Volumes of terawatt hours (TWh) traded in the Nordic electricity market droppedfor the first time ever in 2003 – and dropped heavily. And they are still falling,says Nordic electricity exchange Nord Pool, which accounts for some 90% of powercontracts traded in the region, including the over-the-counter trades it clearsfor brokers. For an exchange that makes its money from volumes – as opposed tonumbers or values of trades – this is bad news.

Nord Pool has recognised it needs to address the