Bidding error sees Finnish day-ahead power price tumble to -203.40 euros/MWh

Re:Bidding error sees Finnish day-ahead power price tumble t... by rsynnott on Thursday November 23, 2023 @06:37PM (#38399011)

… Wait, how do you think modern markets _work_? Hint: it is not an elderly man writing numbers on a ledger with a quill pen. There is not generally a human in the loop.

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Re:Bidding error sees Finnish day-ahead power price tumble t... by sigurdjs on Thursday November 23, 2023 @06:57PM (#38399187)

Other regulated commodity markets have what is called a «reasonability limit» avoid this exact kind of scenario. It is very concerning that the exchange didnt have any automated alerts that could trigger for example a phone call to verify that the order is correct.

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Re:Bidding error sees Finnish day-ahead power price tumble t... by IndrekR on Thursday November 23, 2023 @08:07PM (#38399691)

The limits are there. -500€/MWh and 4000€/MWh. It did hit the lower limit for 10 hours in the row from 14:00 till midnight. Before 14:00 they were not the last bidder, so prices are higher there. Price on the market for everyone is set by the last bidder who fits in the predicted consumption pool.

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Re:Bidding error sees Finnish day-ahead power price tumble t... by XelNika on Friday November 24, 2023 @04:05AM (#38401919)

They have price limits, but I think GP means volume alert limits. Someone unexpectedly bids a third of the Finnish production capacity, you call them and ask if they are sure.

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Re:Bidding error sees Finnish day-ahead power price tumble t... by euroderf on Thursday November 23, 2023 @07:11PM (#38399311)

Nor a suitable test suite to catch this kind of thing preëmptively.

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