Electricity market
Towards a clean power system
Jukka Ruusunen, Fingrid’s CEO, says that the government’s programme will enable Finland to become a pioneer in terms of its clean, cost-efficient power system.
12.8.2019
Jukka Ruusunen, Fingrid’s CEO, says that the government’s programme will enable Finland to become a pioneer in terms of its clean, cost-efficient power system.
Nordic energy market collaboration has yet another success story in the making. Since 2017 market imbalance settlement and invoicing in Finland, Sweden and Norway has been managed by one company: eSett. Jointly owned by the transmission system operators Fingrid (Finland), Svenska kraftnät (Sweden) and Statnett (Norway), eSett received a new addition to the team as Denmark’s Energinet became one of the owners of the company.
Finland has 1,300 megawatts of reserve power for use in the event of a disruption in electricity generation. Fingrid is responsible for ensuring the operational reliability of reserve power at all ten of its own plants and at seven leased plants. Reserve power is constantly on standby, although there are only a handful of disruptions each year, and the full power output is very rarely needed.
The 1st of March was an important milestone in the European electricity market. On that day 20 years ago, continuous intraday trading between Finland and Sweden started with the ELBAS product. At the same time, Fingrid removed the cross-border transmission tariffs from its Nordic connections.
The Nordic marketplace model for balancing energy is expanding to cover all of Europe.
Fingrid is continuing a pilot related to an independent aggregator model in the balancing energy market.
The industry transformation is reflected in the recruiting being done by energy companies. Fingrid still needs electrical engineering experts, but many other educational backgrounds are also suitable for transmission system operator employees.
The transition to the new model will affect very different actors, each of which sees the situation from its own perspective. We asked different parties how 15-minute imbalance settlement will affect their activities.
15-minute imbalance settlement period (ISP) will apply to the entire electrical energy industry and all market parties. The whole Nordic market area will switch to 15 min ISP at the same time, and according to the current schedule this will take place in December 2020.
Climate change, globalisation, urbanisation, digitalisation – megatrends are wide-ranging, global development directions that shape people’s lives, company activities, and societal structures. We asked different experts to tell us how megatrends can be seen in their work and how they affect the energy industry – and what may change forever in our world?