Statnett, Fingrid and Svenska Kraftnät founded eSett in 2013 who started the imbalance settlement operation for Norway, Finland and Sweden in 2017. Energinet joined eSett in 2019 and has now together with eSett finalized the integration of imbalance settlement for the balance responsible parties operating in Denmark as well.
This finalizes a long-sought Nordic harmonization for common imbalance settlement rules, and all balance responsible parties operating in the Nordics from now on have the same harmonized imbalance settlement rules to follow. This milestone in market development is a major step towards more harmonization in the Nordics for the market participants in the electricity sector. “February 1st is a date that truly marks the beginning of a new era in Nordic collaboration in the electricity sector. Harmonised rules for our market participants in the Nordics helps them focus on their services and products. This increases competition among the balance responsible parties for the greater benefit for generators and consumers in the Nordics,” says Signe Horn Rosted, Vice President, Energinet and member of eSett board.
eSett as a shared Nordic company operating the imbalance settlement in the Nordics, also provides a solid foundation for future changes in the markets. European system operators are facing new regulation as a part of implementing new European legislation. "Having the shared platform with harmonized rules helps keeping the cost for IT and system development to a minimum," Signe Horn Rosted explains.
The finalization of integrating Energinet into eSett also reduces the market entry barriers for existing market participants to expand in the Nordics, as well entering the Nordic market for new parties. “Given the vast changes the electricity systems will undergo for the next many years we are all looking forward to welcome existing and new market actors who will take part in the green transition and hope they welcome the Nordic harmonization Initiatives by expanding their green businesses in the Nordics,” says Ole Jacob Høyland, Director Market Operations, Statnett and Chairman of eSett Board.
Headquarter of eSett is located in Finland. The company was founded in 2013 and its operations started in 2017.
eSett is responsible for imbalance settlement and invoicing of the Balance Responsible Parties in Finland, Sweden, Norway and Denmark. The imbalance settlement is based on a harmonized model throughout the Nordics and provides equal operational preconditions for Balance Responsible Parties. In total more than 1.000 electricity market participants are serviced in the Nordics.
eSett is jointly owned by the four Nordic Transmission System Operators Energinet (Denmark), Fingrid (Finland), Statnett (Norway) and Svenska Kraftnät (Sweden) with equal shares.