How does the 15 min imbalance settlement period (15 min ISP) affect wholesale market actors?
The 15 min imbalance settlement period and the 15-minute measurement obligation will be introduced in May 2023. From then on, the Nordics will move from an hourly settlement period to a 15-minute imbalance settlement period. The change imposes both new requirements and upgrade needs for systems and the integrations between them.
For wholesale market parties this is a significant and critical shift, even though the 15 min ISP doesn’t affect our wholesale market customers as extensively as the retail market that’s affected by developments imposed by datahub 2.0.
What will change?
All significant measurements affecting balance settlement shall be reported in 15 minutes and the official balance settlement shall be carried out in all respects with a resolution of 15 minutes from 01:00 on 22.05.2023. It is also worth noting that all production plans must be made and submitted to TSOs with a 15-minute resolution and will be processed as an average 15 min power.
Although our EnerimEMS system can process time series data with a 15-minute resolution already now, the change will cause many updates for reporting, monitoring and integrations. At Enerim, the preparatory work is well underway so that the necessary functionalities can be implemented in the systems well in advance of the actual go live.
The 15 min ISP will also bring changes into trading (day-ahead, intraday and reserve markets) as trade will gradually shift into 15-minute resolution during an upcoming transition period.