Oct. 25 (Bloomberg) -- Norway’s energy and water directorate NVE will increase monitoring of Nordic electricity trading on the Nord Pool Spot AS exchange in Oslo, it said.
The regulator will set up a new department to oversee electricity trading starting Jan. 1 in a bid to comply with regulations laid out in the EU’s so-called third energy package, it said yesterday in an e-mailed statement.
The bloc, of which Norway is not a member, adopted a legislative package to open up internal gas and electricity markets in 2009 to promote free trading across the union. It also stipulated that each country should have an independent energy market watchdog.
NVE’s measure, carried out at its own initiative, comes ahead of proposed amendments from the country’s ministry of petroleum and energy to laws governing how the EU legislation should be implemented, it said.
NVE monitors Nord Pool Spot, the world’s largest multinational power exchange, where 370 buyers and sellers from 20 countries match supply and demand and price electricity for the following 24 hours in Norway, Sweden, Finland and Denmark, as well as Estonia and Lithuania.
To contact the reporter on this story: Torsten Fagerholm in Helsinki at email@example.com
To contact the editor responsible for this story: Lars Paulsson at firstname.lastname@example.org