1. Introduction Anders Plejdrup Houmøller CEO, Houmoller Consulting
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8 April 2018

2. The Nordic System Price – 1
In this presentation, the term “Nordic” refers to the countries Denmark, Finland, Norway and Sweden.
The System Price is the common price, we would have in the Nordic area, if there were no grid bottlenecks in the area covered by the four countries
Hence the System Price is a virtual price.
However, the System Price is used as the underlying reference for most of the Nordic financial power contracts. €
8 April 2018

3. The Nordic System Price – 2
Concerning the pictures at the next two slides:
There is no correction for inflation – the prices are nominal terms.
The red and the blue curves must be regarded as two independent pictures
As the currency rate NOK-EUR has fluctuated during the period from 1999 to 2018
The number for the annual turn-over at the Nordic whole-sale market is only a rough estimate of the average turn-over during the period 2004–2017
Due to falling prices and falling consumption, the turn-over in 2017 was only about € 11 billion (about $ 13 billion).
8 April 2018

4. The Nordic System Price
May 4th, 1992 – April 8th, 2018
Nominal terms 80
160
240
320
400
NOK/MWh
Moving 7-days average 10 20 30 40 50 60 70 80 90
100
110
EUR/MWh 93 95 97 99 01 03 05 07 09 11 13 15 17
Dry and
cold
Dry year
Cold
weather
Dry and cold
Cold and low
Swedish nuclear
power output
Annual turnover
at the Nordic
whole-sale market:
about EUR 14 billion
(about USD 18 billion)
Spring flood
Autumn
Wet year
Wet

5. The Nordic System Price10 20 30 40 50 60
EUR/MWh 80
160
240
NOK/MWh
May 3rd, 1993 – April 8th, 2018 94 96 98 00 02 04 06 08 10 12 14 16
Nominal terms
Moving 365 days average
(moving annual average)

6. Thank you for your attention!
Anders Plejdrup Houmøller
Houmoller Consulting
Tel