The launch of the Nordic Balance Settlement will be postponed and we aim for a new go-live date in Q1/2017.

–The delay is due to the fact that the system vendor of the new imbalance settlement system has clearly stated that they will not be able to deliver a fully functioning settlement system according to the set demands and requirements, crucial for a smooth and professional balance settlement, says Minnakaisa Ahonen, CEO of eSett.

The exact go-live date will be published in August after further tests and evaluations during the summer 2016.

Another postponement is not what eSett, the TSOs or the market participants want but after long discussions and negotiations with the vendor no other viable option remains.

–We have continuously assessed the status and readiness of the new imbalance settlement system and must conclude that given the results of the connectivity and system vendor testing and from the structure data validation phase the system is not ready.  To start operation in the beginning of October as planned would risk the functioning settlement that is in operation in each country today. It would simply not be a responsible action, Minnakaisa Ahonen further elaborated.

eSett and the TSOs are deeply sorry for the inconvenience this will cause all involved parties and will do their outmost to deliver a fully functioning balance settlement system as soon possible.

The upcoming shadow settlement phase will continue but it will be restructured with more emphasis on structure verification and settlement reporting. Further market activities will be delayed and more information will be available on by the end of August 2016.

For more information, please contact:

Minnakaisa Ahonen, CEO eSett +358 50 542 5427

About the Nordic Balance Settlement project

The Finnish, Norwegian and Swedish Transmission System Operators (TSOs) Fingrid, Statnett and Svenska kraftnät have decided to implement a common imbalance settlement service for the Nordic electricity market. For this purpose, the TSOs have developed a new harmonized imbalance settlement model and founded the jointly owned service company eSett Oy to run the common imbalance settlement.