The successful launch of Euronext Nord Pool Power Futures in March marks a significant milestone, signalling a structural shift in how Europe’s energy markets are organised, accessed and sustained. Amid current market and geopolitical conditions, the initiative reflects a broader ambition to strengthen Europe’s market infrastructure, reinforce energy autonomy and rebuild liquidity in a market that is critical for industrial and economic stability.
A market rebuilt for liquidity and long-term commitment
For Tom Darell, CEO of Nord Pool, the launch responds directly to market demand for a committed, long-term operator in Nordic and Baltic power futures.
“From the beginning, the ambition has been clear: to grow liquidity in the market and provide the right offering at the right cost. What matters to participants is having a long-term commitment, strong local presence and a deep understanding of the market and its needs.”
Following the migration of 100% of open interest from Nasdaq Clearing to Euronext Clearing, early indicators suggest strong momentum.
“The first weeks of trading have been very encouraging. Volumes have been strong from the start, and overall activity has been above expectations. We are also seeing new participants entering the market, which is essential for improving both liquidity and price discovery.”
Beyond volumes, the structure of the market is designed to address a key challenge that has affected Nordic power futures in recent years, which is the shift away from exchange-based trading. By combining competitive clearing models with renewed market engagement, Euronext aims to bring activity back onto the exchange, strengthening transparency and resilience.
Combining local expertise with European scale
A defining feature of the initiative is the integration of Nord Pool’s physical market expertise with Euronext’s trading and clearing infrastructure, creating a model that is both local and European.
“This is a truly European project,” says Tom Darell. “It brings together teams and capabilities across multiple countries including trading, clearing, risk and operations, while maintaining strong local proximity to customers in the Nordic market. That combination of local expertise and broader infrastructure is a real strength.”
This integrated approach enables market participants to access both physical and derivatives markets within a single ecosystem, simplifying access while improving efficiency.
A strategic pillar for Europe’s autonomy
From a strategic perspective, the launch is closely aligned with Euronext’s broader ambition to reinforce European control over critical market infrastructure.
For Camille Beudin, Chair of the Nord Pool Board and Chief Diversification Officer at Euronext, the initiative reflects both market need and geopolitical context.
“This project was built on the idea that Europe needs strong, integrated market infrastructure operated by European players. In the current environment, having well-functioning and resilient energy markets is more important than ever.”
The launch also represents a concrete milestone within Euronext’s Innovate for Growth 2027 strategic plan. “It is one of the first major initiatives of the plan to be fully delivered, which demonstrates our ability to execute on our strategy and strengthens confidence in what comes next.”
By bringing trading, clearing and physical market expertise under one roof, the initiative contributes to a more integrated European energy landscape.
“There is a clear need for more integrated European markets and for strong European operators managing critical infrastructure. This initiative contributes directly to that ambition, while offering a more efficient and coherent value proposition for clients.”
Laying the foundations for future growth
While the launch marks a major milestone, both Tom Darell and Camille Beudin emphasise that it is only the starting point. The immediate focus is on consolidating liquidity, refining the offering and continuing to work closely with market participants. Over time, the platform also opens the door to broader expansion and innovation in European power derivatives.
“We are starting with an offering that reflects the existing market,” Tom Darell notes, “but energy markets are evolving rapidly. Together with our clients, we will continue to adapt and develop the market to meet future needs.”
A collective achievement
The scale and complexity of the project, which spans multiple countries, regulatory environments and systems, also highlight the collaborative effort behind the launch.
“It has been an impressive team effort,” Tom Darell adds. “Hundreds of people across Euronext contributed to delivering this project, alongside strong commitment from our clients throughout the transition.”
With a unified marketplace now fully implemented, Euronext Nord Pool Power Futures positions itself as a key building block in Europe’s energy and financial ecosystem by supporting liquidity, strengthening resilience and anchoring critical market infrastructure firmly within Europe.