Abstract
A common Nordic power market will reduce total CO 2 emissions in the Nordic countries as compared to a situation of autarky and, thus, reduce the aggregate cost of complying to strict national CO 2 emission targets. A common market for CO 2 emission permits may reduce the aggregate cost further, but this cost reduction will be smaller the harsher the CO 2 emission constraints are. The economic gain of introducing a common Nordic power market will be particularly large in the case of a Swedish nuclear power phase out. In this case, the cost reduction of introducing a common market for CO 2 emission permits will not be very large.
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