OSLO, Jan 9 (Reuters) - Nasdaq Commodities, an Oslo-based energy instruments trading arm of U.S. markets operator Nasdaq , said on Monday the volume of traded and cleared Nordic power contracts rose by 8 percent in 2016, the first time since 2008.
Total volumes, which include contracts traded on the exchange and on over-the-counter (OTC) market, rose to 1,432 terawatt-hours (TWh) in 2016 from 1,325 TWh, the exchange said in a monthly report for December.
In addition the exchange traded and cleared 225.8 TWh of German power contracts, up from 169.8 TWh in 2016.
In money terms the total value of traded and cleared Nordic and German power transactions rose by 5 percent to 36.2 billion euros ($38.2 billion) from 34.5 billion euros in 2015, it added.
Volumes on the Nasdaq Commodities exchange had been falling since 2008 as banks scaled down trading amid stricter regulations imposed after the financial crisis of 2008/2009.
Trading has been also affected by the fall in Nordic power prices, which hit a 15-year low in 2015 due to an increase in renewable power sources and mild weather.
Nordic power prices, however, rose by 28 percent in 2016 to 26.91 euros per megawatt-hour (MWh) from 2015 due to colder and drier weather in the hydropower-dependent region.
In 2008, when Nasdaq acquired Oslo-based Nord Pool Clearing, total traded and cleared Nordic power volumes stood at 2,577 TWh and were valued at 119.4 billion euros.
No one at the exchange was immediately available for comment. ($1 = 0.9480 euros) (Reporting by Nerijus Adomaitis; Editing by Greg Mahlich)