The project has done work on identifying relevant data sources and develop solutions for effective and continuous gathering of data given in a range of formats. Work will be done on washing and verifying the validity of these data.
A modelling framework has been developed building on an iterative approach where a hierarchical structure of models will enable the prediction of prices and volumes. Work is ongoing on implementing this framework. Alongside this, preparations have been made on readying the foundation for operational testing once sufficiently mature models has been developed.
Electricity is the ultimate perishable commodity and must be consumed at the moment it is produced, and the TSO is responsible for the balance between production and consumption at all times. The spot market for power is organized as a clearance market, where players live their bids for expected production and consumption. The players will then receive commitments for consumption and production in the coming period. Nordic power producers must submit bids for next day's production before noon on this day. That is, the bids contain an uncertainty of 12 to 36 hours. For producers of renewable non-regulable power such as wind, solar and river power, this uncertainty is a challenge. In order to increase flexibility, several balance markets for power have been established, where any deviations can be traded after clearance in the spot market. Here, the term balance market is used as a common term for the two markets regulator power market and XBID. In the regulating power market, players can submit bids to produce or consume energy in addition to their obligations in the spot market. In the XBID marketplace, players can trade in balance before the relevant operating hours.
If an operator expects an imbalance in the coming hour the operator can adjust its position by purchasing power corresponding to the obligations in the spot markets. All power suppliers can thus offer their power generation in the three markets spot market, regulator power market and XBID. The Nordic power system is tightly integrated and the power system can be largely seen together. Furthermore, significant synergies have been found in the operation of the regulating power market jointly between the TSOs in Europe.
Project owner: Skagerak Kraft