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ANNUAL REPORT 2016 5 Appreciate Precisely How the Technology We at Nord Pool I Am Glad to Be Able to Say, Proposition

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ANNUAL REPORT 2016 5 Appreciate Precisely How the Technology We at Nord Pool I Am Glad to Be Able to Say, Proposition 20 ANNUAL 16 REPORT Efficient, Simple, Secure “Ours is a journey of continuous improvement, centred on our customers.” Mikael Lundin, CEO, Nord Pool Bold decisions – Key facts real results 5 2016 Highlights 7 and figures 8 Widening access – Where we operate 11 accelerating growth 13 Where every Directors’ and customer is king 17 Financial reports 20 “Our customers, regardless of their size or where they trade from, are now enjoying a trading experience with Nord Pool that is more efficient, simple and secure.” Mikael Lundin, CEO 4 NORD POOL Bold decisions – real results Several years ago now, as Chief Delivering for customers As result, what our customers have seen Executive of Europe’s leading I was delighted that we were able to end the from us in recent times has been new power market, I took a conscious year with customer satisfaction feedback day-ahead, intraday and clearing systems, which provided scores that are among the with a deliberately unified, Nord Pool ‘feel’. decision to make a reappraisal best that I have ever seen in my time at of Nord Pool’s approach to Nord Pool. I believe that success with our Continuous improvement technology – and, in connection customers is a direct reflection of the fact To say that our programme of technological to that, a major investment that they are reaping the benefits of our improvements has ‘peaked’ or ‘culminated’ of capital, time, resource and earlier decision to invest in IT. would be to fundamentally misunderstand what Nord Pool has set out to do. Ours is a expertise in our technological There is no hiding the fact that, just a few journey of continuous improvement of our short years ago, our customers were telling abilities – an absolute priority. technical capabilities, centred on enhancing us that they really did not rate the technology I feel that in 2016, with a dedicated tech team usability for customers and further interface which we were providing them with, under firm strategic direction and with a clear developing and integrating the use of APIs very highly at all! We could not take that understanding of what our customers across (application programming interfaces). feedback lying down. Addressing our use and Europe not merely expected, but demanded, provision of technology had to be a key focus And I am pleased to be able to promise that of us in this regard, we saw real results from of progress for Nord Pool and something this technological focus for our business, that decision. which our customers could both test, and and for the benefit of our customers, will It seems that every year I commence the measure us, by. continue. In particular, we will be examining Foreword to our Annual Report by talking our customers’ use of APIs and how we can Our priority had to be to optimise the user about that very important aspect of the better accommodate and compliment that experience, developing and then launching power trading business – the numbers. We for smoother, quicker more efficient new systems as they became ready; really have almost come to expect record years, automated trading. building up a ‘head of steam’ and with it, and 2016 was no exception. Nord Pool’s customer expectations of what we could From healthy sceptics, I feel that Nord Pool’s traded volume grew to 505 TWh with a new deliver in the technological arena. Out went staff have become technology evangelists. Nordic and Baltic day-ahead market trading the clunky old trading applications – in came Our in-house tech team is already working record of 391 TWh. a web and browser-based system, with the on the technological solutions of the future, But the bare numbers do not tell the story watchwords being: ease-of-use, reliability while spreading the word to our customers. of our development, expansion and ambition and intuitiveness. Part of our job is to ensure that they fully – nor do they speak of the satisfaction of our customers. ANNUAL REPORT 2016 5 appreciate precisely how the technology we At Nord Pool I am glad to be able to say, proposition. We are confident that our are developing can best be harnessed by without reservation or hesitation, that we customers, regardless of their size or where them to, quite simply, make their lives easier. have taken on the challenges presented by they trade from, are now enjoying a trading What sits above that ambition is the seismic changed and new regulation, particularly in experience with Nord Pool that is more realignment being experienced by the entire the form of CACM, and we are trying our very efficient, simple and secure. power sector, set in train by the dual pulls of best to live both by the letter and the spirit of To summarise, 2017 finds a Nord Pool that technology and regulation. it. But its implementation must be equitable, wants to pioneer European power markets delivered honestly, in the right way and with And it is to regulation that I want to turn my – and it is technology which is making no mistakes resulting from a lack of courage, attention in the conclusion of this Foreword. that ambition achievable. A big part of that plain-speaking or commitment. My challenge is the recognition that power exchanges Regulation and ambition to my colleagues in the European power are already embedded in a shift in focus, I am immensely proud that, by the end of sector is to take that on board and to ensure to become technology businesses, and 2016, Nord Pool had been recognised with that it is not allowed to happen. that fundamental change from traditional 14 NEMO (Nominated Electricity Market regulated power exchange to technology Looking ahead Operator) designations, with Belgium, France, development business is what will allow us, And what of the future? As I have already Germany, Luxembourg, The Netherlands hand-in-hand with our customers, truly hinted, at Nord Pool – where technology is and Poland added to the list during the year. to be pioneers. concerned – our view is that we are very We find ourselves very much immersed in much on a journey to learn and discover the implementation of the CACM (Capacity more. Making our customers happy has had Allocation and Congestion Management) the very welcome knock-on effect of allowing regulation. But if CACM is to realise its stated us to establish our own capacity to truly aim of creating an integrated power market create on the tech side. We have become in Europe, that implementation demands experts in building technology. the recognition by all parties involved, of the need for a level playing field. We The significant technical improvements absolutely must not allow the creation of a delivered during the year, particularly our situation where CACM is implemented to the new day-ahead platform and refined and disadvantage of some customers and the streamlined REMIT reporting, have gone benefit of others. a long way to realising our ambition of providing a unified, pan-European trading platform, encompassing a solid clearing 6 NORD POOL FEBRUARY Croatian Power Exchange Ltd. (CROPEX) and Nord Pool launch the CROPEX day-ahead market, to be operational as a part of the EU-wide Multi Regional Coupling (MRC). German product offering is improved with the introduction of extension of intraday trading JANUARY allowing customers trading in the German TSO areas to trade Nord Pool Spot once again right up to delivery. SEPTEMBER becomes Nord Pool, 20 years Nord Pool receives its 12th after the first international power Nominated Electricity Market Launch of Day Ahead Web and exchange was created under that Operator (NEMO) confirmation CASS clearing and settlement very name. – for Belgium. services for our UK customers, consolidating the Nord Pool offering The Independent Bulgarian The UK day-ahead market across a single platform. Energy Exchange (IBEX) and records an all-time high for Nord Pool launch the IBEX UK traded volume of 510 Shortened Gate Closure Time day-ahead market – the first GWh, reflecting Nord Pool’s improves Nord Pool’s German such power trading market investment in the streamlining intraday offering, letting customers in Bulgarian history. and modernisation of our trade across the different German Nord Pool receives its 11th UK power product and TSO areas until 20 minutes Nominated Electricity Market service offering. before delivery. Operator (NEMO) appointment – in Germany. MARCH DECEMBER The day-ahead auction in the Nordic and Baltic market records Developments in Nord Pool’s Our end-of-year customer survey produces encouraging the highest weekly volumes in the Day Ahead Trading System results – with Nord Pool receiving an average 8.2 out market’s history at 10.2 TWh, with allow the use of new bid of 10 on overall customer satisfaction. daily volumes reaching a new products Exclusive Groups and New urgent market message system, REMIT all-time high, with 1.55 TWh Flexible Orders in the Nordic- UMM, which includes reporting to ACER’s traded for delivery the next day. Baltic day-ahead auction. REMIT platform and to ENTSOE, is successfully launched, completing Nord Pool’s new modern APRIL product suite for physical power trading. Nord Pool welcomes its 14th NEMO A new REMIT OTC Reporting designation – in Luxembourg. Service to ACER, to coincide with REMIT Article 8 on reporting OTC contracts coming into force, is successfully 20 launched by Nord Pool. Poland is confirmed as Nord 16 Pool’s 13th NEMO appointment. HIGHLIGHTS ANNUAL REPORT 2016 7 Key facts and figures Total volume traded 505TWh 8 NORD POOL € Nordic system price Nordic and Baltic day-ahead market 391 26.91Eur/MWh TWh UK day-ahead market 109 TWh Nordic, Baltic and German intraday market Customers trading (from 20 countries) 5 TWh 380 ANNUAL REPORT 2016 9 Traded volume growth (in TWh) Nordic system price (average price in EUR/MWh) A total of 505TWh traded in 2016.
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