The Nordic electricity market is often identified as one of the best functioning super-national electricity markets in the World, this widely spread understanding is often extended to cover all aspects of the Nordic electricity market. The Nordic electricity market maintains a system spot price for electricity and on the connected financial markets electricity future contracts exist to allow hedging the system price risk. As the Nordic electricity markets are segmented into multiple price areas, whose electricity price may differ from the spot price, Electricity Price Area Differentials...