The European Energy Exchange (EEX) reports steady growth of trading volumes on the EEX Nordic Power derivatives market since the start of the comprehensive liquidity programme on 1 September.
Traded volumes throughout the months of September to November significantly exceeded previous levels in 2025 and show a +210% growth over the same period last year (7.2 TWh Sep-Nov 2025 versus 2.3 TWh Sep-Nov 2024). Reflecting this expansion, EEX’s net Open Interest for Nordic Power grew by 49.7% YoY, reaching the highest value in 15 months. In addition, the net Open Interest in the SE2 and SE3 zones now both surpassed the milestone of 1 TWh.
Over the first three months of the programme, 11 out of the 13 EEX Nordic areas registered trades, including first trades in the Norwegian NO3, NO4, NO5 as well as the Swedish SE1 and SE3 zones. In addition, November saw the highest number of trades executed in the past two years.
EEX has also extended its Nordic Power Open Interest scheme until 31 March, which now has no minimum trading volume requirement in order to provide wider support for all trading participants.
Peter Reitz, CEO of EEX, comments: “It’s very positive to see the growth of the overall trading volume in only a few months, as well as the engagement of the whole trading community, including the international participants who have been with EEX on other markets. We have now updated our liquidity programme to extend support to an even wider range of trading members. We are looking forward to further growth in liquidity in the Nordics.”
EEX’s product offering for the region includes both Nordic System Price contracts, the so-called Zonal Futures with price determination for each Nordic delivery area, and Implied EPADs, a combination of Zonal Futures and the Nordic System Price Futures, which provide the benefits of the location spread. This setup reduces capital requirements through cross-margining effects.
The steadily growing EEX member base on the Nordic power derivatives market covers both European and US-based market participants.
Open Interest (OI) is the total number of unsettled futures and options in a given market, indicating the interest level and liquidity of this market.
