The EU Benchmark regulation 2016/1011 introduces a regime for benchmark administrators that ensures the accuracy and integrity of benchmarks. The Benchmark regulation came into force in Norway in December 2019.

The Nordic system price, which is calculated and published by Nord Pool European Market Coupling Operator AS (EMCO), is considered a benchmark under the Benchmark regulation.

Nord Pool EMCO has been approved by the Financial Supervisory Authority of Norway – Finanstilsynet – to become an administrator of benchmarks under the Benchmark Regulation.

An Oversight Function has been established by Nord Pool EMCO to ensure oversight of all aspects of the provision of the Nordic system price.  

The Oversight Function has three members including one leader.  The members include at least one representative from Nord Pool EMCO and one from Nord Pool AS, and are appointed by the CEO of Nord Pool EMCO.

The appointments secure the integrity of the oversight function and absence of conflicts of interest.