The first of May witnessed a significant milestone in the Nordic electricity market co-operation. eSett Oy, the joint company of the three Nordic Transmission System Operators (TSOs) Fingrid, Statnett and Svenska kraftnät launched a joint Nordic Balance Settlement service for Finland, Norway and Sweden.
– When the operative responsibility was handed over to eSett on May 1st 2017 it was a major step for our common Nordic electricity market. eSett Oy together with the TSOs is now a forerunner providing the first cross-border imbalance settlement operations in Europe. Now we settle together, an achievement that would not have been possible without an excellent cooperation with the market participants, says Minnakaisa Ahonen, CEO of eSett proudly.
eSett will offer a one-stop-shop meaning that all the market participants will receive the same reliable and efficient settlement services irrespective of their geographical location in the market. eSett Oy is operating the imbalance settlement on behalf of the three TSOs and is responsible for the daily settlement operations involving over 1 000 different market participants – Balance Responsible Parties, Distribution System Operators and Retailers – in Finland, Norway and Sweden.
-We are hoping that the inclusion of Energinet.dk and Denmark in the joint operations will be the next step, says Ahonen.
– A well functioning market across the Nordic area is a prerequisite for facing the challenges of providing secure and clean power for the Nordic countries in the future. This step is an important one, and a major ingredient of the future of Nordic cooperation, says Auke Lont CEO of Statnett.
For more information, please contact:
Minnakaisa Ahonen, CEO eSett +358 50 542 5427
About eSett Oy
eSett Oy (eSett) is, on behalf of the three TSOs, responsible for imbalance settlement and invoicing of the market participants in Finland, Norway and Sweden. eSett is providing imbalance settlement services to the electricity market participants in Finland, Norway and Sweden. eSett Oy is a company formed and jointly owned by the three Nordic Transmission System Operators (TSO) Fingrid Oy, Statnett SF and Svenska kraftnät.
Imbalance settlement is a necessary function in a commercial based electricity market. There must always be a balance between supply and consumption of electricity. To achieve this, the TSOs use balancing power procured in the balancing power market. Imbalances arise from uncertainties in plans and failures in generation, consumption and grid.