Balancing power market
Fingrid maintains a balancing power market because it does not have regulating capacity of its own to maintain the power balance. Holders of production and loads can submit bids to the balancing power market concerning their capacity which can be regulated. The balance service agreement gives balance responsible parties a right to participate in the balancing power market. Other holders of capacity can participate in the balancing power market through their balance responsible party or by signing a separate balancing power market agreement with Fingrid.
Balancing bids
Balancing bids can be submitted of all resources which can implement a power change of 10 MW in 15 minutes. The bids are submitted to Fingrid no later than 45 minutes before the specific hour in accordance with a separate instruction.
A balancing bid must contain the following information on the capacity regulated:
• power (MW)
• price (€/MWh)
• production/consumption
• transmission area where the offered resource is located
• name of resource, e.g. power plant, type of production etc.
The balancing power market in Finland maintained by Fingrid is part of the Nordic balancing power market. A Nordic balancing bid list is drawn up of all balancing bids by placing the bids in a price order.
Using the balancing bids
For balance management purposes and for maintaining frequency, the balancing bids are used in the price order as well as this is possible taking into account the operating situation of the power system. The cheapest up-regulating bid is used first, and correspondingly, the most expensive down-regulating bid is used first. If, because of the prevailing operating situation, a bid cannot be used, it is neglected.
Pricing of balancing power
The prices of balancing power are determined on the basis of regulations carried out in the Nordic balancing power market. Both an up-regulating and a down-regulating price is specified for each hour.
Up-regulating price
is the price of the most expensive up-regulating bid used; however, at least Nord Pool Spot’s price for price area Finland (Elspot FIN).
All those from whom Fingrid has ordered up-regulation during the hour obtain a fee for the agreed energy in accordance with the up-regulating price.
Down-regulating price
is the price of the cheapest down-regulating bid used; however, at the most Nord Pool Spot’s price for price area Finland (Elspot FIN).
All those from whom Fingrid has ordered down-regulation during the hour pay the down-regulating price for the agreed energy.
The prices of balancing power also serve as the basis in the pricing of imbalance power.
The prices of balancing power are publicised primarily on
Nord Pool Spot’s website no later than two hours after the hour in question.
