Nordic & European Power

- manage power price risks efficiently

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Power futures and options for convenient trading and hedging.

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Nasdaq Commodities offers a broad range of power futures and options that help power traders, producers, distributors and retailers to manage price risks. 

We offer base and peak load Futures, Deferred Settlement Futures (DS Futures), Monthly DS Futures, Options and Electricity Price Area Differentials (EPADs). These contracts are used for trading and clearing, and all power contacts are financially settled. EPADs are unique products that allows you to hedge against area price risks related to constraints in the transmission grid.

Nasdaq Commodities is a stable, regulated marketplace with excellent transparency, liquidity and technical infrastructure. We offer a flexible membership model to suit different trading and clearing needs. 

Nordic Power Futures & Options

For the Nordic Market we offer Power Futures, Options and Electricity Price Area Differentials (EPADs) Futures contracts.

Nordic & Baltic EPAD Futures

For the Nordic- and the Baltic (Latvia and Estonia) market we offer EPAD Futures contracts.
The EPADs unique products allows you to hedge against area price risks related to constraints in the transmission grid.  

Fee Holiday for Electricity Price Area Differential (EPAD) Contracts
In order to address customer interest for hedging both the Nordic System Price (System) and the Area Price in the Nordic Power  market, Nasdaq Commodities has decided to introduce a fee holiday for the EPAD contract executed directly in a one- sided combination (System and EPAD) transaction in ETS. The fee holiday will be effective from October 1, 2020 until September 30, 2022.
Learn more >

German Power Futures & Options

For the German market we offer Power Futures and Options contracts.

French Power Futures 

For the French market we offer Power Futures contracts.

Power Products overview

Futures: We offer trading and clearing of Base and Peak Load Futures Contracts that are tradable in the Spot Reference Period/Delivery Period, where they carry the full contract size. The contracts have daily mark to market settlement through the entire trading period which includes the Spot Reference Period. The settlement of the final expiration day is calculated as the average of all the Spot Reference fixing prices in the Spot Reference Period.

DS Futures: We offer trading and clearing of Base Load DS Futures contracts. Mark to market value is accumulated during the trading period and settled in the delivery period.

Monthly DS Futures: We offer trading and clearing of Base, Peak, Off Peak and hourly block Monthly DS Futures contracts enhancing the efficiency between physical and financial markets. With their unique settlement structure, they provide the same cash flow as for the physical contracts. 

The Monthly DS Futures are designed as deferred settlement futures with monthly cash settlement where mark to market value is accumulated during the trading period and cash settlement on the 20th day of the immediately following calendar month.
Options: We offer trading and clearing of option contracts (European style) for the Nordic and German Power markets. An option is a right to buy or sell an underlying contract (Future) at a predetermined price at a predefined date in the future. Option contracts in combination with other Nasdaq Commodity Derivatives are valuable tools to manage risk and for hedging strategies.

Electricity Price Area Differential (EPAD)s: We offer trading and clearing of Nordic and Baltic EPADs. Area prices may be different from the system price when there are constraints in the transmission grid. EPADs are Futures referencing the difference between an Area Price and an Index (e.g. the Nordic System Price) and allow members to hedge against the price risk.   
Calculation: => Area price minus System price (result can be positive, zero or negative)

For more product information

Please see our Contract specifications >

Pre-Trade Transparency & RFQ Trading System

Question and Answers regarding Pre-Trade Transparency and the RFQ Trading System (RFQS).

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Clearing & Netting by Nasdaq Clearing

Nasdaq Clearing is used for clearing of all power derivatives trading at the Nasdaq Commodities market, eliminating your counterparty credit risks. Nasdaq Clearing automatically applies netting and margin offsets between all markets, minimize the number of transactions needed. This simplifies back-office operations for frequent traders.

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Market Activity and News

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Benefits with Nasdaq Power Derivatives

Manage power price risks efficiently

Hedge your electricity contracts using our power futures and options. We offer a variety of derivatives to match the different needs of power producers & distributors, power consumers and power traders on the European power market.

Excellent liquidity

Nasdaq Commodities offer excellent liquidity on trading of power futures and options. Our clearing house, Nasdaq Clearing, is one of the largest CCPs for power derivatives in Europe.

Capable trading system & Low latency

We can offer one of the fastest and most functionally complete trading systems in the world, plus a modern technical infrastructure with low latency.

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