eSett is proud to announce that on February 1, 2021 Denmark joined Finland, Norway, and Sweden in the Nordic imbalance settlement. The expansion of the imbalance settlement to the Danish market is a major step towards further integration and development of the Nordic electricity market. This takes the Nordic countries closer to the 15-minute settlement and one-price model as well as the substantial benefits associated with these changes.
The harmonization of the imbalance settlement in the Nordics makes it easier for the electricity market participants to enter new markets and compete at equal terms. This will increase competition to the benefit of Nordic consumers. A specialized operator like eSett can handle the imbalance settlement operations more effectively, bringing synergies to all parties.
“We are extremely happy to be able to do our part in making the Nordic market more efficient and to help Danish consumers to reap the benefits, too. All in all, the Danish integration into the NBS settlement went smoothly, in a truly collaborative atmosphere,” says Minnakaisa Ahonen, CEO of eSett.
Together with the other Nordic TSOs Fingrid in Finland, Statnett in Norway, and Svenska kraftnät in Sweden, the Danish Transmission System Operator (TSO) Energinet became an equal owner of eSett in 2019. Since then, Energinet has been actively involved in developing the pan-Nordic model and eSett’s operations, culminating in their joining the Nordic imbalance settlement.
“The strong Nordic cooperation is very important to Energinet. eSett has a vital role in the Nordic balancing market, and we are happy that the settlement of Danish market parties is now harmonized on a Nordic level to ensure efficient market operations. Working closer together will benefit us all in supporting competition and the harmonization of the Nordic electricity markets,” says Signe Horn Rosted, Vice President, Business and Markets, at Energinet.
Background of the Nordic imbalance settlement service
In 2013, Fingrid, Statnett, and Svenska kraftnät formed eSett Oy to establish 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. Denmark joined the Nordic settlement in 2021.
Imbalance settlement refers to the commercial processing of power to balance the difference between electricity consumption and production. Imbalance settlement is performed once the consumption and production data is available, at which point, the market participants will be charged or paid the imbalance amount.
For further information please contact
Minnakaisa Ahonen, CEO, eSett Oy, tel. +358 50 542 5427, e-mail email@example.com