Role of Elma

Elma Orkuviðskipti is a company dedicated to providing market participants with a secure, reliable, and transparent electricity market in Iceland.

Elma operates a short-term electricity market, known as the day-ahead market, in collaboration with Nord Pool, a leading service provider in the European electricity market. Transactions in the short-term market are conducted for hourly products with one day’s notice. Elma acts as a central counterparty in the day-ahead market, assuming financial settlement risk. By doing so, Elma ensures predictable, secure, and timely trade settlements. Clear market rules enhance predictability and transparency in trading, ultimately leading to more precise and efficient price formation.

In addition, Elma offers a specialized electronic auction market for long-term contracts. This is a flexible platform that market participants can use to buy or sell a tailored selection of long-term electricity contracts. The system accommodates the diverse needs and priorities of different market participants.

Elma is a subsidiary of Landsnet hf. and is fully owned by the transmission system operator.

Our team

The chairman of the board of Elma Orkuviðskipti is Páll Harðarson.