Nov. 19 (Bloomberg) -- Pohjolan Voima Oy, Finland’s second-biggest utility, will set up two subsidiaries that will trade power on behalf of its production units and represent the company’s owners on the Nord Pool Spot AS exchange.
The units will start operating next month, Marko Nylund, executive vice president of generation management, said by phone today from Helsinki. PVO Power Management will trade within-day and day-ahead power, while PVO Power Services will act as a legal exchange member representative on behalf of some of the company’s 21 owners, which include paper makers UPM-Kymmene Oyj and Stora Enso Oyj, as well as locally owned energy companies.
“As of December 1, we will stop buying and selling power on the the Nord Pool Spot exchange in Oslo on behalf of our shareholders,” Nylund said.
Pohjolan Voima, the main shareholder in the Olkiluoto nuclear reactors, produced 14.47 terawatt-hours of power last year, some 20 percent of total Finnish output. Its current trading unit, PVO-Pool Oy, will cease power trading and instead provide staffing and information technology services to the two new entities, Nylund said.
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