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N2EX, the UK power market offering, operated by NASDAQ OMX Commodities and Nord Pool Spot, has welcomed its 35th member – major electricity generator Drax Power Limited.
Drax, which currently generates 7% of the UK’s electricity, is the most recent of the country’s key power generators to join the N2EX market.
Welcoming Drax to the N2EX electricity market Hans Randen, Director European Integration at Nord Pool Spot, said: “We are delighted to have Drax Power Limited, as the latest member of our market. It is important that N2EX attracts the full range of the UK’s electricity generators and suppliers, to ensure a robust and transparent market. Having Drax Power Limited among our 35 members is a great vote of confidence in how the N2EX market is developing and as such the business is a very welcome addition to the N2EX market.
“It will be interesting to see the impact Drax has on N2EX once the business is trading to its fullest potential. Greater volume and liquidity in the market, which Drax will no doubt contribute to, can only be a positive development.”
Damien Speight, head trader at Drax Power Limited added:
“N2EX has established itself as a viable route to market. We are encouraged by the recent commitments made by a number of major market participants to increase N2EX liquidity. We look forward to working with N2EX and the wider market to encourage greater innovation, lower entry barriers and transaction cost, and increase the liquidity, tenure and transparency of the GB wholesale power market.”
