The European Commission has today, 22 August 2023, announced that, following the request of Denmark and Finland, and later joined by Norway and Sweden, that it will review the proposed acquisition of Nasdaq Power by EEX.
EEX is a German energy exchange company that operates and connects markets for energy and commodity products, and is owned by Deutsche Börse. Nasdaq Power is a subsidiary in Norway and Sweden of Nasdaq of the United States, and provides a regulated marketplace offering trading and clearing services of Nordic, German and French futures contracts for electricity, as well as for EU emission allowances.
The concern of the request four Nordic states is their claim that EEX and Nasdaq Power are the only two providers of services facilitating the on-exchange trading and subsequent clearing of power contracts within those Nordic states.
Under the EU Merger Regulation, some acquisitions require notification. This one did not have to be notified. Nonetheless, states of the European Economic Area (EU Member States and EFTA-EEA states) may request the Commission to review if it affect trade within the internal market and significantly affect competition within the territory of Member States under Article 22(1) of that Regulation.
The Commission has accepted the request, and will now scruntinse the acquisition.
More information on the case can be found on the European Commission’s website here.