Energinet publishes finalized Nordic 2025 aFRR/mFRR capacity market evaluation report

Energinet, one of the four Nordic TSOs, published a short announcement on 2026-10-12 confirming release of the already-finalized joint aFRR/mFRR capacity market evaluation report for 2025, describing its three-part structure (CZC forecast-method evaluation, 10% NTC-limit utilization, and economic surplus from sequential aFRR/mFRR clearing). No new quantitative findings beyond those already captured in the finalized report are introduced; this source is a publication notice rather than a new analytical update.

The publication confirms that the statutory Article 12(5) monitoring report under ACER Decision 22-2020 is now publicly available via at least one Nordic TSO channel, which is a prerequisite for regulatory scrutiny, stakeholder review, and any follow-up action on forecast methodology, markup calibration, or NTC limits. Public availability is the trigger point at which NRAs and market participants can formally engage with the findings.

This update appears to be a near-duplicate of the underlying evaluation report content already analyzed, surfaced through an individual TSO's (Energinet) public communications channel rather than a joint Nordic TSO release. The structural description (three evaluation areas, sequential aFRR-then-mFRR clearing) is consistent with, but less detailed than, the previously captured findings, suggesting this is a publicity/distribution step rather than a substantive design development. Analysts should treat the 2026-10-12 date as the public disclosure date, distinct from the 2026-09-25 internal finalization date, and should monitor whether other Nordic TSOs (Svenska kraftnät, Statnett, Fingrid) issue parallel notices or whether NRAs open any formal review in response to the published findings, particularly regarding the SE4 avoided-under-procurement valuation and the NO4->NO3 fallback breaches.

ACER Decision 22-2020 on the Nordic CCR market-based allocation process methodology, Annex I, Article 12 (Publication of information) and Article 5(1)/6(2) on CZC limits and markup values

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