For the Nordpool system, hourly merchant electricity price data that begins in 2014 is available. Before that, monthly data is published. I had some earlier data on NORDPOOL and I have put together monthly NORDPOOL merchant price data that goes back to 1997 from the website. The NORDPOOL merchant price data selected is for the elspot (the entire region of Scandanivia). The NORDPOOL merchant price database file below is an aggregated database with both the monthly history and the hourly detail.
As with other markets, the NORDPOOL merchant electricity price data is translated into USD (from Euro) and is translated from Norwegian to Euro. To facilitate the translation, the file that I use to read in currencies is also presented.
How to Update the NORDPOOL Merchant Price Eletricity Price Database by Yourself
The data can be easily updated in an automated manner because of files on the Nordpool website that can be read into a workbook using the WORKBOOKS.OPEN statement in simple macro. Websites for the Nordpool is the following:
First, note that you must change your excel to the Europeaner format (with commas and points). You can do this by pressing the macro on the first page. When you are finished updating, you can press the re-set macro.
Step 1: When updating the data, go to the operation page of the NORDPOOL database. You should get the hourly data and not monthly data because the hourly data can gve you more interesting analysis. Make sure the dropdown box is set to hourly. To do this press the update button. Existing hourly sheets will be deleted.
Step 2: Copy and paste data from the main currency workbook and from the commodity price workbook after you have updated the links (note you have to be careful about the decimal problem). The monthly commodity prices are copied to the pink data sheet and the Euro Exchange rate is copied from the daily currency database to the sheet named currencies.
That’s basically it.
Lessons from Studying the NORDPOOL Merchant Electricity Price Market
The system price at in the Nordpool market can give insights into European markets and it demonstrates how a lot of hydro capacity can affect prices. Nordpool is a transparent website in which you can easily download hourly historic data.
Nordpool has correlation with natural gas prices but somewhat less than other markets because of the large amount of hydro power. The Nordpool market also has similar general trends as the German market discussed above.
For updating, the macro has an error test as follows:
error_code = 0
On Error GoTo finish_delete: ‘ Not found so don’t have to delete
Sheets(sheet_name).Select ‘ if sheet is not there, this is an error
error_code = 1
MsgBox ” Deleting ” & sheet_name
On Error GoTo 0