Since the energy crisis began, the media has seen to it that Finnish people know the basics of the electricity market. Interest in the reserve market has also grown, and more and more people understand the important role reserves play in the power system.
2024 looks good for the reserve market: The Nordic market is expanding, and we are taking big steps towards a common European market by joining the European aFRR energy market platform. At the end of the year, the automation of the Nordic mFRR energy market automation and the introduction of 15-minute products will enhance the performance of the market and the management of the power balance. We also predict a faster increase in reserve purchases and, hopefully, increased supply.
These changes all depend on successful communication. The communication strategy related to reserve markets must be refined. The main grid slang, acronyms and technical jargon we use must be translated into plain language.
The Super Year will require an enormous amount of work in also our customer companies.
This year – the Super Year – will require an enormous amount of work in the transmission system operator and customer companies. No one can remain passive and wait for things to develop; only by actively participating in the market and making the required changes can we unlock the benefits and make the market work.
The much-criticised balance management reform and 15-minute market will facilitate many things. Although the change will increase workloads and complicate existing processes, the shorter market time unit will allow for more accurate production and consumption planning. Planning and trading can take place closer to the time of use, which in turn makes balancing the power system more cost-effective. An efficient, reliable, market-based power system that incentivises investment in all sectors is in society’s interests.
Our customer base has expanded a lot, which is very welcome, as we need a wide range of production technologies and consumers in the reserve market. Without knowing much about the reserve market, it can be difficult for people to understand the potential of being flexible. The best way to ensure mutual understanding is through discussion, but we have also invested in other communication material.
In the spring and towards the end of the year, we will hold several webinars, revamp our website, provide reserve market training for beginners in April, and fine-tune our market-entry and customer-service processes. In addition, we will remain in close contact with all our customers in the mFRR market this year to ensure that Finland is ready to enter the new mFRR capacity and energy markets. In June, we welcome all our reserve suppliers to attend our Reserve Market Day.
Maria Joki-Pesola
Unit Manager
Fingrid
