Lysaker, 25 April 2008

The board of Nord Pool ASA decided in its meeting on 24
April 2008 to issue a violation charge of NOK 700,000 towards Alfa Kraft AB for
market manipulation in the financial electricity market.

Nord Pool ASA (Nord
Pool) has investigated the trading activity in ENOYR-08 of Alfa Kraft AB Alfa
Kraft) on the 1 June 2007 and found that Alfa Kraft has violated the Market
Conduct Rules section 5.1 on market manipulation. 

The investigations found
that Alfa Kraft at 14.59h on 1 June 2007 executed a sale over Nord Pool's
electronic exchange trading system in ENOYR-08 of 1 MWh at € 45.30 and
thereafter entered another two offers of 3 MWh and 5 MWh both at € 45.30.
Shortly thereafter Alfa Kraft executed a purchase in ENOYR-08 of 10 MWh at €
45.30 in the OTC-market. The seller of the OTC-contract had prior to the trade
at € 45.30 offered € 45.40 for the same volume. Shortly thereafter Alfa Kraft
cancelled its two offers at € 45.30 over the exchange trading system.

Nord
Pool finds that the sale and two offers over the exchange trading system were
intended to secure the price of ENOYR-08 at a beneficial level compared to the
offer price in the OTC-market. The sale and the two offers gave an incorrect
and misleading signal as to the supply of ENOYR-08 at € 45.30. The offers were
intended to make influence on the seller's initial price level at € 45.40 to
instead sell at € 45.30. Thus, Alfa Kraft made an economic profit through the
purchase of 10 MWh in the same product series in the OTC-market.

On this basis
Nord Pool has found that Alfa Kraft, according to section 5.1 of the Market
Conduct Rules, has engaged in market manipulation by trading and offering over
Nord Pool's electronic exchange trading system that had the intention to set
the price of ENOYR-08 that deviates from the market value. Alfa Kraft has by
its trading activity conducted transactions and orders to trade “which give, or
are likely to give, false or misleading signals as to the supply of, demand for
or price of a Listed Product,” according to Market Conduct Rules section 5.1,
litra a.

Nord Pool finds a breach of Market Conduct Rules section 5.1 about
market manipulation, to be a severe violation, as market manipulation in
general will be negative for the confidence of the market. According to section
5.1 of the Market Conduct Rules Nord Pool has decided to impose a violation
charge of NOK 700,000 towards Alfa Kraft.
For further information, please
contact Nord Pool ASA:  

Torger Lien, president and CEO, phone +47 6752
8000

Erik Thrane, head of market surveillance, phone: +47 6752 8089

Lars
Galtung, vice president communications, phone +47 6752 8080