Bidding error sees Finnish day-ahead power price tumble to -203.40 euros/MWh

Updates with statement from Finnish grid operator in paragraphs 5-6

OSLO, Nov 23 (Reuters) - A bidding error by market participant Kinect Energy resulted in Finnish power prices for Friday FXHELAL=NPX plummeting to -203.40 euros per megawatt hour (MWh), data from spot market operator Nord Pool showed 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.

A spokesperson for Nord Pool said it was up to the market participant to resolve the issue, adding that the exchange would provide more information to the market shortly.

Finnish transmission system operator Fingrid said in a statement the incorrect offer also affected calculations for electricity transfers between the Nordic countries on Friday, and that it would provide more information when available.

(Reporting by Nora Buli, editing by Anna Ringstrom)

((Nora.Buli@thomsonreuters.com; (+47) 21 04 05 56; Reuters Messaging: nora.buli.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.