Lars Paulsson
Thu, November 23, 2023
(Bloomberg) -- Kinect Energy AS said that an “internal system error” was behind its offer to sell a massive amount of electricity in an auction that settles rates in Finland, resulting in a massive drop in prices.
Kinect sold on average 5,787 megawatts from hour 1 to hour 24 for Friday delivery, according to a regulatory filing with the Nord Pool power exchange. That compares with a current consumption of just above 11,000 megawatts, according to network manager Fingrid.
“We are working with other market parties to solve this extreme situation,” the firm said in the filing.
The faulty bids led to an average price of -203 euros per megawatt-hour, compared with an average in the Nordic region of 35.28 euros, according to Nord Pool.
The exchange is investigating the issue, Fingrid said.
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