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3.1.2008 00:00

Fingrid Oyj arranges a tendering process for the portfolio management of the price hedging of its loss power procurement

The transmission system operator in Finland, Fingrid Oyj, will arrange a tendering process for the portfolio management of the price hedging of its loss power procurement. Service providers are asked to contact Fingrid by January 11, 2008. The portfolio management service will begin on May 1, 2008.Fingrid's grid losses are around 1.1 TWh per year. Fingrid procures the corresponding amount of physical power mainly from the power exchange and hedges the procurement price using system price futures and forward contracts available at the power exchange.

Fingrid's price hedging horizon is 6 years. In price hedging, Fingrid uses an external portfolio manager. The portfolio manager is responsible for carrying out price hedging according to Fingrid's hedging strategy and providing related reporting and analysis services. Procurement of the physical energy is not included in the portfolio management service.

The contract with Fingrid's present portfolio manager will expire on April 30, 2008. In accordance with its normal policy, Fingrid will arrange a tendering process to select a portfolio manager for the next three year period beginning on May 1, 2008.

Portfolio management service providers who are able to fulfil the following requirements, are invited to  request the tender material from Fingrid:
  • the service provider is able to provide all the services required by Fingrid:
    - price hedging of the loss power procurement according to Fingrid's hedging strategy
    - clearing of financial contracts in the clearing house
    - reporting related to portfolio management
    - reporting related to the success of price hedging
    - reporting required for quarterly and annual reports and hedge accounting
    - regular market reporting
    - emissions trading related to Fingrid's reserve gas turbines according to Fingrid's strategy
  • the service provider is an experienced provider of portfolio management services in the Nordic power market
    - min 3 years experience of portfolio management services
    - sufficiently strong and secured organisation in portfolio management
    - stable financial situation
  • the service provider is independent from power market actors or the portfolio management service offered to Fingrid is sufficiently separated from the company's other market activities
  • service is provided in either Finnish or English language
The tender material can be requested by January 11, 2008 from the following address:

    Fingrid Oyj
    Jari Siltala
    Arkadiankatu 23 B
    00101 Helsinki

or by e-mail: jari.siltala(at)fingrid.fi.

For additional information, please contact:
Jari Siltala, Fingrid Oyj, jari.siltala(at)fingrid.fi, +358 30 395 4244
Reima Päivinen, Fingrid Oyj, reima.paivinen(at)fingrid.fi, +358 30 395 5160