On Thursday at 12:45 Nord Pool published the prices for Friday as usual. They showed that Finland has an electricity price of minus NOK 5.86/kWh for a full ten hours, from 2pm to midnight.
This means that the power exchange’s rule that the electricity price cannot fall below minus 500 euros/MWh, corresponding to NOK 5.86/kWh (minimum price), came into force. It is the first time such minimum prices have been reported in the Nordics.
The price has never before been so low either in Finland or the Nordics. The previous Finnish record was minus 60 euros/MWh on 16 July this year, when the entire Nordic region had negative prices. The previous Nordic record was from Jutland in Denmark (DK1) on 2 July this year, when the price fell to minus 440 euros/MWh.
From before, only Germany, the Netherlands and Austria in the Nord Pool area have had a minimum price.
Mistake in Kinect
At 13:30, Nord Pool published the following so-called Urgent Market Message (UMM):
«Kinect internal system error cased that Kinect Energy sent wrong bid for Finland 24/11. Kinect as sold on average 5787 MW from Hour 1 up to Hour 24 on 24/11. We are working with other market parties to solve this extreme situation.»
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In good Norwegian, it means that someone in Kinect has made a mistake.
Nord Pool could not provide further details about the error on Thursday at 2 p.m.
The system price the wrong way
The Finnish prices will stand even if they are due to someone making a mistake.
The Finnish mistake has had consequences for other price areas.
– It was expected that the system price for Friday would go up by 10-15 euros/MWh until tomorrow, due to somewhat reduced wind power and somewhat increased consumption. Due to the error notification, the system price instead decreased by approximately 6.50 euros/MWh. The spot price in the northern Norwegian price area NO4 also fell due to the Finnish area price, says Olav Botnenpower analyst at Volt Power Analytics.
In southern Norway, the error has no measurable consequences.
– German spot went up a couple of euros/MWh and contributed to southern Norwegian price areas going up by about 8 euros/MWh until tomorrow. In addition, reduced wind power and some increase in consumption internally in southern Norway contributed to the price increase. The central Norwegian area price also went up by approximately 6 euros/MWh due to reduced wind power and some increase in consumption there as well, says Botnen.
Germany has close to zero prices for a few hours on the night of Friday, but electricity customers in southern Norway cannot enjoy such low prices.
The daily price in southern Norway is just over 80 øre/kWh on Friday.
2023-11-23 17:15:00
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