Stable state power system helped to mitigate consequences of the power exchange failureFor the first time in 20 years the Nordic power exchange Nord Pool Spot failed on Sunday 4 Aug to deliver spot prices for the following day. According to rule book, Friday prices and volumes were applied for Monday. However markets managed to establish their balance and power system worked properly mainly because there were no major changes during these days in the main physical conditions, e.g. consumption, production or transmission grid. Fingrid's control room didn't record unusual situations in maintaining the Finnish power balance. The main effect was that reserves for system balancing were not available from Norway or Sweden due to market delay. Prices of domestic reserves went high and Fingrid's purchasing costs were manifold to those of Friday.
However, individual market participants may have experienced imbalances in their positions. If a player planned for a much different buy or sell on Monday compared to Friday, he needed to correct his position on Monday in Elbas-market or otherwise, or to take financial consequences of the remaining imbalance. In a couple of weeks Fingrid will start getting data on the overall picture about players' balances.
Had there been significant changes in consumption, production or grid from Friday to Monday, the lack of up-to-date market clearing would have caused considerable difficulties for market players and Fingrid. Such changes could include e.g. tripping of major generating units or cross-border interconnector, or increase in electricity demand due to colder weather.
Further information: Juha Kekkonen tel. +358 30 395 5120