National Grid Interconnectors, which operates the France-UK interconnector, announced on Friday 13 April that Nord Pool Spot has been selected to develop and operate a “virtual hub” to aid the participation of the GB electricity market in the North West European (NWE) market coupling project. Nord Pool Spot are the operators of the Nord Pool market which covers Norway, Denmark, Sweden, Finland and Estonia, and is the largest electricity market in the world by traded volume.
The aim of the virtual hub is to pool UK electricity to create a common reference price for electricity across all participating GB power exchanges by the end of 2012. Unlike other markets the UK has a number of different electricity exchanges and the virtual hub will help to create a single British electricity price for trading across electricity interconnectors. The selection followed a competitive tendering exercise for the hub, and the development is in line with the objectives of the NWE project.
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