Electricity trading error results in exceptionally low prices and no price steer for production and consumption for Friday
On Thursday, a market participant sent an incorrect electricity sales offer to the Nord Pool power exchange for the entire day of 24 November 2023 for the Finnish bidding zone. Electricity prices and volumes were calculated on the basis of the incorrect offer. As a result, Finland's area price in the afternoon and evening collapsed into negative territory.
As a result of the error, the electricity market price does not correctly guide production and consumption. Market participants have been requested to resubmit positions on the intraday market to bring back into production the generation capacity that was withdrawn from the market due to the incorrect price. In addition Fingrid shall take all necessary measures to balance production and consumption and safeguard security of supply. In spite of the erroneous market signal the power adequacy outlook for Friday remains solid, with the same generation capacity available as Thursday, and consumption at the same levels.
Friday's day-ahead prices are based on erroneous trading and therefore do not reflect the true state of the electricity system. Fingrid hopes that consumers will not react to the cheap electricity prices on the power exchange by increasing their consumption, but will act as they would on a normal Friday, with normal consumption. In this way, consumers can help to balance production and consumption and prevent unnecessary system stress.
Unit Manager Jonne Jäppinen, tel. +358 40 5117 566
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