahead and intraday markets The day-ahead market is the basis for all electricity trading in the Nordic market. Nord Pool Spot organises the marketplace which comprises the Elspot and Elbas products. Elspot is the common Nordic and Estonian market for trading physical electricity contracts with next-day supply. Elbas is a physical intra-day implicit continuous market for Sweden, Finland, Norway, Denmark, Germany and Estonia.