Single price-single position implemented on 1 November in the Nordic countries

Single price-single position implemented on 1 November in the Nordic countries

The single price-single position will enable balance responsible parties and other market parties to handle their imbalances more efficiently.  

“The production and consumption imbalances are merged into one imbalance instead of separate imbalances, as it has been the case until today” says Marja Eronen, single price project manager in the NBM program (Nordic Balancing Model).  

The new model for imbalance settlement in the Nordic countries, is the first of the key milestones in the NBM program.  

“This is an important first step to ensure a compliant and robust imbalance settlement for the future.” says Alexander Jansson, program director in NBM 

Preparations for the transition have been well anchored with stakeholders, and all parties affected should be well prepared for today’s go-live.  

“It’s very encouraging to see the good collaboration between TSOs, stakeholders and national regulatory authorities. I’m really happy that the first go-live in the NBM program has gone so well!” says Alexander Jansson. 

In line with European legislation and the imbalance settlement harmonisation methodology, the decision to implement  single price-single position for imbalance settlement was made in October 2019 by the four Nordic transmission system operators, Svenska kraftnät, Energinet, Fingrid and Statnett.

In the earlier imbalance settlement model, there were separate imbalances for production, consumption and trade, and the imbalances were calculated and settled separately for these imbalances. In addition,  production, consumption and trade imbalances were priced differently, but the implemented model uses one (single) price for the imbalance settlement period.