The electricity market in the Scandinavian region is facing big changes: a 15-minute tariff step, a single market price and the introduction of electricity meters that independently transmit information about consumption, follows from a decree of the Finnish government, published on Thursday.
“The billing period currently used in Finland is one hour. On May 22, 2023, the Scandinavian electricity market will switch to a 15-minute billing period. Due to the shorter settlement period, the measurement of electricity consumption will also be gradually transferred to a 15-minute system, ”the message says.
From February 21, 2022, digital hubs will begin to operate, which will simplify the process of changing electricity suppliers and synchronize the processes of concluding contracts for services.
“It will be easier and faster to change suppliers and conclude electricity contracts, there will be fewer errors in market processes, and it will be easier to have more than one metering point in one electricity contract,” it said.
As part of these reforms, on November 1, 2021, the Nordic electricity market will switch to the so-called single price model, where there will be no separate balances for electricity production and consumption for each country.
Equipment with remote transmission of readings will also appear.
The current measuring equipment is likely to end within this decade.
“The decree sets out the rules of functional requirements for new measuring instruments and systems. The provisions will not apply until May 2023, so that network operators and manufacturers of measuring instruments have enough time to prepare for the changes, ”the Cabinet concludes.