The Nordic electricity market switched to 15-minute imbalance settlement period (ISP) on Monday May 22, 2023 at 00.00 CEST, when eSett switched to perform the imbalance settlement in 15 min ISP. The implementation was successful, and now eSett works in quarter-hourly periods.

The introduction to 15-minute imbalance settlement is the first step towards a Nordic 15-minute electricity market. The change makes it possible for the market to get used to the world of quarter-hours even though the imbalance price will be same for each quarter-hour within an hour until 15 min prices are available and used.

The preparation for the 15 min ISP was started in good time and the introduction has been a big effort for all market players. Over the years, the Nordic transition changed from one big joint transition to a gradual change, where Finland and Denmark have now move to 15 min ISP in May 2023, Sweden will do the same in November 2023 and Norway in the beginning of 2024.