As informed in Exchange Information No. 41/2013 the Elspot price calculation failed for Monday 5 August 2013.
After a first round of thorough analysis Nord Pool Spot has identified that the incident Sunday 4 August was linked to the algorithm’s handling of flexible hourly orders. Nord Pool Spot has therefore decided to restrict the use of flexible hourly orders to one (1) order per member (Participants, Client representatives and Clients) per day. The restriction takes effect from Wednesday 7 August 2013 (for delivery day Thursday 8 August) until further notice.
Nord Pool Spot continues the work to analyze all aspects of the incident, and all efforts will be put into permanently solving the issue. Our highest priority is to secure a credible price and Nord Pool Spot regrets the technical problems experienced.
Flexible hourly order
A flexible hourly order is a single hour sales order where the members specify a fixed price and volume. The hour is not specified. The order will be accepted in the hour optimising the overall socioeconomic welfare, given the price is above the asking price.
About Nord Pool Spot
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 370 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2012 the group had a total turnover of 432 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. Nord Pool Spot strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Lysaker, 06 August 2013
For more information, please contact:
Stina Johansen, Head of Communications, +47 916 50 603