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1、The Nordic Energy Marketby Sam Weinstein Research Fellow, PSIRU, School of Computing and Mathematical Sciences, University of Greenwich三月 231. Introduction32. Norway3A. The Creation of a Power Exchange3 How power is exchanged4B. Corporatisation, concentration and public ownership4 Table 1 Largest Po
2、wer Generation Companies in Norway, 19955 Table 2: Major Electricity Companies in Norway, and owners, November 20005C. Impact of liberalization: industrial prices fall, domestic prices rise53. Sweden6A. Nord Pool in two countries6B. Generation patterns6C. Residential consumers again lose6 Table 3: M
3、ajor Power Companies in Sweden, November 200074. Finland7A. Separation of grid and joining Nord Pool7B. Generation8 Table 4: Major Power Companies in Finland, November 200085. Denmark8A. Consumer coops and municipal companies9B. Law prevents profit from privatisation9C. Two grids, one Nord Pool96. P
4、romises versus Realities9A. Ownership9B. Market Power9C. Reserve Capacity10D. Taxation policy10E. European integration will also tend to raise prices117. Impact on the Baltic States12A. Estonia, Latvia, Lithuania re-orienting their connections12B. Modernising infrastructure13C. The multinationals in
5、 the Baltics13D. Looking for regional solutions: a possible merger of state electricity companies13 Table 6: Penetration of multinationals into Baltic Electricity148. Gas14 Table 7: Ownership of gas companies in The Nordic and Baltic Countries149. Environment and employment15A. Environmental policy1
6、5B. Employment practices and trends16Notes171. IntroductionThe countries under consideration are Norway, Sweden, Finland and Denmark and the relationship between the Nordic market and the newly emerging Baltic market. Iceland is considered a Nordic country, but since it is so geographically remote f
7、rom the others, it does not participate in the Nordic Energy Market yet. Electricity generation and distribution in Iceland are publicly owned, with Landsvirkjun dominating generation, as well as owning and operating the main power grid. The power companys present ownership structure and shareholder
8、s comprises the State of Iceland (50%), the City of Reykjavik (45%) and AkureyriTown (5%).Virtually all electricity in Iceland is produced from hydropower and geothermal power. These two sources contributed generation of 5,500 MW of electricity in 1998. Latest Landsvirjun research has estimated that
9、 Icelands economically exploitable electricity potential from the countrys hydro sources totals some 18,000 MW. Iceland recently opened talks on building a sub-sea cable to export surplus power to northern and continental Europe with the Finnish government, which currently holds the presidency of th
10、e European Union. Sept 1999 In most if not all economies the energy sector, and electricity generation and distribution in particular, is the largest single industry in terms of total invested capital. The Nordic countries are no exception. For many years prior to liberalisation in any of the Nordic
11、 countries there was some cooperation and exchange of power through bilateral agreements to stabilise supply problems (for instance in very dry years when Norways dependence on hydro posed problems.) Electricity prices were some of the lowest, not only in Europe, but anywhere in the industrialised w
12、orld. Creation of a multinational energy pool could be the basis for multinational planning, allowing all consumers to benefit from cheap, environmentally sensitive power based on differing conditions in a much larger geographic area which could include the Baltic countries and beyond. Instead, plan
13、ning is increasingly being done by market forces.As a result, vertical integration is taking place in Norway, Sweden and Finland; a greater divergence of price between industrial and residential consumers is developing, with residential consumers suffering price increases even as the overall price o
14、f energy falls; and for the first time there are government discussions about the possibility of actual electricity shortages, possibly even interruptions of services. We are also witnessing the functioning of corporatised state energy companies which are increasingly active in mergers and acquisiti
15、ons not only on a national but an international scale. As a result concentration is taking place both nationally and internationally.On the other side of the Baltic sea, the Baltic countries are working to relieve their dependence on former regional ties to Russia, by inviting in foreign capital inv
16、estment to repair old infrastructure but unfortunately loosing flexibility by doing so. They too are looking for regional solutions, with each other, and their neighbours to the west and south. Workers in the industry who are used to stable employment will have to deal with a very different world.2.
17、 NorwayIn 1991 Norway embarked on a program of liberalisation for the purpose of equalising prices in different regions of the country and to increase efficiency It is paradoxically Norway, a country entirely supplied by relatively cheap hydropower and not a member of the European Union, which start
18、ed the restructuring of its electricity sector in 1991, the year of enforcement of its Energy Act. The goal of this reform was to level the price in different regions, improve the efficiency of production and grid operations, give a better signal to customers and also to provide more incentives for
19、optimal investment. From Power Economics August 7, 2000. While Norway is the second largest exporter of oil in the world BUSINESS OUTLOOKNorway: Oil May Lubricate a SlowdownThe boost in petroleum prices, generated by the agreement among OPEC and four non-member nations, comes at a good time for Norw
20、ay, the worlds No. 2 oil exporter and a non-OPEC member of the pact. Its economy faces sharply slower growth this year and next, after six years of strong growth. And higher oil prices give Norges Bank, Norways central bank, added leeway to cut interest rates. behind Saudi Arabia, electricity genera
21、tion is accomplished almost exclusively (99%) with cheap hydro-electric power. Norway has the highest per capita use of electricity in world, much of it being used to pump oil and gas out of the North Sea mainly for export. In 1992 transmission was separated from distribution and generation and put
22、in the hands of Statnett, a wholly-owned, independently-run state enterprise. A system of access tariffs was established to level the playing field for all who wanted access to the grid on a kind of postage stamp basis the distance between the producer and the distributor had nothing to do with pric
23、e of transmission.A. The Creation of a Power ExchangeStatnett was also put in charge of the creation of a Norwegian power exchange called Statnett Marked. Statnett Marked consisted of a spot market for trading power for the next 24 hours to ensure grid stability, and a futures market spanning period
24、s up to three years. Initially created in 1993 for the Norwegian market only, it has since become the chief financial market for the Nordic power exchange, encompassing transactions in all four countries. It is now jointly owned by Statnett and Svenska Kraftnat, the state-owned transmission company
25、in Sweden, and has been renamed Nordpool. NordPool has three different pieces: a 24 hour spot market; a regulation market and a futures market. While the first two are for physical power exchange (the regulation market is to ensure grid stability through very short term purchases,) the NordPool futu
26、res market was the worlds first electricity derivatives exchange used as a hedge against price fluctuations. Nordpool is not a mandatory market so far capturing only 25% of the total Nordic market. But the majority of power is still traded in bilateral contracts of which some pricing is controlled b
27、y Parliamentary dictate. About half of the electricity used by the power intensive industries is supplied by Statkraft through long term contracts. The prices and other conditions of these contracts have been laid down by the Parliament. In 1991, the initial year of the electricity market reform, th
28、e Parliament decided to offer to renew the long term state power contracts; they had been set to expire in the 1990s. The Parliament has allowed Statkraft to renegotiate the terms in all contracts on a commercial basis, though the industrial users are free to accept or reject all offers. The renewed
29、 contracts run to 2010. New power-intensive industries or expansion of existing facilities can seek terms similar to those in the renewed contracts. International Energy Agency Norway Review 1997The futures market is particularly important, because as price instability becomes more commonplace with
30、liberalisation, this financial instrument will allow buyers and sellers to stabilise their markets to some degree. This tends to work more for large industrial consumers who can lock in good prices and often force renegotiations of contracts if prices fall even lower. How power is exchanged Source:
31、Norwegian Ministry of Petroleum and Energy. B. Corporatisation, concentration and public ownership At the same time that Statnett was created, the generation business that was owned by the government was also made into a separate corporation, Statkraft, owned by the state, but run like a private com
32、pany. Statkraft held 30% of the Norwegian generation market when it was first created. Almost a decade later, despite various changes in the rules and laws to further open up the market, that percentage has remained fairly constant. Statkraft has however moved further a field investing in local dist
33、ributors such as Oslo Energi , a municipal utility of which it owns 20%. Another 49% is owned by Vattenfall, the Swedish state owned producer. The state also owns more than half of the shares in the second largest generator, Norsk Hydro. In total, despite liberalisation, 85% of generation in Norway
34、is owned by the public sector, and nearly all of it by Nordic public sector bodies - and much of the rest will eventually return to state control from long term 60-year leases In addition to the 85% of electricity production owned by the public sector today, two-thirds of the remaining private secto
35、r hydro production will gradually revert to the state. Concessions granted for hydro-power development stipulate that the rights and facilities revert to the state after 60 years. The state acquires the assets without compensation under the reversion clause. This inhibits the sale and purchase of ge
36、nerating assets, as the time limit is based on initial development even if the facility is sold. In addition, sales to private interests are inhibited by a stipulation that gives the state first right of purchase if more than one-third interest is to be sold. Sales below this threshold are not subje
37、ct to this first right of purchase. Some sales of generating assets between public owners have taken place, for example, Oslo Energi recently sold 20% to Statkraft. The sale of Oslo Energi assets to the private sector might have been more problematic as a former energy minister announced that the Go
38、vernment would exercise its first right option. International Energy Agency. However a process of concentration means that while there were some 600 local distribution utilities in 1960, that has now been reduced to less than 200. Table 1 Largest Power Generation Companies in Norway, 1995 Mean Annua
39、lPercent ShareInstalledPercent ShareProductionCapacity(GWh)(MW)Statkraft31 70028.48 26431.1Oslo Energi7 8407.02 2658.2Norsk Hydro9 3628.41 7206.3Lyse kraft5 3004.71 5185.5Bergenhalvens komm5 3504.81 4445.3Trondehim energiverk3 0302.77562.7Nord Trdelag elverk2 5152.26202.3Skiensfjorden komm2 4722.256
40、92.1Hafslund Energi2 6002.34561.7Vest Agder energiverk2 3312.14551.7Source: The Energy Sector and Water Resources in Norway, Ministry of Industry and Energy, 1995. Table 2: Major Electricity Companies in Norway, and owners, November 2000CompanyParentCompanyParent Country%OwnedPublicly OwnedDrammen F
41、jernvarmeFortumFinland50% Finnish GovtHafslundCommunesNorwayCommunesHafslundVattenfallSweden20Swedish GovtNorFraGdFFrance35French GovtOslo EnergiStatkraftNorway20Norwegian GovtOslo EnergiVattenfallSweden49Swedish GovtStatkraft (Norge)StateNorway100Norwegian GovtStatnettStateNorway100Norwegian GovtSo
42、urce: PSIRU databaseC. Impact of liberalisation: industrial prices fall, domestic prices rise But while every customer was free to switch suppliers as a result of the 1991 legislation, in reality, only large industrial consumers had that ability. Switching suppliers could cost a legally permitted fe
43、e of as much as NOK 5000 or more than $550 US and in addition the end user was required by law to have equipment for hourly metering which was also not cheap. The result was that while prices for industrial consumers declined initially, in 1995 prices for residential consumers rose by as much as 14%
44、 from January to October, prompting a huge public debate about liberalisation and modification of the law. Again the attempted solution was “market driven”. The hourly metering requirement was removed and the switching charge was capped at US$27. In addition consumers were allowed to switch supplier
45、s on a quarterly basis. If the hope was to drive prices down by getting residential consumers to “shop around”, it was a failure. By 1996 NVE statistics show that barely one tenth of one percent of residential consumers had switched providers. Removing the metering requirement and switching charge f
46、or residential consumers completely in 1997 did have an effect: by April of 2000 some 11.5% of residential consumers had switched. By contrast, the 1996 figure for switching by industrial consumers is about 32%, and reflects their ability to cut deals for cheaper power in the course of normal busine
47、ss. Among all corporate consumers (not just industrials) more than 20% had switched by April, 2000.It is difficult to see how 11.5% of residential consumers switching their supplier could have much impact on overall prices. Recent declines in wholesale prices are the result of a series of extremely
48、wet years resulting in full reservoirs in a country deriving 99% its power from hydro: “.by a moderate winter and a high water supply for the hydro-power industry, which sent prices on the Nordic power exchange to their lowest level for years.” Reed Business Information September 1, 2000. However some commentators have suggested tha
