The only cross border intra-day market in Europe

Elbas is a continuous cross border intra-day market that covers both the Nordic countries and Germany, where adjustments to trades done in the day-ahead market are made until one hour prior to delivery. At 08:00 CET the hour-contracts for the next day are opened for trade in Germany. At 14:00 CET the hour-contracts for the next day are opened in the Elbas market areas Finland, Sweden, Norway, and Denmark. Because the capacities available for Elbas trading are published approximately at 14:00 CET, Germany is treated as a separate bidding area between 08:00 CET - approximately 14:00 CET.

• Instant access to counterparts from the whole Nordic and German power markets
• Reduces the risk of the balancing market prices
• Optimal potential for profit made after the day-ahead market
• Trading every day around the clock until 1 hour before delivery
• User-friendly and effective web based trading system

Intraday trading across borders
Elbas connects its participants within and across the borders of the Nordic and German power markets. All trades done on Elbas are implicit utilising cross border capacity. Avilable cross border capacity for intra-day trading is updated after each executed trade. The participants are only obligated to report the trades done on Elbas to their local Transmission System Operator (TSO).

Balancing market
Elbas is an alternative to the balancing market for all or some of the imbalance a power company may have after the day-ahead trades are final. Elbas reduces the risk of being in imbalance for power companies, because the price is known prior to the hour of delivery rather than afterwards. With high volatility in the balancing market unknown prices carry a great economical risk. 

Elbas and economical profit
The price spread on Elbas offers opportunities for economical profit for all participants. Elbas provides the opportunity for better prices than in the day-ahead market as well as the balancing market. Intraday trading across borders provides access to a wider selection of counterparts with different production mix, marginal costs and general market conditions. Thus, Elbas provides a substantial spread and potential for making a profit.

Trading on Elbas
Trading on Elbas is available after the day-ahead market is closed and up to one hour prior to delivery. Elbas is a very user-friendly web based trading system.

Settlement and collateral

Nord Pool Spot acts as the only counterpart for all trades done on Elbas guaranteeing settlement and anonymity. Collateral calls are minimized because they are netted with trades done on the day-ahead market Elspot.

Elbas - product description:
Market:	The whole Nordic and German market
Opening hours:	Continuous
System:	Web based
Counterpart for all trades:	Nord Pool Spot AS
Balancing responsibility:	Traders report only to their local TSO
Trading period:	2 hours after day-ahead and 1 hour prior to delivery
Currency:	EUR
Min. contract size:	1 MWh
Min. tick size:	EUR 0.1
Contracts:
Hour:	One or more MWh
Block bids:	All or nothing, max. 3 in a series

Participants

Power producers
Production companies trade on Elbas in order to reduce the risk of the balancing market and to get a better control of their production imbalance. Access to counterparts with different market conditions and product mix improves the opportunity to make profitable deals in the intraday market.

Power consumers
Power consumers such as power intensive industry increase their chances of procuring low priced power on Elbas.

Elbas provides the opportunity to sell power bought in the day-ahead market with a profit in the intraday market (after the day-ahead market is closed.)

Traders
Increased liquidity and a substantial spread on Elbas provide excellent opportunity to make a profit in the intraday market.

Transmission System Operators (TSO)
The TSOs allocate capacity on their grid to Elbas after the day-ahead market is closed. Elbas increases the usage of grid capacity, hence increases the TSOs’ revenue.