1. ELEC-E8423 - Smart Grid Power markets in Nordic Countries: Day ahead market and intra-day balancing
Terhi Säynätjoki

2. Introduction
Finland is a part of the Nordic and Baltic wholesale electricity markets
The market operates on mostly a day-ahead schedule
Adjustments can be made in a smaller time scale too

3. Nordic markets
The electricity systems of the countries are interconnected, which allows transmission across country borders
Source: 400kV-power-grid-Transmission-lines-are-approximated-by_fig7_

4. Electricity market operators
Electricity producers
Electricity traders
Electricity retailers
Transmission system operators
Consumers
Energy-intensive industry
Laws and policies

5. Day ahead markets, ELSPOT
Price determined by the balance between supply and demand, called spot market
Traders make bids for supply and demand for electricity for individual hours of the next day
The spot where supply and demand meet is the electricity price for that hour
Most of the electricity is sold this way
Source:

6. Intra-day balancing
Intra-day markets are used to balance the differences between estimations of the electricity supply and demand in the day ahead market and the estimations made on the day of supply
Operates on the day the electricity is supplied to the grid
ELBAS operates until 1 hour before the electricity is supplied to the grid
Additionally real-time markets balance the remaining imbalance

7. Conclusions
Electricity systems in Nordic Countries are interconnected
The Nordic Power markets operate mostly in day ahead spot market (ELSPOT) that determines the price by balancing supply and demand
Errors in the day ahead market can be compensated in intra-day balancing (ELBAS)
Thank you!

8. Source material used
Lehtonen, M. Advanced Power Engineering, Chapter 42.
arket Accessed
Accessed
Laakso, J. Sähkön sisämarkkinoiden nykytila, haasteet ja tulevaisuus Euroopassa. Kandidaatintyö. Aalto-yliopisto, Insinööritieteiden korkeakoulu, 2017.