Source - Nord Pool Rulebook (2026)
Reference: Five documents from the Nord Pool Rulebook for the Nordic/Baltic Physical Markets:
- Schedule 1 — Definitions and Interpretation (effective 16 February 2026)
- Schedule 2.1A — Day-ahead Market Regulations, Nordic/Baltic and WCE Markets (effective 16 February 2026)
- Schedule 2.2 — Intraday Market Regulations (effective 30 September 2025)
- Schedule 3 — Product Specifications, Nordic/Baltic Market Area (effective 12 February 2026)
- Schedule 4 — Clearing Rules (effective 1 February 2026)
Raw files: Raw/nordpool/b.1-definitions-and-interpretation-extracted.txt (34 pp); Raw/nordpool/b.2.1a-day-ahead-market-regulations-extracted.txt (8 pp); Raw/nordpool/intraday-market-regulations-extracted.txt (12 pp); Raw/nordpool/clearing-rules-extracted.txt (18 pp); Raw/PDF extractions/b.3.1-product-specifications-nordicsbaltics-12.02.2026/b.3.1-product-specifications-nordicsbaltics-12.02.2026.md (9 pp)
Summary
The Nord Pool Rulebook is the formal governance framework for physical electricity trading on Nord Pool’s markets. These five schedules together specify the mechanics of every transaction: how orders are submitted, how prices are determined, how clearing works, and the exact parameters for each product.
The Intraday Market Regulations are dated 30 September 2025 — exactly the date 15-minute MTU went live across SDAC and SIDC.
Day-ahead market (SDAC)
| Parameter | Value |
|---|---|
| Gate closure | 12:00 CET on D−1 |
| Gate opening | Normally 60 days before delivery day |
| Trade lot (min bid) | 0.1 MW |
| Order resolution | 15 min, 30 min, or 60 min (participant’s choice) |
| Price range | EUR −500 to +4,000/MWh (per ACER Decision 01/2023) |
| Tick size | EUR 0.01/MWh |
| Block order volume limit | 900 MW |
| Cash settlement | D+1 |
Order types: Curve Orders (price-volume steps with linear interpolation), Block Orders (multi-period, min acceptance ratio, max 900 MW), Exclusive Groups (at most one match from a set), Flexible Orders (deliver in any window within a delivery range), Linked Block Orders (conditional chains where higher priority must match first).
Price determination: EUPHEMIA algorithm maximizes social welfare (consumer surplus + producer surplus + congestion rent) subject to: (a) net positions do not exceed network capacity, (b) no paradoxically accepted blocks. Price range EUR −500/+4,000 set per ACER Decision 01/2023.
Fallback: If Nordic-Baltic Regional Coupling fails before 20:00 CET, the previous reference day’s prices and volumes apply.
Intraday market — continuous (SIDC/IDCT)
| Parameter | Value |
|---|---|
| Trade lot (min bid) | 0.1 MW |
| Products | 1-hour, quarter-hour (15 min), block orders |
| Price range | EUR −9,999 to +9,999 |
| Tick size | EUR 0.01/MWh |
| Trading opens | Normally 14:00 CET on D−1 (after day-ahead results) |
Gate closure by bidding zone (minutes before delivery):
| Bidding zone | Gate closure |
|---|---|
| SE (SE1–SE4) | 60 min |
| NO (all zones) | 60 min |
| DK | 60 min |
| LV, LT, EE | 30 min |
| FI | 0 min |
Cross-zonal capacity allocation is suspended during SIDC Intraday Auctions — continuous cross-border trading pauses for the duration of each IDA.
Intraday market — SIDC Intraday Auctions (IDA)
| Auction | Gate closure | End time | Delivery coverage |
|---|---|---|---|
| IDA1 | 15:00 | 15:20 | D+1 00:00–24:00 |
| IDA2 | 22:00 | 22:20 | D+1 00:00–24:00 |
| IDA3 | 10:00 | 10:20 | Same day 12:00–24:00 |
All Nordic/Baltic bidding zones (SE1–SE4, NO1–NO5, DK, FI, EE, LT, LV): 15-min product granularity. Trade lot 0.1 MW. Price range EUR −9,999 to +9,999. Cash settlement D+1/D+2.
Clearing
Nord Pool acts as central counterparty (CCP) by novation: every matched transaction is automatically split into two Clearing Transactions with Nord Pool as counterparty to both sides. The original transaction ceases to exist. This means every trader faces Nord Pool as counterparty — not the other party to the trade.
Each clearing member must maintain a Balance Responsible Party Agreement (BRPA) with a TSO as a condition of clearing membership.
Collateral model: initial call on admission; daily mark-to-market calculation; extraordinary collateral call (150-minute response requirement); 15% open position concentration limit triggers extraordinary margin call. Forms accepted: cash, letter of credit, bank guarantee.
Default: Nord Pool can close out open positions, seize collateral, and net obligations without a court order upon Material Event of Default.
Key definitions (Schedule 1)
- Nordic/Baltic Market: Sweden, Norway, Denmark, Finland, Estonia, Lithuania, Latvia
- SDAC (Single Day-Ahead Coupling): EU/EEA process maximizing social welfare across all connected day-ahead markets simultaneously; based on CACM Regulation 2015/1222
- SIDC (Single Intraday Coupling): EU/EEA cross-border continuous intraday market
- NEMO (Nominated Electricity Market Operator): designation under CACM Art. 4; Nord Pool holds NEMO designation for Nordic/Baltic market
- Social welfare: consumer surplus + producer surplus + congestion rent across regions — the objective function for both SDAC and SIDC auctions
Relevance to the wiki
| Wiki page | Connection |
|---|---|
| Nord Pool | Primary entity page; all parameters above |
| Flow-Based Capacity Calculation | SDAC uses flow-based capacity inputs since October 2024; EUPHEMIA incorporates PTDFs |
| Bidding Areas | All SE1–SE4 on 15-min products since Sep 2025; area prices from SDAC clearing |
| Demand Response | 0.1 MW (100 kW) trade lot = threshold for direct wholesale DR participation |
| Balancing Markets | BRPs link Nord Pool day-ahead positions to TSO balancing market; BRPA is clearing membership prerequisite |
| Network Code on Demand Response | 0.1 MW Nord Pool minimum provides context for NC DR minimum bid size debate |
| Source - CACM Regulation (EU) 2015-1222 | Legal basis for SDAC, NEMO designation, flow-based capacity |