MARKET REPORT. December 2010

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Transcription:

December 21 MARKET REPORT Highlights physical markets December 21: POWER: Nord Pool Spot market share of Nordic consumption was 73.4 per cent in December. The total Nordic preliminary consumption for December was 43.4 TWh compared to 37.3 TWh in November. Volumes traded were 31.3 TWh in December compared to 27.9 TWh in November 21. The average system price for December was 81.65 EUR/MWh compared to 54.78 EUR/MWh in November 21. The value of turnover in the physical market for December was EUR 2.79 billion. MEMBERS: Nord Pool Spot: 337 memberships in total. Highlights financial December 21: POWER: NASDAQ OMX Commodities Europe reached a volume of traded contracts of 98.9 TWh, compared to 119.7 TWh in November 21 (including international contracts). NASDAQ OMX Commodities reached a volume of traded and cleared contracts of 166.3 TWh, compared to 223 TWh in November 21 (including international contracts). Exchange traded market share for Nordic power increased to 59.2 percent, up 5.7 percentage points from November 21. 1.4 TWh traded and cleared in German contracts in December 21. CARBON: The total volume of traded and cleared EUAs and CERs (1 tonne CO 2 =1 EUA=1 CER) was.9 million tonnes as compared to 3.1 million tonnes in November 21. MEMBERS: NASDAQ OMX Commodities: 361 memberships in total. For detailed information about December figures, see enclosed tables.

Physical market EUR/MWh 1 8 6 4 2 - TWh 35 3 25 2 15 1 5 Turnover in the physical market in December was 31.3 TWh (1 TWh = 1 billion KWh). In November, the turnover was 27.9 TWh. Average system price/month 21222324252627282921 The exchange's market share in December was 73.4 per cent, a increase of.6 percentage points from November. Compared with December 29, this represents an increase of 1.8 percentage points. Based on preliminary figures total Nordic consumption for 21 was 398.2 TWh compared to 372.3 TWh for 29. This represents an increase of 6.9 percentage points. Spot turnover monthly 21-21 21222324252627282921 Power imports/exports Nordic market: The figures for import/export between the Nordic countries and the rest of Europe show that the Nordic region imported 2 627 GWh in December. GWh 3 2 1-1 -2 Exchange with Nordic area monthly 23-21 23 24 25 26 27 28 29 21 Germany Estonia Poland Russia Netherlands Net In November 21, 1 657 GWh were imported. Development European power prices and volume EUR/MWh 1 8 6 4 2 - Overview of spot prices for the some of the exchanges in Europe since 23: Nord Pool Spot (Nordics), EEX (Germany/Austria) and Powernext (France). Spot prices (NP, EEX, PWX) 23 24 25 26 27 28 29 21 EEX PWX NP Spot The average spot price in December was EUR 81.65 EUR/MWh, an increase of 26.87 EUR/MWh, or 49.5 per cent, from the preceding month.

1999 2 21 22 23 24 25 26 27 28 29 21 Financial market and clearing Turnover of traded and cleared contracts in December was 166.3 TWh against 223. TWh in November (incl. international contracts). In December 29, the figure was 171.3 TWh. Turnover on the exchange in December was 98.9 TWh against 119.7 TWh in November (including international contracts). The notional value of the turnover in December was EUR 5,746 million. Turnover of cleared bilateral market trades in December was 67.4 TWh against 13.3 TWh in November (including international contracts). In December 29, the figure was 71.6 TWh. Turnover of traded and cleared contracts on international power in December was 1.4 TWh against 1.1 TWh in November. Turnover on international power contracts on the exchange in December was 1.2 TWh against 1. TWh in November. In December,.9 million tco 2 were traded and cleared, against 3.1 million tonnes in November (1 tco 2=1 EUA=1 CER). 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 Q1 211 of 84.27, up from 62.1 in November. EUR/MWh 12 1 8 6 4 2 Spot and Forward Prices December 31, 21 22 24 26 28 21 212 214 NP Spot (weekly) Month Fwd Q & Yr Fwd In December, the price for the Q2 211 contract also increased from EUR/MWh 49.3 to 63.77. Turnover power markets Nord Pool Spot/ NASDAQ OMX Commodities EUR/tCO2 4 EUA and CER prices TWh 4 Turnover All Markets 3 3 2 2 1 1 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 EUA 25 2 15 1 5 EUADEC-11 EUADEC-12 CERDEC-1 EUA/CER turnover Spot Exchange OTC See enclosed tables for more information. 28-1 28-7 29-1 29-7 21-1 21-7 OTC Financial Market

Monthly Report - December 21 Physical market, Nord Pool Spot Elspot prices (EUR/MWh) Dec 21 Nov 21 Dec 29 21 29 Jan 21 - Dec 21 Systempris 81.65 54.78 39.6 53.6 35.2 53.6 Århus 6.5 5.45 37.8 46.49 36.5 46.49 Köpenhamn 91.64 55.96 52.7 56.94 39.88 56.94 Finland 91.34 56.63 47.98 56.64 36.98 56.64 Oslo 82.83 55.9 37.69 54.25 33.74 54.25 Trondheim 91.86 56.27 48.12 58.4 35.55 58.4 Sverige 91.86 56.26 48.12 56.82 37.1 56.82 Turnover, Spot TWh 31.3 27.9 28.8 35.2 285.5 35.2 meur 2 788.4 1 584.7 1 362.9 17 886.7 1 739.5 17 886.7 GWh/day 1 8.2 93.6 929.6 833.4 782.1 833.4 meur/day 89.95 52.82 43.97 49. 29.42 49. Market share 73.4% 72.8% 71.6% 74.4% 72.% 74.4% Turnover, Elbas GWh 136.4 172.9 182.3 2 173.9 2 371.2 2 173.9 meur 12.6 1. 8.5 118.2 91.3 118.2 GWh/day 4.4 5.76 5.88 5.96 6.5 5.96 meur/day.41.33.27.32.25.32 Physical electricity flows net GWh* (- export / + import) Denmark -596-355 -33-756 88-756 Finland 658 952 86 1 511 11 524 1 511 Norway 78 559-638 7 342-9 48 7 342 Sweden 1 785 51 1 698 2 26 4 793 2 26 The Nordic region 2 627 1 657 1 563 19 123 8 77 19 123 Physical consumption GWh* Denmark 3 598 3 237 3 213 35 455 34 215 Finland 8 742 7 78 8 88 85 17 8 441 Norway 14 883 12 749 13 429 131 133 12 316 Sweden 16 217 13 62 14 483 146 476 137 32 The Nordic region 43 441 37 294 39 212 398 171 372 274 *Preliminary figures

Financial market, NASDAQ OMX Commodities Europe Financial power contracts Closing prices, Nordic forward contracts Dec 21 Nov 21 Dec 29 1st quarter 211 84.27 62.1 44.9 2nd quarter 211 63.77 49.3 39.85 Year 212 5.95 44.15 43.2 Year 213 47.34 43.5 44.2 21 29 Jan 21 - Dec 21 Turnover on the exchange TWh Nordic 97.7 118.8 98.6 1286.7 1197.2 1286.7 TWh International 1.2 1. 1.1 17. 22.5 17. TWh Total 98.9 119.7 99.7 133.8 1219.7 133.8 meur 5 746 6 93 3 741 61 277 43 632 61 277 Number of transactions 14 141 14 91 11 488 167 222 136 3 167 222 GWh/day 4 79 5 442 4 986 5 174 4 859 5 174 meur/day 273.6 276.9 187. 243.2 173.8 243.2 No. transactions/day 673.4 64.5 574.4 663.6 542. 663.6 Clearing turnover TWh Nordic 164.9 222. 17.1 289.8 2136.3 289.8 TWh International 1.4 1.1 1.2 17.8 26. 17.8 TWh Total 166.3 223. 171.3 217.5 2162.2 217.5 meur 8 446 9 5 5 647 86 515 68 474 86 515 Number of transactions 16 976 17 255 14 259 199 587 176 358 199 587 GWh/day 7 918 1 138 8 565 8 363 8 615 8 363 meur/day 42.2 411.3 282.4 343.3 272.8 343.3 No. transactions/day 88.4 784.3 713. 792. 72.6 792. Trading in carbon contracts Closing prices, carbon contracts EUADEC11 14.19 15.5 13.3 EUADEC12 14.62 15.5 14.15 CERDEC11 11.35 11.5 11.5 Turnover on the exchange Volume (1, EUA) 176 1 14 1 869 18 458 16 914 18 458 Volume (1, CER) 9 96 1 421 1 76 1 421 Total Volume 266 1 236 1 869 19 879 18 62 19 879 meur 3.6 18.2 25.7 277.6 244.1 277.6 Number of transactions 31 177 129 1 753 2538 1 753 Volume (1, EUA)/day 12.7 56.2 93.5 78.9 74.2 78.9 meur/day.17.83 1.28 1.1.97 1.1 No. transactions/day 1.5 8. 6.5 7. 1.1 7. Clearing turnover Volume (1, EUA) 777 2 788 2 882 26 59 4 727 26 59 Volume (1, CER) 122 278 4 4 91 5 38 4 91 Total Volume 899 3 66 2 922 31 5 45 765 31 5 meur 12.9 44.8 4.8 439.4 599.3 439.4 Number of transactions 58 231 181 2 178 3792 2 178 Volume (1, EUA)/day 42.8 139.4 146.1 125. 182.3 125. meur/day.61 2.4 2.4 1.74 2.39 1.74 No. transactions/day 2.8 1.5 9.1 8.6 15.1 8.6 Trading days in period 21 22 2 252 251 252

Nordic power exchanges The Nordic power exchanges are the world s largest in terms of both physical and financial contract volumes. The exchanges are also among Europe s leading marketplaces for trade in European Union allowances (EUAs) for emissions and global certified emission reductions (CERs). Nord Pool Spot AS operates the physical marketplace, offering both day-ahead and intraday markets to its participants. Nord Pool Spot AS is owned by the Nordic transmission system operators and is authorised as a marketplace for energy under the Norwegian Energy Act. NASDAQ OMX Commodities is the brand name and is not a legal entity. NASDAQ OMX Commodities Europe is a secondary name of NASDAQ OMX Oslo ASA, and is authorised as a commodity derivatives exchange by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. NASDAQ OMX Commodities is the world s largest commodity derivatives exchange and one of Europe s leading carbon markets. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services for commodity markets globally. NASDAQ OMX Commodities also provide clearing services through NASDAQ OMX Stockholm AB and its Norwegian branch NASDAQ OMX Oslo, acting as an authorised clearinghouse. N2EX is the brand name for NASDAQ OMX Commodities and Nord Pool Spot AS offering in the UK power market and NASDAQ OMX Stockholm AB is the authorised clearinghouse. Members NASDAQ OMX Commodities have 361 members. Nord Pool Spot AS has 327 members in Elspot and 99 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 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. Financial power contracts are used to guarantee prices and manage risk when trading power. Nord Pool offers contracts of up to six years' duration covering days, weeks, months, quarters and years. The financial market also offers the carbon contracts EUAs and 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 clearing house provides clearing of financial, standardised power contracts in the Nordic market, carbon contracts (EUAs and CERs) and financially settled German and Dutch power contracts traded on and off the exchange. For further information about the statistics or the slides material, please contact: NASDAQ OMX Commodities Trine Fersnes, corporate communications Tel: +47 6752 88 E-mail: trine.riccardi@nasdaqomx.com Nord Pool Spot Siw Hauge, director communications Tel: + 47 961 5992 E-mail: sh@npspot.com Nord Pool Spot Rickard Nilsson, manager power data services Tel +46 8 555 166 6 E-mail: pds@npspot.com The physical market The physical 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. 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.