eSett, responsible for the imbalance settlement of the Nordic electricity market, starts upgrading its back-office software for the imbalance settlement system. The upgrade is needed to keep the system modern and aligned with market requirements. The purchase helps eSett take a step towards open interfaces and makes updating parts of the settlement solution more agile. Imbalance settlement is a critical function for the electricity market and security of supply.
“The current system has been in use for six years, and it does not fully meet anymore the requirements of market changes and demand for agility in the future. The software upgrade now being bought will secure the imbalance settlement and the functioning of the electricity market,” says Ville Rahkonen, Development Manager at eSett.
eSett will gradually upgrade the core of the current monolithic imbalance settlement system to a new microservice-based version, making it simpler and more flexible to update the system in the future.
“We want to develop our imbalance settlement system so that we will be able to more easily tender different parts of the system. The current upgrade will be carried out in stages over three years so that it does not cause disruption to the electricity market,” Ville Rahkonen says.
The upgrade is made by Unicorn Systems, the original supplier of the system, which holds the copyright for significant parts of the product and technology.
eSett provides imbalance settlement services to more than 1,000 market participants in the electricity market in Denmark, Finland, Norway, and Sweden. eSett is owned by the four Nordic transmission system operators Energinet (Denmark), Fingrid (Finland), Statnett (Norway) and Svenska kraftnät (Sweden). The company is headquartered in Finland.