Wednesday February 21, 2024
Electricity price falls to record low due to incorrect offer
Published : 25 Nov 2023, 01:52
The price of electricity fell to a record low level for consumers using exchange electricity on Friday due to the exceptional situation created following an incorrect offer to sell electricity.
An electricity market participant caused the situation that threatened the stability of the Finnish electricity system, said Finnish national electricity transmission grid operator, Fingrid in a press release.
On Thursday, the company sold a large amount of electricity to the Nord Pool power exchange for Friday with a sales offer that displaced a large amount of other generation offered to the market.
"The reaction of electricity producers was as expected and generation capacity has been very readily available in Finland and neighbouring countries. Due to active intraday trading on Friday, generation and consumption have been well balanced and the electricity system in our control room has been used almost as normal on a weekday. Power adequacy looks good for the whole of Friday," said Tuomas Rauhala, Director of Fingrid.
Consumption has been slightly above normal on Friday. Towards the evening, electricity use will rise well above normal weekday evening levels, but this will have no particular impact on the operation of the electricity system.