In many aspects the Nordic energy market and its participants across Denmark, Finland, Norway, Sweden, and Iceland are forward-thinking and exemplary in their collaboration and innovation efforts. The Nordics have long recognized the value of being harmonized and more interconnected (Iceland being the understandable exception) to improve the stability and reliability of their markets and to benefit end consumers.
NordREG, the organization that represents the five Nordic energy regulators, was set up in 2002 to actively promote a legal and institutional framework and the conditions necessary to develop the Nordic (and European) electricity markets. In 2016, with the commissioning of the Nordic imbalance settlement model, eSett Oy will take over the operational responsibility for imbalance settlement and invoicing for market participants in Finland, Norway, and Sweden. In many ways, the Nordic energy markets aim to act as one, believing in “strength in numbers.”