Trading electricity on the Nordic power exchange Nord Pool through Estonian banks became possible on 1 April but SEB is currently the only bank in Estonia that has signed a settlement services contract with the exchange.
SEB’s contract means that Estonian companies can easily settle trades through a local bank. Without this contract, all Estonian companies participating at the power exchange would have had to open current accounts in one of the Nordic countries instead.
“When Estonian clients can make their settlements locally they can manage their liquidity considerably better. Offering this service has made us cooperate closer with about ten major Estonian companies that trade in electric power after the electricity market was opened," says Allan Parik, head of the Corporate and Institutions business area at SEB Estonia.
Parik adds that SEB wants to be the main bank for companies by offering all services and solutions they need in their everyday activities.