GROUP MARKET REPORT. Nord Pool The Nordic power exchange. Physical market Nord Pool Spot AS. Power imports/exports in the Nordic market, June 2007:

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1 June 27 Nord Pool The Nordic power exchange GROUP MARKET REPORT Physical market Nord Pool Spot AS Turnover in the physical market in June was 19.9 TWh (1 TWh = 1 billion KWh). This was a decrease of 11.9 per cent from May (22.6TWh). In June 26, turnover was 18.5 TWh. TWh Spot turnover monthly EUR/MWh Average system price/month The exchange's market share in June was 72.5 per cent, a decrease of.5 percentage points from May. Compared with June 26, this represents a rise of 3.3 percentage points. The average spot price in June was EUR 23.68/MWh (EUR 21.38/MWh), an increase of 2.3 EUR/MWh, or 1.8 per cent, from the preceding month. Compared with June 26, the figure represents a decrease of 46.3 per cent (EUR 44.7/MWh). The total traded volume for last twelve months was TWh against 25.7 TWh for the same period in 25/6. This is an increase of 36.1 per cent. Power imports/exports in the Nordic market, June 27: The figures for import/export between the Nordic countries, which comprise a single common market, and the rest of Europe show that, overall, the Nordic region exported 138 GWh in May.

2 GWh Exchange with Nordic area monthly Turnover of cleared bilateral market trades in June was 18.7 TWh against 1.5 TWh in May. In the same period in 26, the total was 92.5 TWh. Turnover of traded and cleared contracts in June was TWh against 17.1 TWh in May. In the same period in 26, the total was TWh Germ any Es tonia Poland Rus sia Net In June 26, 864 GWh were imported. The import of power into the Nordic region derives from Russia, Poland, Germany and Estonia. Looking at the physical electricity flows between the countries, there were exports from Sweden (235 GWh) and Norway (1,342 GWh), while Finland (948 GWh) and Denmark (491 GWh) were importers. The Nordic region has imported a net total of 8,44 GWh during the last twelve months. During the same period in 25/6, 4,662 GWh were imported. Development European power prices and volume Below you find an overview of the spot prices for the largest exchanges in Europe since 23, Nord Pool (Nordics), EEX (Germany) and Powernext (France). EUR/MWh Spot prices (NP, EEX, PWX) The value of the financial contracts (financial market and clearing) in June was EUR 7,6 million against EUR 5,44 million in May. The number of active participants was 11, and they executed a total of 14,943 transactions. In May, the corresponding figures were 97 participants and 1,77 transactions. Total turnover for last twelve months (both financial market and clearing) was 2,147 TWh at a value of EUR 71,341 million. The corresponding figures for the same period in 25/6 were 2, TWh and EUR 65,897 million. In June, 8.7 million tonnes CO 2 were traded and cleared, against 5.8 million tonnes in May (1 tonne CO 2 =1 EUA). The value of the contracts was EUR 145 million. In May 26, 4.2 million tonnes were traded and cleared, at a value of EUR 67.7 million. EUR/ tco EUA prices EUADEC-7 EUADEC-8 EEX PWX NP Spot Financial market and clearing - Nord Pool ASA/ Nord Pool Clearing ASA Turnover on the exchange in June was 12.6 TWh against 69.6 TWh in May. The notional value of the turnover in June was EUR 3,732 million.

3 EUA 1 EUA turnover Turnover Nord Pool group Financial Market OTC TWh Turnover all markets During last twelve months, emissions allowances equating to 64.3 million tonnes CO 2 have been traded and cleared (49,9 million tonnes in the same period in 25/6). These had a value of EUR 864 million (EUR million in the same period in 25/6). Future electricity prices Nord Pool stresses that these prices indicate the market's expectations of future power prices in the wholesale market Elspot & Elbas Financial Market Clearing See enclosed tables for more information. Trading in the financial market (the future power market) indicates a price for the forward contract for Q3 27 of 28.3 EUR/MWh, up from the EUR/MWh in the preceding period. EUR/MWh 1 Spot and forward prices June Spot Price Month Fwd Q & Yr Fwd In June, the price for the Q4 27 contract increased from EUR/MWh to This is an increase of 9.8 per cent compared to the price at the end of May. For the annual contract for 28, in June the price rose to 46.8 EUR/MWh from 44,45 EUR/MWh. This is an increase of 5.3 per cent from May.

4 For further information about the statistics or the slides material, please contact: FINLAND: Nord Pool Finland OY Karri Mäkelä, director Finland Tel: km@npspot.com SWEDEN: Nord Pool Spot AS Urban Hammarstedt, general manager Tel: uh@npspot.com DENMARK: Nord Pool Spot AS Anders Houmøller, director Denmark Tel: ah@npspot.com NORWAY: Nord Pool group Lars Galtung, vice president communications Tel: lars.galtung@nordpool.com

5 Nord Pool monthly report June 27 Physical market, Nord Pool Spot AS Elspot prices (EUR/MWh) June 27 May 27 June 26 Jan-Jun 27 Jan-Jun 26 Jul 26- Jun 27 System price Århus Copenhagen Finland Oslo Trondheim Tromsø Sweden Kontek Turnover, Spot TWh meur , , ,556.5 GWh/day meur/day Market share 72.5% 73.% 69.2% 62.5% 47.3% 71.5% Turnover, Elbas GWh ,341.7 meur GWh/day meur/day Physical electricity flows net GWh (- export / + import) Denmark ,688-3,737 Finland 948 1, ,191 7,75 11,381 Norway -1, ,184-1, Sweden , ,717 1, The Nordic Region ,218 8,44

6 Financial market, Nord Pool ASA Financial electricity contracts Closing prices, forward contracts June 27 May 27 June 26 3 rd quarter th quarter Year Year Jan-Jun 27 Jan-Jun 26 Jul 26- Jun 27 Turnover on the exchange TWh meur 3,732 2,412 2,373 13,934 17,857 32,371 Number of transactions 9,999 6,56 5,652 46,231 43,782 91,596 GWh/day 4,884. 3,48.9 2, , , ,66.4 meur/day No. transactions/day Clearing turnover TWh ,48.4 1, ,147.1 meur 7,6.2 5,43.9 5, , , ,34.5 Number of transactions 14,943 1,77 9,58 71,988 69,59 143,616 GWh/day 1,6.8 8,54.9 6, , ,12.8 8,554.1 meur/day No. transactions/day Trading in European emissions allowances (CO 2 ) Closing prices, emissions allowances EUADEC EUADEC Turnover on the exchange Volume (1, EUA) 2,57 2, ,14 8,951 2,519 meur Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Clearing turnover Volume (1, EUA) 8,683 5,795 4,237 35,15 3,252 64,331 meur Number of transactions Volume (1, EUA)/day meur/day No. transactions/day Trading days in the period

7 About Nord Pool Services from Nord Pool Nord Pool was the first multinational commodity exchange for electricity, green certificates and European Union allowances (EUAs). The business of the Nordic power exchange is to provide market places for trading in physical and financial contracts in the Nordic countries (Finland, Sweden, Denmark and Norway). Organisation The Nord Pool group comprises Nord Pool ASA and Nord Pool Spot AS. Nord Pool ASA comprises the wholly owned subsidiaries, Nord Pool Clearing ASA and Nord Pool Consulting AS. The national grid companies Svenska Kraftnät and Statnett holds 5 per cent each in Nord Pool ASA. Nord Pool Spot AS and its subsidiary Nord Pool Finland Oy is owned by the national grid companies Fingrid, Energinet, Statnett, Svenska Kraftnät and Nord Pool ASA by twenty per cent each. The Nord Pool group has offices in Lysaker (Oslo), Fredericia, Stockholm, Helsinki, Berlin and Amsterdam. Members The Nord Pool group has more than 42 members in total, including exchange members, clearing clients, members and representatives in 2 countries. The customer base for Nord Pool ASA now includes 372 members. Nord Pool Spot AS has a customer base of 31. The membership includes energy producers, energyintensive industries, large consumers, distributors, funds, investment companies, banks, brokers, utility companies and financial institutions. The physical market - Nord Pool Spot AS The physical market is the basis for all electricity trading in the Nordic market. The spot price set here forms the basis for the financial market. Nord Pool Spot organises the market place which comprises the Elspot and Elbas products. Elspot is the common Nordic market for trading physical electricity contracts with next-day supply. Elbas is a physical balance adjustment market for Sweden, Finland and Denmark. Both the Elspot and Elbas market also include the KONTEK area in Germany. The financial market Nord Pool ASA Nord Pool ASA provides a market place where the exchange members can trade derivative contracts in the financial market. Financial electricity contracts are used to guarantee prices and manage risk when trading power. Nord Pool offers contracts of up to six years' duration, with contracts for days, weeks, months, quarters and years. Nord Pool also trades EUAs). Clearing Nord Pool Clearing ASA Clearing consists of Nord Pool Clearing ASA which enters into financial contracts as a contractual counter-party. This means that Nord Pool assumes liability for covering the future clearing of financial contracts in order to reduce the risk of the contracts for buyers and sellers. Nord Pool Clearing provides clearing for financial, standardised electricity contracts traded on and off the exchange. Consulting Nord Pool Consulting AS Nord Pool Consulting AS is a consulting company specialising in services in the fields of consulting, operations and development of international deregulated power markets.

8 Norway Sweden Denmark Finland The Netherlands Germany