Finnish Power Market Stabilizes After Trading Error Causes Record Low Prices

Kinect Energy's mistake could lead to some Finnish customers being paid to use electricity, while the Finnish Energy Agency launches an investigation.

• Finnish power market stabilizes after a trading error by Kinect Energy caused prices to plummet to a record low.
• Kinect Energy mistakenly offered on average 5,787 megawatts (MW) of power supply for all hours on Friday, about half of Finland's expected power demand.
• Fingrid, the grid operator, has re-opened intraday trading with Sweden and Estonia after stabilizing the system.
• Approximately 13.7% of Finnish retail power customers could benefit from the error, as they have exchange-based contracts and could get paid to use electricity for the hours that settled at negative prices.
• The Finnish Energy Agency is launching an investigation into the incorrect offer and its effects on the operation of the market and the various market participants.

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