Electricity prices will be lower than planned tomorrow. By mistake, a Finnish market operator happened to sell large amounts of electricity that does not exist, which led to a price crash on the electricity exchange.
– This has affected prices downward, mainly in Finland but also to some extent in Sweden, says Pontus de Maré, operations manager at Svenska kraftnät.
When the mistake was discovered early on Thursday afternoon, the sudden surplus of electricity had already caused prices to fall, especially in Finland where there will be minus prices for large parts of Friday.
– Slightly simplified, you can say that you sold something you didn’t have, and buyers bought something that doesn’t exist. It is very unusual and also serious, says Pontus de Maré.
Moving between markets
To correct the mistake, other electricity producers have been asked to cover the imbalance. This is done, among other things, by “moving” electricity between different markets. The consequences will be greatest in Finland, but Swedish electricity customers who have variable prices will also be affected.
– It is difficult to say how much cheaper the electricity became due to the operator’s mistake because we do not know exactly what the price would have looked like if this mistake had not been made, says Pontus de Maré.