Norway regulator investigates Nord Pool power bourse over Finland blunder

RME is leading the investigation into Nord Pool on behalf of the regulatory authorities in Finland, Sweden, Denmark and Norway, while the Finnish regulator is investigating Kinect Energy , the market participant which made the bid. Nord Pool has already announced that will introduce additional checks of unusual bids.

Norway's energy regulatory authority RME said on Friday it has started an investigation into Oslo-based power bourse Nord Pool's handling of an erroneous offer that caused havoc in the Finnish power market last week. "We take such incidents very seriously," the director of RME Tore Langset said in a statement.

Day-ahead power prices in Finland fell to as low as -500 euros/MWh for delivery on Nov. 24 after one market participant erroneously offered power supplies equating to almost half of expected demand. In addition to major financial consequences, such events can also cause challenges to the operation of the power system, Langset said, adding RME expected both exchanges and market participants to have good routines in place.

RME has sent a letter

to Nord Pool asking the exchange to detail its handling of last week's events, the routines in place and what measures they can take to avoid similar situations in the future, he said. RME is leading the investigation into Nord Pool on behalf of the regulatory authorities in Finland, Sweden, Denmark and Norway, while the Finnish regulator is

investigating Kinect Energy , the market participant which made the bid.

Nord Pool has already announced that will introduce additional checks

of unusual bids.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)