Nasdaq OMX Commodities and Nord Pool Spot will launch their new UK electricity market, called N2EX, on January 11, 2010. The sponsors want N2EX to be “the UK’s premier energy exchange”.
The bourse has been given the go-ahead by the Transitional Market Council, which oversaw the process of setting it up. The council includes representatives from N2EX and the Futures and Options Association, which managed the tendering process in 2008 for exchanges wanting to create the market.
In a competition that ran from May to October last year, Nasdaq OMX and Nord Pool Spot beat several competitors, including Intercontinental Exchange, European Energy Exchange and APX Group, for the mandate to set up a new market. The FOA committee that chose the winners comprised power market participants including E.On UK, EDF Energy, Npower and Scottish Power and Energy Trading....