OSLO (Reuters) -Finnish transmission system operator Fingrid intends to take measures to balance electricity production and consumption, it said on Thursday, after a bidding error sent Finnish power prices nosediving earlier in the day.
A bidding error by market participant Kinect Energy resulted in Finnish power prices for Friday plummeting to -203.40 euros per megawatt hour (MWh), data from spot market operator Nord Pool showed on Thursday.
“Fingrid is planning to make Intraday purchases to ensure system security and balancing capacities concerning the non-matching situation in the Finland bidding zone,” Nord Pool said on its website late on Thursday.
Kinect Energy sent a wrong bid for Finland for delivery on Nov. 24, selling on average 5,787 megawatt for all hours of Friday, the firm said in a regulatory filing posted on Nord Pool’s transparency website.
“We are working with other market parties to solve this extreme situation,” it said.
All hours from 1400 CET until the end of the day delivered at -500 euros/MWh, the maximum negative price possible on Nord Pool.
A spokesperson for Nord Pool said it was up to the market participant to resolve the issue.
The exchange initially indicated it would provide more information to the market, but later said it had nothing to add to the information provided via its transparency page.
Fingrid said in an earlier statement on Thursday that the incorrect offer also affected calculations for electricity transfers between the Nordic countries on Friday.
“We hope for activity from all parties in the intraday and balancing markets to help manage the situation,” the grid operator said in an updated statement.
Based on the Finnish price, electricity was set to flow from Finland to Sweden and Estonia on Friday, analysts said.
Fingrid said later on Thursday that sufficiency of electrical power on Friday looked good, and that capacity for production would be the same as on Thursday.
(Reporting by Nora Buli, editing by Anna Ringstrom and David Evans)