🇪🇺 Unusual data coming in from the aFRR market early this morning. The PICASSO CBMPs were extremely volatile. Looking at the raw 4-second data from PICASSO, one can find occasions where the prices jumped from €15,000/MWh to €12/MWh in a span of 4 seconds, across most of Central Europe. However, the activated volumes do not look out of ordinary. This extreme volatility is also largely not reflected in the estimated imbalance prices, as one would expect. Hopefully the day will bring clarity on what happened.
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Expert in energy, electricity, renewables, and markets
2wBalancing Services, I believe that the very high aFRR CBMP prices are due to the fact that some aFRR down energy prices were at 15,000 €/MWh in Germany (see the Merit Order down for the first QH of the day). So, for a small down demand, the CBMP ends up at 15,000 €/MWh, which happened in multiple occasions this morning. This is highly unusual, I believe.