Elma Power Exchange was established in 2022 and is owned by Landsnet, the Icelandic transmission system operator (TSO).
Elma operates organized wholesale electricity markets in Iceland. Its Day-Ahead Market was launched in March 2025 and its Intraday Market in May 2026. Both markets are operated in cooperation with Nord Pool, using established trading systems and market processes widely used across European electricity markets.
Elma acts as central counterparty for trades concluded on its Day-Ahead and Intraday Markets, becoming the buyer to every seller and the seller to every buyer. This removes bilateral counterparty risk between market participants and supports anonymous, transparent trading on equal terms.
Elma’s role is to facilitate transparent, efficient, and non-discriminatory wholesale electricity trading in Iceland and to provide transparent market-based reference prices.
