{"id":1440515,"date":"2023-11-25T13:45:00","date_gmt":"2023-11-25T18:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1440515"},"modified":"2023-11-25T13:45:00","modified_gmt":"2023-11-25T18:45:00","slug":"extreme-situation-fat-finger-trade-sends-finnish-power-prices-crashing-deeply-negative","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/extreme-situation-fat-finger-trade-sends-finnish-power-prices-crashing-deeply-negative\/1440515\/","title":{"rendered":"&#8220;Extreme Situation&#8221;: Fat-Finger Trade Sends Finnish Power Prices Crashing Deeply Negative"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">&#8220;Extreme Situation&#8221;: Fat-Finger Trade Sends Finnish Power Prices Crashing Deeply Negative<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>On Thursday, a bidding error sparked chaos across the Finnish electricity market that sent power prices deeply negative.<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-23\/trader-error-causes-huge-plunge-in-finnish-power-prices\">Bloomberg<\/a>\u00a0reported that market participant Kinect Energy mistakenly sold half the country&#8217;s power consumption at an hourly auction for Friday, resulting in power prices crashing to -203.40 euros per megawatt-hour (MWh).<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/Screenshot%202023-11-24%20at%208.03.01%20AM.png?itok=4nT1x2ck\"><\/a><\/p>\n<p>Kinect blamed the bad trade on an &#8220;internal system error&#8221; for the market chaos, forcing Finnish transmission system operator Fingrid to intervene to ensure stability.\u00a0<\/p>\n<p>&#8220;Slightly simplified, you can say that they sold something they didn&#8217;t have, and buyers bought something that doesn&#8217;t exist,&#8221; said Pontus de Mare, head of power system operation at Svenska Kraftnat AB. He said power markets will remain messy but manageable.\u00a0<\/p>\n<p>The crux of the problem is when Kinect Energy entered the wrong bid for Finland for Friday delivery, selling an average of 5,787 megawatts. This was revealed in a regulatory filing posted on Nord Pool&#8217;s website.\u00a0<\/p>\n<p>Nord Pool&#8217;s website also said:<\/p>\n<p><em>&#8220;Fingrid is planning to make Intraday purchases to ensure system security and balancing capacities concerning the non-matching situation in the Finland bidding zone.&#8221;\u00a0<\/em><\/p>\n<p>Kinect Energy said in a filing, &#8220;We are working with other market parties to solve this extreme situation.&#8221;\u00a0<\/p>\n<p>Fat-finger error?<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Sat, 11\/25\/2023 &#8211; 08:45<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/commodities\/extreme-situation-fat-finger-trade-sends-finnish-power-prices-crashing-deeply-negative\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/commodities\/extreme-situation-fat-finger-trade-sends-finnish-power-prices-crashing-deeply-negative<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Extreme Situation&#8221;: Fat-Finger Trade Sends Finnish Power Prices Crashing Deeply Negative On Thursday, a bidding error sparked chaos across the Finnish electricity market that sent&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1440515","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1440515"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440515\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1440515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1440515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1440515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}