EPEX SPOT joins Single Day-Ahead Coupling (SDAC) in the Baltic states, completing MNA rollout

As of 30 September 2026, EPEX SPOT began operating as a second Nominated Electricity Market Operator (NEMO) within the Single Day-Ahead Coupling (SDAC) mechanism for the Baltic states, marking the final stage of its Multiple NEMO Arrangements (MNA) implementation in the region. This followed two earlier steps: EPEX SPOT's entry into the Single Intraday Coupling (SIDC) continuous trading segment on 25 November 2025, and its admission to SIDC Intraday Auctions (IDA) on 8 September 2026.

The introduction of a competing NEMO into the Baltic day-ahead market is a structural change to market operation: it ends the single-NEMO regime in the region and subjects day-ahead price formation to multi-NEMO competition under the EU's harmonised coupling algorithm (Euphemia). This can affect order book depth, price convergence with neighbouring bidding zones, and the operational complexity TSOs and market participants must manage across day-ahead, intraday auction and continuous intraday segments.

This is the terminal implementation milestone of a sequenced MNA rollout (SIDC continuous → IDA → SDAC) in a bidding zone that previously operated with a single NEMO. Multi-NEMO day-ahead markets typically increase liquidity-pooling complexity but are designed, under CACM Regulation Art. 44ff and the MNA framework, to preserve single price coupling results via the shared Euphemia algorithm, so core price formation mechanics should remain unchanged while NEMO-level competition (fees, access, local market services) is introduced. Market impact will depend on volumes migrating to EPEX SPOT versus the incumbent NEMO (Nord Pool), and on how smoothly order aggregation and clearing operate across the now-dual-NEMO Baltic day-ahead market from go-live.

Multiple NEMO Arrangements (MNA) under the EU Capacity Allocation and Congestion Management (CACM) Regulation (EU) 2015/1222

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