Major Bidding Error Sends Finnish Electricity Prices Plunging, Prompting Intervention to Balance Market
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Finnish transmission system operator Fingrid plans to purchase electricity to balance the market after a major bidding error sent prices plunging.
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The bidding error was made by market participant Kinect Energy, resulting in Finnish power prices for Friday dropping to -203.40 euros per megawatt hour.
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Kinect Energy accidentally bid to sell over 5,700 megawatts of power at the maximum negative price of -500 euros/MWh.
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The incorrect bid affected electricity transfer calculations between Nordic countries.
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Fingrid said electrical power sufficiency still looks good for Friday with production capacity unchanged.