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The Nordic electricity market is often identified as one of the best functioning super-national electricity markets in the World, this widely spread understanding is often extended to cover all aspects of the Nordic electricity market. The Nordic electricity market maintains a system spot price for electricity and on the connected financial markets electricity future contracts exist to allow hedging the system price risk. As the Nordic electricity markets are segmented into multiple price areas, whose electricity price may differ from the spot price, Electricity Price Area Differentials (EPAD) are available for hedging the risk caused by the area price difference. In other words, to completely hedge a position in the Nordic electricity markets a market participant must obtain a hedge against the system price risk and the risk caused by the possible area price – system price difference. In order for the Nordic electricity markets to function well it is important that market participan
