Electricity market
The reserve market is a network of many technologies
As much electricity must be produced as is consumed at any given moment. It is a simple equation, but the solution is complex.
27.3.2024
As much electricity must be produced as is consumed at any given moment. It is a simple equation, but the solution is complex.
The power system needs reserves to keep electricity production and consumption balanced every hour of the day and maintain a stable grid frequency. Fingrid hopes new players will join the electricity reserve markets – now, getting involved is easier than ever.
The transition to renewable energy sources is reflected in cleaner electricity production. Thanks to increasing production, Finland has the means to achieve annual self-sufficiency in electricity production this year and become a net exporter of electricity in the future.
The hydrogen economy represents a great opportunity for Finland, driven by clean electricity production, the rapid growth of wind power, and a reliable main grid. The green hydrogen market will also require a new hydrogen transmission grid.
Air conditioning is essential on hot summer days. Although cooling machines are not particularly expensive, Teemu Kettunen, Specialist at Motiva, advises using them in moderation.
The energy markets in Finland and throughout Europe are undergoing a transformation. One of the European Commission’s proposals is to sever the link between gas and electricity prices.
Finland will transition to a 15-minute imbalance settlement period on 22 May 2023, when the imbalance settlement system will begin using a 15-minute resolution instead of one hour. The centralised information exchange unit, datahub, and most energy metering will also switch to a 15-minute resolution.
Although the risk of an electricity
shortage is now much lower than in the winter, it is always sensible to use electricity moderately and in a planned way.
A microreactor is being planned in Lappeenranta. Juhani Hyvärinen,
Professor of Nuclear Engineering at LUT University, believes that a new type of nuclear power could work brilliantly as part of a future energy system.
Fingrid has three customer committees, which act as a link between Fingrid and the representatives of its various customer groups. Tero Karhumäki, the outgoing Chair of the Market Committee, talks about the opportunities of committee work.
Fingrid Oyj
Läkkisepäntie 21
00620 Helsinki
Tel. 030 395 5267
Fingrid.fi
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Fingrid is Finland’s transmission system operator. We secure reliable electricity cost effectively for our customers and society, and shape the clean, market-oriented power system of the future.