15 min Imbalance Settlement Period in Norway and Sweden
The Nordic countries will gradually move to 15 minute settlement. eSett will have the transition to 15 minute settlement on 22.5.2023, and the transition has impacts to market participants in all countries.
In Denmark and Finland imbalance settlement will move to 15 minute resolution on 22.5.2023.
In Norway and Sweden there are national rules and requirements regarding the imbalance settlement resolution, which should be taken into account concerning the technical commissioning of the change. Kindly familiarize yourself with the instructions regarding Norway and Sweden from following paragraphs.
Hourly settlement continues in Norway after 22.5.2023
The Norwegian regulator, RME, has granted Statnett a derogation to the 30th of April 2024 from the requirement in the Electricity Balancing Guideline to switch to 15 min ISP. Settlement data for Norway shall thus be reported with 60 min resolution to eSett even after May 22nd 2023. Statnett will, at a later stage, provide more information regarding how the transition to reporting with 15 min resolution shall be managed.
eSett will from May 22nd 2023 start to calculate the imbalance settlement results with 15 min resolution, but the results will be available also in hourly resolution according to Norwegian requirements. Settlement data from Elhub and BRP shall be reported with hourly resolution as that is the legal requirement in Norway. eSett will convert it to quarterly resolution by dividing by four, before the imbalance settlement results are calculated. As mentioned in earlier information this process may lead to minor rounding errors when comparing to the hourly data. Since the imbalance price is the same in all four quarters of the hour, the sum of the four quarterly amounts will be comparable to the hourly value. Imbalance fee is calculated based on hourly imbalances.
From September 18th 2023 Elhub will have in production a version that is enabled to receive metering data with quarterly resolution. This functionality shall be utilized by DSOs at a later stage, dependent on upcoming changes in Norwegian regulation.
New regulations take place from 1.11.2023 in Sweden
The updated Swedish metering regulation enters into force on 1st November 2023 so that metering and reporting of non-monthly metered consumption takes place in 15-minute resolution. It is possible to test 15 min reporting against eSett during the summer together with the monthly settlement change.
Between 22nd May and 1st November, reporting to eSett continues on hourly resolution. eSett will convert the hourly values to quarterly resolution before the imbalance settlement results are calculated. This conversion may lead to minor rounding errors when compared to the hourly data. Imbalance settlement is then calculated per 15 min, but hourly data from eSett shall be available as agreed with Svenska kraftnät. Intraday trading within bidding zone is also possible in 15 min starting from the 22nd May, but quarterly cross-border trading won’t be available until imbalance prices will also be calculated in 15 min.
Starting from 1st November, Swedish participants should switch to 15-minute metering and reporting as stated in the regulation (Förordning 1999:716). Quarterly reporting shall be also applied for bilateral trades in Sweden starting from delivery day 1st November.