Single price model

What: The single price model includes a number of changes in the imbalance settlement scheme, including single imbalance price, single balancing responsible party (BRP) position, updated calculation of the imbalance price and calculation of a portfolio based on trade schedules. The most notable change is that BRPs will face the same imbalance price regardless of the direction of their imbalance relative to the total imbalance of the system. 

How: The technical implementation of the single price model is mainly done in the common Nordic imbalance settlement, eSett. In addition, national terms and conditions are updated and a new imbalance fee will be implemented. 

Why: Although the new model is requested by the European proposal for imbalance settlement harmonisation, it also means a simpler imbalance settlement process, particularly for the stakeholders.