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Very strange that no one noticed this error as it was ~60% of Finlands average daily electricity consumption
by sigurdjs 3y ago
Very strange that no one noticed this error as it was ~60% of Finlands average daily electricity consumption
- rsynnott 3y ago… 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.
- sigurdjs 3y agoOther 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.
- euroderf 3y agoNor a suitable test suite to catch this kind of thing preëmptively.
- IndrekR 3y agoThe 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.
- XelNika 3y agoThey 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.
- doikor 3y agoMany probably did. But as a buyer/reseller it would be in their best interest to just buy and shut up.
- hokkos 3y agoAll trades are solved at the same time for the next 24h day in a single algorithm run for all Europe at 12h and taking about 15min to solve. You notice at the end and if it converge they won't re-run it for you, it's done.