On 1 July 1999, Nord Pool opened a Spot Market price area in Jutland-Fyn in Denmark. Jutland-Fyn now constitutes a separate price area in the Nordic Power Exchange area. The Jutland-Fyn spot price is not included in calculating the Spot Market system price when bottlenecks occur on the Skagerrak subsea transmission cables linking it to the rest of the power exchange area. The integration of Jutland-Fyn into the Nordic Power Exchange has been successful, and the number of Danish participants has increased. On the Spot Market, participants in the Nordic power market conduct trade for power deliveries during the next 24- hour period.
Prices are determined for each hour of the day through competitive bidding.
Eltermin is a financial market for price hedging and trading of electric power contracts. The Financial Market currently offers futures and forward contracts with a trading horizon of up to three years. Daily market settlement is conducted for futures contracts during both the trading and delivery period. Forward contracts, on the other hand, accumulate the results of price fluctuations throughout the trading period, with daily settlement during the delivery period. Elclearing is a service provided for all contracts traded on the Nordic Power Exchange.