eSett welcomes Danish market to Nordic imbalance settlement with joy
eSett is proud to announce that today, May 14th, an agreement was signed between the Danish transmission system operator Energinet and eSett’s current owners, stating that Denmark will join Nordic imbalance settlement and Energinet will become eSett’s new shareholder.
The newly signed agreement is a significant step towards further integration and development of Nordic electricity market in which eSett has a central role at. eSett is very excited about the new expansion of operations to Denmark and truly Nordic Imbalance Settlement.
“We are very glad and proud of this new expansion to Denmark. We take this agreement as a sign of job well-done. eSett has been in operation from 2017 and our high level of service and expertise has convinced all stakeholders to the point of Danish trusting us their imbalance settlement. It is great and we are prepared to serve!” states CEO of eSett Minnakaisa Ahonen.
Until now the present owners Fingrid, Svenska kraftnät and Statnett have owned one third of the eSett share capital. The transaction makes Energinet a shareholder in eSett Oy and the share capital is divided equally between the four shareholders, with each party holding 25 percent. Danish market participants will join the Nordic balance settlement in fourth quarter of 2020 based on regulatory approval of the new market processes.
Preparations for Energinet joining eSett operations has started with positive co-operation between eSett and all new four owners.
“We warmly welcome Energinet and Denmark to the common Nordic imbalance settlement co-operation. This is an important step that we have looked forward to, and it contributes to the further integration and development of the Nordic electricity market,” says the CEOs of Svenska kraftnät, Fingrid and Statnett in a common statement.
“The strong Nordic cooperation is very important to Energinet, and we look forward to this new step. Working closer together will benefit us all in our increasingly more complex market operations and in supporting competition and the harmonization of the Nordic market” says Thomas Egebo, CEO at Energinet.
During the following months integration of Denmark to the Nordic imbalance settlement will continue with agreeing upon details, communicating them to the market, and making necessary adjustments to systems and processes along with testing new practices together with all participants. eSett will keep will inform the market about the progress along the way.
Background of the Nordic imbalance settlement service
In 2013, Fingrid , Svenska kraftnät and Statnett formed the company eSett Oy with the aim of establishing a joint imbalance settlement for Finland, Norway and Sweden. In 2017, eSett Oy took over the operational responsibility for the imbalance settlement and invoicing of the market participants in Finland, Norway and Sweden with the commissioning of the Nordic imbalance settlement model.
For further information please contact
Minnakaisa Ahonen, CEO, eSett Oy
Links to owner TSOs press releases:
Energinet (in Danish and in English)
Fingrid (in Finnish and in English)
Statnett (in Norwegian)
Svenska kraftnät (in Swedish)