Iceland's ELMA deploys Croatian CROPEX' long-term auction system

"We are delighted to see the first results of the implementation of CROPEX auction system as this marks our second delivery of our systems to a partnering power exchange," CROPEX CEO, Ante Mikulis, said in a press release on Wednesday.

Using that system, on May 28 ELMA performed the first successful auction for the procurement of losses for Icelandic transmission system operator Landsnet, for 13 parallel products with great feedback from market participants, it said.

"We see a long-term auction system part of our product portfolio, and day-a-head market will follow, to be launched in Iceland early next year, in co-operation with Nord Pool," ELMA CEO, Katrin Olga Johannesdottir, said.

Nord Pool is a pan-European power exchange with its main office in Oslo and offices in Stockholm, Helsinki, Tallinn and London.