Svenska kraftnät's summary of EPAD auctions for quarter 4, 2025
Svenska kraftnät has compiled summary analytics from the auctions of EPAD contracts conducted during the fourth quarter of 2025.
The price differences between SE2 and SE4 decreased towards the end of the quarter. Continuous trading declined in SE2, while it remained stable in SE3 and continued to be low in SE4. Despite signs of tactical bidding, the auctions were characterized by good price formation and high participation.
The primary purpose of the auctions is to facilitate improved hedging opportunities for market participants, so called market support aimed at increasing liquidity and reducing uncertainty in the financial electricity market. The auctions add volume, support price formation, price discovery and to some extent adjust underlying market asymmetries.
Svenska kraftnät hopes that the positive effects will eventually spread to market participants of all sizes and to end consumers. Our ambition is to support the market in a way that also makes it easier for end users to find competitive fixed price agreements.