UPDATE 1-ICE to restart platform soon

(Adds ICE change in login time, writes through)

NEW YORK, May 15 (Reuters) - The Intercontinental Exchange (ICE.N: Quote, Profile, Research) on Thursday said the electronic system will be available for login in 30 minutes after a power outage shut its electronic trading platform for nearly three hours.

The exchange initially stated 30 minutes before changing it to 60 minutes and then reverting to 30 minutes on its website.

"ICE technical teams are working to properly restore all systems. We anticipate that the system will be available for login in 30 minutes. Markets re-open times will be available via email broadcast," ICE said in a statement posted on its website.

One floor trader said the settlement price for cocoa futures will be based on the last two minutes of trading.

ICE will survey market participants to see where OTC market spreads have been trading and use those, in addition to ICE analysts' own assessments, to come up with the settlement price.

No further details were available on how soon trading in arabica coffee, raw sugar, cocoa, frozen concentrated orange juice and cotton futures will resume.

ICE offers futures and OTC markets on a single trading platform for markets like crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products.

In Canada, ICE runs the Winnipeg Commodity Exchange where canola futures are traded. It also trades foreign currency and equity index futures and options.