Actual production
Actual electricity production calculated on the basis of measurements in the production balance and party-specific production data.
Advance notice
A binding notice, given by an electricity market party before the specific hour, containing information on the buyer, seller, delivery volume and delivery hour of electricity.
Application instruction for balance service
An instruction appended to the balance service agreement, followed by the balance responsible party and Fingrid in their work.
Balancing bid
A bid submitted to the balancing power market maintained by Fingrid, concerning capacity which can be regulated (production and consumption).
Balance deviation
Balance deviation in production balance = balance responsible party’s actual production – balance responsible party’s total production plan + power transactions in production balance. Balance deviation in consumption balance = balance responsible party’s total production plan + fixed deliveries + measured deliveries (actual consumption) + power transactions in consumption balance.
Balance Extranet
A tool offered by Fingrid to facilitate imbalance settlement, to be used by balance responsible parties and other electricity market parties operating on the level of the nation-wide grid.
Balance limit
Connection point measurement(s) constitute a balance limit.
Balance management
Maintaining power balance between electricity production and consumption by an individual electricity market party or in the whole of Finland.
Balancing power, balancing energy
The electric energy relating to the power delivery between Fingrid and the party carrying out the regulation as a result of a regulation request made by Fingrid. The volume of balancing energy is calculated as the product of balancing power and time of use.
Balancing power market
A “tool” required by the maintenance of the Nordic power balance. Holders of capacity which can be regulated can submit bids of their available regulating capacity to this market. The balancing power market in Finland is part of the Nordic balancing power market.
Balancing power transaction
A power transaction between Fingrid and the party carrying out the regulation as a result of an activated balancing bid.
Balance reporting
Delivery of the results of balance calculation after the specific hour to the parties of electricity transactions.
Balance responsibility
Responsibility for the situation where the power production and purchases of a party of electricity trade cover its consumption and sales during each hour. All the parties of electricity trade have balance responsibility.
Balance responsible party
An electricity market party which has a valid balance service agreement with Fingrid. In other words, the party's open supplier is Fingrid.
Balance responsible party of the network
The balance responsible party of the open supplier of the network.
Balance service
A service offered by Fingrid where the main duties are nation-wide balance management and completion of nation-wide balance settlement.
Balance service agreement
An agreement between the balance responsible party and Fingrid, used for agreeing on the parties’ rights and obligations relating to the balance responsible party’s open deliveries of electricity and on the terms and conditions under which the balance responsible party can participate in the balancing power market.
Balance settler
A party which takes part in the settling of the power balance of a part of a power network or of a party of electricity trade and which forwards data needed by the other balance settlers in their imbalance settlement.
Chain of open deliveries
Each electricity market party must be part of a chain of open deliveries where the last open supplier is Fingrid, the transmission system operator. An example of a chain of open deliveries: Fingrid - balance responsible party - electricity market party which is the open supplier of a distribution network.
Congestion, bottleneck
When electricity transmissions are about to exceed a certain transmission limit, a congestion, or bottleneck, arises; in other words there is not enough capacity in a point to transmit electricity between two areas.
Connection point description
A description indicating the balance boundaries of a network, drawn up on the basis of the connection point measurements of networks.
Connection point measurement
Measurement on the border of two power networks, with the hourly value of the measurement used in the settlement of the power balances.
Consumption balance
The consumption balance is composed of the balance responsible party’s total production plan, fixed transactions, actual consumption, and power transactions in the consumption balance.
Consumption fee
A fee levied by Fingrid from the balance responsible parties. The consumption fee is calculated for the balance responsible party’s all actual consumption during the hour in question.
Consumption forecast
A forecast calculated by Fingrid for electricity consumption in the whole of Finland. The consumption forecast is calculated on the basis of history data and temperature forecast.
Counter trade
Power purchases and/or sales carried out due to the transmission capacity of the main grid in order to reduce transmissions.
Cross-border line
An electricity interconnection crossing a national frontier.
Cross-regulation
The opposite effect of two regulations used for balancing the power balances in the entire country and the power balances of an individual party capable of regulation.
Disconnectable load
A load where the electric power consumed by the load can be controlled or disconnected manually or automatically.
Distribution network
A power network with a voltage of less than 110 kV, controlled by a network company.
Down-regulating bid
A bid given to the balancing power market to reduce generation or increase consumption. When the bid is activated, the party carrying out the regulation purchases balancing power from Fingrid.
Down-regulating price
The price of the cheapest down-regulating bid used in the balancing power market during the specific hour; however, at the most the price for price area Finland in Nord
Pool Spot (Elspot FIN).
Down-regulation
Reduction in generation or increase in consumption.
EDIEL
A data exchange system used in the Nordic electricity market for the needs of the power sector (for example, data exchange relating to imbalance settlement and plans). In practice, the co-operation is organised at the Nordic EDIEL forum,
www.ediel.org.
Elbas
Elbas is the market place for physical electricity transactions after Elspot (intra-day).
Electricity market party
An electricity trading party with fixed electricity deliveries or measured deliveries in the nation-wide grid, regional network or more than one distribution network.
Elspot
Elspot is the market place for physical electricity transactions in the next day (day-ahead).
Elspot FIN
The price for the Finnish bidding area determined in Nord Pool Spot’s Elspot market.
Energy fee for imbalance power
The energy volume of a balance responsible party's imbalance power during the specific hour multiplied by the price of imbalance power during the hour. See Imbalance power, Sales price of imbalance power, Purchase price of imbalance power.
ENTSO-E
European Network of Transmission System Operators for Electricity
https://www.entsoe.eu/.
Fast disturbance reserve
The fast disturbance reserve is composed of gas turbine capacity administered by Fingrid and of disconnectable loads. These are used for making preparations for generation and grid disturbances in the power system.
Fixed monthly fee
A fee levied by Fingrid from the balance responsible parties monthly.
Fixed power delivery
A delivery in which the seller of power delivers a pre-agreed volume of power to its customer during a pre-agreed hour.
Forwarding service
A service in which Fingrid forwards seller-specific sum data calculated by network operators to the balance responsible parties within the agreed deadlines.
Frequency deviation
The difference between the nominal frequency and actual frequency. In normal operating circumstances, the frequency is allowed to fluctuate between 49.9 and 50.1 Hz.
Guarantee
The guarantee is used for covering the amounts which have not been invoiced from the balance responsible party, arisen by virtue of the balance service agreement, and the risk relating to the open power delivery as well as the obligations potentially neglected by the balance responsible party, based on the balance service agreement.
Guarantee class
The guarantee class (1-10) is determined on the basis of the volume of the balance responsible party’s balance.
Guarantee requirement
A guarantee requirement of a certain magnitude is specified for each guarantee class.
Hour change regulation
Regulation carried out in order to reduce the problems at the turn of the hour. Planned regulations in production can be shifted to begin 15 minutes before or after the planned moment.
Imbalance power
Electric energy used for covering the balance deviation arising for a party during a specific hour. The open supplier of the party delivers this energy to the party in question through an open delivery. The volume of imbalance power is determined on the basis of the nation-wide imbalance settlement.
Imbalance power transaction
Trade between Fingrid and balance responsible parties, conducted so as to cover the balance deviations of the balance responsible parties.
Imbalance settlement
Settlement of actual electricity generation, consumption and transactions, carried out after the specific hour. The power balance of each party of electricity trade is obtained as the result of imbalance settlement.
Industrial network
A network controlled by an industrial company, in which the power consumption by the industrial company represents the foremost proportion of electricity consumption taking place in the network.
Load profile, type load profile
Annual electricity use by an average consumer included in a certain customer group established of customers who use electricity in the same manner, presented hour by hour. In other words, the load profile presents the annual hourly energy time series of an average customer in the said customer group.
Measured delivery
The volume of energy delivery according to the measurement readings.
Measured production volume
The volume of produced energy according to the measurement readings.
Measured sum delivery into the network
An electricity trade party’s sum of hourly values of measured deliveries and deliveries calculated using the load profile procedure.
Nation-wide balance management
Maintenance of continuous power balance between power generation and consumption in the whole of Finland both during normal and disturbance situations.
Nation-wide balance responsibility
Responsibility for the nation-wide balance management and nation-wide imbalance settlement.
Nation-wide imbalance settlement
A settlement drawn up by Fingrid, giving the imbalance between Fingrid and the balance responsible parties as well as the imbalance between Finland and other countries.
Network
A part of power network separated from other networks by means of measurements.
Network operator
An organisation which controls a power network and which is engaged in power network operations requiring a permit.
Nordic regulating curve
A price-power curve for balancing power, established for each hour on the basis of balancing bids submitted to the Nordic balancing power market.
Nord Pool Spot
Nordic electricity exchange for physical power transactions.
One-price system
In the one-price system, surplus and deficit are priced using the same price, i.e. the purchase and sales prices of imbalance power are identical. The one-price system is applied to the balance deviation in the consumption balance.
Open power delivery
A power delivery in which the seller of power delivers to its customer all the power need of the customer or a power delivery in which the seller of power delivers to its customer a volume of power which balances the customer’s production and/or consumption balance. An open delivery can be sales or purchase (see also Imbalance power).
Open supplier
Each electricity market party and network operator must have one open electricity supplier which balances the electricity balance of the player in question.
Open supplier of the network
A party that has balance responsibility in a given power network with the exception of the open deliveries of other parties in the network in question. The so-called supply-obligated seller in distribution networks.
Operating day
A full calendar day, starting at 00:00:00 and ending at 24:00:00.
Own use
Own use energy according to the measurement readings.
Party with measurement responsibility
Each connection point measurement in the network has one party responsible for the measurements, and this party delivers the hourly measurement information for imbalance settlement purposes to all those entitled to receive it.
Primary regulation
Regulation supporting the frequency, taking place automatically when the frequency deviates from its nominal value.
Power balance
The power balance between electricity production and consumption.
Power plant network
A network controlled by a power producer, in which there is a power plant owned by one or more owners.
Power shortage
An operating situation where all available generation capacity in Finland is already in use, all up-regulating bids have been activated, and it is not possible to obtain additional electricity from the neighbouring countries. Moreover, fast disturbance reserve has been used for the needs of balance management.
Power transaction
An electricity transaction made between a balance responsible party and Fingrid during a specific hour.
Production balance
The production balance is composed of a balance responsible party’s total production plan, actual production, and power transactions in the production balance.
Production fee
A fee levied by Fingrid from the balance responsible party. The consumption fee is calculated for the balance responsible party’s all actual consumption during the specific hour.
Production plan
Production planned before the specific hour for the specific hour.
Purchase price of imbalance power
The down-regulating price of the hour is the price of imbalance power in the production balance, purchased by Fingrid from a balance responsible party. If no down-regulation has been carried out or if the hour has been defined as an up-regulating hour, the Elspot FIN price is used as the purchase price of imbalance power in the production balance. During an up-regulating hour, the price of imbalance power in the consumption balance purchased by Fingrid from the balance responsible party is the up-regulating price, and during a down-regulating hour, the price of imbalance power is the down-regulating price.
Reference group calculation
Calculation where the sum calculated from the connection point measurements of the network is compared to the deliveries of all parties to the network in question.
Regional network
A regional network is a regional high-voltage network or line. A regional network consists of network sections of at least 110 kV not belonging to the main grid.
Reserve power generator
A generator intended for temporary operation only.
Sales price of imbalance power
The up-regulating price of the hour is the price of imbalance power in the production balance, sold by Fingrid to a balance responsible party. If no up-regulation has been carried out or if the hour has been defined as a down-regulating hour, the Elspot FIN price is used as the sales price of imbalance power in the production balance. During an up-regulating hour, the price of imbalance power in the consumption balance sold by Fingrid to the balance responsible party is the up-regulating price, and during a down-regulating hour, the price of imbalance power is the down-regulating price.
Secondary regulation
Manual up-regulation or down-regulation implemented in the Nordic balancing power market.
Segregation of balancing power market
If the regulating bids cannot be used in the price order indicated by the Nordic regulation curve, the balancing power market becomes segregated. The most common reason for segregation is exceeding of transmission limits.
Serious power shortage
An operating situation where Fingrid has to restrict consumption or disconnect loads without related commercial agreements.
Shared power plant
A power plant whose generation is divided on an hourly basis to the owners of the plant as shareholder power. The division of the generation to the shareholders is defined accurately based on a pre-agreed calculation formula, measurements and advance notices.
Shared power plant party
A shared power plant party is a party needed in the imbalance settlement, through which all energy entries of shared power plant networks, both production and own use, are divided.
Special regulation
Regulation which takes place in the balancing power market by Fingrid for reasons other than the needs of nation-wide balance management.
Specific hour, hour of use
A full hour, indicated in the form 00-01 or 23-24. Time 00:00 is a part of the hour of use 00-01.
Strained power balance
An operating situation where a consumption and production forecast drawn up by Fingrid suggests that maintaining the power balance in the Finnish power system during the next few hours or during the next day would call for the use of fast disturbance reserves.
Synchronous Nordic system
The synchronous Nordic system is made up of the transmission grids in Finland, Sweden, Norway and Eastern Denmark. These grids are physically connected to each other.
System price
Price determined in Nord Pool Spot's Elspot market, with the physical transmission capacity of the grid not taken into account in the price.
System responsibility
Responsibility for the technical functioning of the Finnish power system, for system security and for the management of nation-wide balance responsibility.
Time deviation
The time difference in seconds between a clock which runs according to the frequency of the alternating current grid and a reference clock independent of the frequency of the power grid. The maximum directive range of the time deviation in the synchronous Nordic system can be ±30 seconds.
Total production plan
The total production plan is composed of all separate production plans of 100 MVA or higher, of the sum production plan for production of less than 100 MVA, and, if necessary, of the production plans of shared power production. Fingrid sums up the production plans reported by a balance responsible party into the balance responsible party’s total production plan.
Transmission grid
The nation-wide transmission grid is a high-voltage power transmission network which consists of the 400 and 220 kV and primary 110 kV transmission lines and substations.
Transmission limit
The greatest allowed transmission before a fault or the starting of sustained oscillation. In normal conditions, the limits for transmission P1 (from Northern Finland to Southern Finland) and RAC (from Sweden to Finland) constitute the operating range in the Finnish power system. When the transmission limits are within the normal operating range, the Finnish power system can withstand faults conforming to Nordel’s dimensioning rules. In addition to the above limits, there may also be other transmission limits in the grid.
Two-price system
In the two-price system, separate prices are calculated for surplus and deficit. In other words, the purchase and sales prices of imbalance power can be different from each other. The two-price system is applied to the balance deviation in the production balance.
Up-regulating bid
A bid given to the balancing power market to increase generation or reduce consumption. When the bid is activated, the party carrying out the regulation sells balancing power to Fingrid.
Up-regulating price
The price of the most expensive up-regulating bid used in the balancing power market during the hour in question; however, at least the price for price area Finland in Nord Pool Spot (Elspot FIN).
Up-regulation
Increase in generation or reduction in consumption.
Volume fee
A balance responsible party pays Fingrid a volume fee for each imbalance power megawatt hour sold by Fingrid to the balance responsible party or purchased by Fingrid from the balance responsible party.
Volume of balance (for the determination of guarantee)
The volume of imbalance is calculated from the maximum monthly average (MWh/h) of actual consumption in the consumption balance and of the hourly sums of fixed deliveries which take place from the balance responsibility during the same hour.