The integration of renewables, more active power consumers and a closer cooperation between the Nordic countries and within Europe increases the demand for reserves and balancing in the power system. Fifty is a central component to develop digital tools to handle the increased complexity.

- To succeed with the energy transformation and to ensure continued security of supply, we need a close cooperation with Svenska kraftnät and the other Nordic TSOs. With our new joint venture, the company Fifty AS, we take the cooperation one step further and will enhance our ability to develop advanced IT tools for the new reality, says Statnett CEO Auke Lont.

The IT-solution Fifty will ensure an efficient handling of reserves and balancing of the power system. These reserves must be available every minute 24/7. In the future, the cooperation will also include IT solutions required to implement the new Nordic balancing model.

Statnett and Svenska kraftnät have cooperated on the development of a joint balancing and market system since 2015. With the new joint venture, this cooperation is further formalized.

-The joint venture will be a strategically important tool to ensure a common Nordic strength and efficiency in developing new IT solutions to underpin the operations of the power system, underlines general director Ulla Sandborgh of Svenska kraftnät.

For further information, contact public relations manager Gunnar Romsaas at +47 977 33 716.