Lysaker, 13 October 2010

Nord Pool ASA has investigated possible breaches of
the Market Conduct Rules by
Lyse Produksjon AS and Lyse Handel AS. 

The
Norwegian hydropower plant “Tjodan” is operated by Lyse Produksjon AS and
has
an installed capacity of 110 MW. After an outage the plant resumed
operations
on 6 April 2009 and the capacity volume was traded in the physical
market.
Information about the resumption of the plant was not disclosed to the
market
until 19 October 2009, however it was disclosed from Lyse Produksjon AS
to
Lyse Handel AS. On 7 May 2009 Lyse Produksjon AS sent another Urgent
Market
Message (UMM) relating to the Tjodan plant, from which it could have
been
inferred that the plant was back in operation, however this information
was not
explicit from the UMM. In the period from 6 April 2009 to 7 May 2009
both Lyse
Produksjon AS and Lyse Handel AS made several transactions in
relevant
products. 

Nord Pool ASA has regarded information about the
resumption of the Tjodan
plant as inside information as it was considered to
have a potential effect on
prices of products in the financial market, and
since this information was not
made public. Information about the restart of
the plant should have been
disclosed through an UMM since the capacity of the
plant is larger than 100MW. 

Pursuant to the Market Conduct Rules section 9
and enclosure 3, and in
accordance with the recommendation from the
Disciplinary Committee, the board
of Nord Pool ASA has concluded that: 

(i)
Lyse Produksjon AS has breached the disclosure requirements and has traded
in
the financial market while holding insider information, ref. sections
3.3,
4.1c, and 4.5. 

(ii) Lyse Handel AS has conducted trading in the
financial market while holding
insider information, ref. section 3.3.
 
The
fact that the information disclosure was severely delayed and that
insider
trading was conducted over an extensive time period has led Nord Pool
ASA to
view this as aggravating circumstances. It was deemed mitigating
however that
the information was not considered to have a significant effect
on the price(s)
of the relevant products. In line with the above both
companies have received
written warnings. 

Notably, the Disciplinary
Committee argues and has recommended that:

a) It is required, for the
insider trading prohibition to apply, that the
information in question is
considered to have a potential effect on the
price(s) of the applicable
product(s). It does however not have to have a
significant effect on the
price(s) for the insider trading prohibition to
apply. 

b) It is not
sufficient that information subject to disclosure requirements can
be inferred
from comparing different UMMs against each other. Hence,
information subject
to the disclosure requirement must be positively stated in
order to comply
with the disclosure requirements. 

The recommendation from the Disciplinary
Committee contains more comprehensive
facts and analysis, please see
attachment (note: Danish language). 

Nord Pool Spot AS has conducted a
parallel investigation into the same incident
in relation to the physical
market. Please refer to separate information from
Nord Pool Spot AS in this
respect. 


For further information, please contact Nord Pool ASA:
	
Erik
K. Korsvold, Head of Market Surveillance, Nord Pool ASA,                 

phone +47 6752 8067 

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