Update on the process of assessment of the Nordic forward market


The Nordic energy regulators in NordREG have had a close cooperation on the development of a coordinated methodology for an assessment of the functioning of the Nordic electricity forward market. The assessment will be carried out following requirements in Commission Regulation (EU) 2016/1719 of 26 September 2016 establishing a guideline on forward capacity allocation (FCA GL).

NordREG finds it crucial that the assessment covers the most important indicators that are relevant for market participants in the Nordic electricity market. NordREG also finds it important to use indicators that are well-founded in economic theory and applicable in light of the specific characteristics of electricity markets. Hence, NordREG has engaged consultants and organized workshops about the implementation of the FCA GL in order to gain more insights related to methodology for evaluating the Nordic financial electricity market. In November 2016 EC Group delivered the report “Methods for evaluation of the Nordic forward market for electricity” which gave valuable input to the regulators on how to carry out the assessment following the FCA GL.


Finland, Sweden and Denmark will perform a consultation in accordance with the FCA GL (Norway is formally not yet obliged to follow the FCA GL since the third package has not been implemented in Norway). This will take place during February/March 2017.
Further information on these processes can be found on the national regulators’ homepages.

Finland has an ongoing consultation in accordance with FCA GL about the market participants’ needs for cross-zonal hedging opportunities, which can be found in:

FCA -suuntaviivojen mukainen markkinaosapuolten kuuleminen

Finland has also conducted a study to review the market data using an external consultant. The results of this study can be found here: Calculations for the evaluation of the functioning of the wholesale electricity markets on the Finnish bidding zone borders as required in the FCA GL

Sweden’s consultation will shortly be published at:

Denmark’s consultation will shortly be published at: