The energy trading arm of Vattenfall Europe, Nordic Powerhouse, has more than doubled its trading volumes to 130 TWh in 2001. Set up only ten months ago as a joint venture between Hamburg utility HEW and its Swedish majority owner Vattenfall, Nordic Powerhouse has far exceeded expectations.

“With this turnover volume we have far exceeded the target for our first business year,” Nordic Powerhouse Managing Director Klaus Scheele said in a statement on Thursday.

Most of that volume was traded on the over-the-counter market, with only eight per cent traded on the German spot power exchanges.

Germany’s two power exchanges, Leipzig’s LPX and Frankfurt’s EEX , plan to merge this year to form Europe’s biggest electricity market. Nordic is a market maker on the EEX futures exchange . Nordic Powerhouse said the merger of the bourses would provide a “decisive impulse” for German power futures trading.

Vattenfall’s energy trader operates in the power markets of Germany, France, Poland and the Netherlands as well as the newly liberalized Austrian market. Since last summer it has Nordic has traded in natural gas, at the Belgian hub of Zeebrugge.