This webpage describes how to retrieve and analyze data for the NORDPOOL system that includes data for Scandinavian countries as well as for the U.K. system. The website for NORDPOOL is transparent and generally easy to work with. Compared to Germany and the U.K, the NORDPOOL data is wonderfully transparent and easy to work with compared to the crap from UK and other websites. In addition, unlike most other websites, you can make an analysis of wind power and evaluate how the volumes and changes in wind power affect power prices. As with other merchant price analyses, values are converted into USD and evaluated relative to natural gas prices.
For NORDPOOL, hourly merchant electricity price data that begins in 2014 is available on a website. Before that, monthly data is published on the site. I do have some earlier data on NORDPOOL and I have put together monthly NORDPOOL merchant price data that goes back to 1997. The NORDPOOL merchant price data selected is for the elspot (the entire region of Scandinavia) as well as for Denmark (because of the ability to evaluate wind power). 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.
- Nordpool Database with Internet Read.xlsm
- Exchange Rate History
- Commodity Price Database for Gas Prices
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 give you more interesting analysis. Make sure the drop-down 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:
Range("sheet_name").Calculate 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 delete_sheet: error_code = 1 MsgBox " Deleting " & sheet_name Sheets(sheet_name).Delete Sheets(base_sheet).Select On Error GoTo 0