Elering and Litgrid become Nord Pool Spot shareholders

The Estonian and Lithuanian electricity transmission system operators (TSOs), Elering and Litgrid, have today (1 August 2012) each acquired a 2% share of Nord Pool Spot, Europe’s largest power market.

In addition, it has been agreed that the right of the Latvian TSO, Augstsprieguma Tīkls (AST), to acquire a 2% share of Nord Pool Spot will be granted when the new Latvian power market opens. Meanwhile Nils Nygren has been appointed the new chairman of Nord Pool Spot, effective from the same date. Mr Nygren was previously responsible for public affairs at the Nordic energy business Fortum and now works as a private consultant.

Once all three Baltic TSOs are established as shareholders, existing shareholders Statnett and Svenska Kraftnät will each hold 28.2% of Nord Pool Spot, and Energinet.dk and Fingrid will both hold 18.8%.

The parties signed a Memorandum of Understanding (MoU) on the purchase of shares in Nord Pool Spot in April this year.

The four Nordic TSOs see the extension of ownership to the Baltic TSOs as an important and natural step in the further integration of the Baltic and Nordic electricity markets.

For the Baltic TSOs, part ownership of Nord Pool Spot is a strategic investment. It will enable their participation in the decision-making process, ensuring that the market interests of the respective Baltic countries are discussed and accommodated. It also allows the Baltic TSOs to contribute to Nord Pool Spot’s corporate activities in developing the regional and European power markets.