NBS market readiness survey results – More time and information required

eSett decided to carry out a market survey in order to gather information about market readiness and gain input to support market participants. The survey was executed as a short ten-question email query and the recipients were market participants within the Nordic. We received answers from each country and they were divided so that both Finnish and Norwegian each resulted 30 % of the total and Swedish part was 40 % of the answers.

The survey contained questions about the awareness of the NBS processes and key documentation among the Nordic market participants and industry representatives. Furthermore, it gave an opportunity to point out the issues that should be paid more attention. In addition to these, survey included questions about the evaluation of the readiness to make the transition to the new model.

The results were in line with previous comments and experiences gained for example from the national information days. The market participants wanted to have more information about the NBS related practices and welcomed the translations of the Handbook. In addition to these, some of the market participants’ own imbalance settlement system updates and tests are still ongoing and might need additional time for finalization. Moreover, the unfinished laws and regulations related to the new model are seen as a challenge.

On a more positive note, it was pleasing to notice that almost all of the respondents knew about the NBS and most had attended the information days. Also three out of four felt that they are comfortable with the ongoing preparations towards the new model. Overall, most of the respondents have already initiated the transition and have established a plan for necessary changes in IT-environments. Unfortunately, only approximately one fourth will take part in Operational Test Run and Shadow Settlement. However, a big share of the market participants were willing to participate if their readiness allows to do so.

Minnakaisa Ahonen, CEO of eSett, summarizes the survey: “Thank you for your active participation and sharing your opinion and status. We have received a lot of valuable feedback, which will help us to take required actions. For example, we will initiate the translation work of the Handbook. Also, sharing of information towards market participants will be increased via Newsletters that will be published regularly in the future”.