Nord Pool
Nord Pool is the Nordic and Baltic electricity exchange operator and Estonia's designated Nominated Electricity Market Operator (NEMO) under CACM Regulation (EU) 2015/1222. It runs the EE bidding-zone day-ahead and intraday auctions and publishes the hourly clearing prices that anchor most Estonian retail tariffs and PPAs.
Nord Pool is the Nordic and Baltic electricity exchange and Estonia's designated Nominated Electricity Market Operator (NEMO) under CACM Regulation (EU) 2015/1222. It runs the EE bidding-zone day-ahead and intraday auctions and publishes the hourly clearing prices that anchor most Estonian retail tariffs and PPAs.
History and ownership
Nord Pool started in 1993 as Statnett Marked AS (Norway only) and became Nord Pool ASA in 1996 when Sweden joined — the first multinational electricity exchange in the world. Estonia joined as a bidding zone in 2010, Lithuania in 2012, Latvia in 2013. Today Nord Pool AS is owned by Euronext (66%) and TSO Holding (34%); TSO Holding represents the Nordic and Baltic TSOs. EPEX SPOT is also a designated NEMO for Estonia but Nord Pool remains the operational day-ahead and intraday exchange in practice.
Products
Three core products: day-ahead (Elspot — hourly auction closing at 12:00 CET), intraday (Elbas / SIDC — continuous trading until close to delivery), and various financial forwards (EPAD bidding-zone differentials, system reference contracts). The Estonian retail spot tariff is computed directly from Nord Pool day-ahead clearing prices.
Bidding zones and price spread
Estonia is a single bidding zone (EE). Cross-border capacity to FI, LV and SE4 is allocated through implicit auction in the day-ahead clearing. When constraints bind, EE prices diverge from neighbours — sometimes by hundreds of euros per MWh in extreme hours. This spread is what makes BESS arbitrage profitable and is a core driver of Estonian retail price volatility.