Source - Svk Månadsrapport Balansmarknader Februari 2026
Svenska kraftnät’s monthly balancing market report for February 2026. Covers all three Nordic balancing product groups: FCR (capacity), aFRR CM (capacity), mFRR CM (capacity), and mFRR EAM (energy activation market). Contains monthly mean prices, hourly/quarterly price series, volume data by bidding area and Nordic country, and production context (hydro, wind, spot prices).
Document: Raw/Svk/manadsrapport-balansmarknader-februari-2026-extracted.txt
Report date: February 2026 (covers 1–28 February 2026)
FCR capacity prices — February 2026
| Product | Dec-25 | Jan-26 | Feb-26 (mean) | Feb-26 (max) | Feb-26 (min) |
|---|---|---|---|---|---|
| FCR-N | 16.3 | 23.3 | 30.9 | 96.2 | 11.5 |
| FCR-D upp | 5.0 | 6.8 | 8.4 | 82.4 | 1.0 |
| FCR-D ned | 1.8 | 1.2 | 2.1 | 11.5 | 1.0 |
All values in EUR/MW. Source: Svk weighted monthly averages.
Trend notes (Feb-26 vs prior periods):
- All three FCR products increased month-on-month from January
- FCR-N and FCR-D upp are somewhat above February 2025 levels
- FCR-D ned is similar to February 2025
FCR-N vs FCR-D price ratio: FCR-N at 30.9 EUR/MW is approximately 3.7× FCR-D upp and 14.7× FCR-D ned in monthly mean terms. The max-to-mean ratio is large for all products (FCR-N max 96.2 vs mean 30.9 = 3.1×), indicating high intra-month price volatility.
aFRR capacity market (CM) prices — February 2026
aFRR CM up
| Area | Dec-25 | Jan-26 | Feb-26 (mean) | Feb-26 (max) |
|---|---|---|---|---|
| SE1 | — | 5.7 | 6.4 | 31.0 |
| SE2 | — | 6.0 | 8.1 | 60.0 |
| SE3 | — | 11.2 | 9.8 | 66.9 |
| SE4 | — | 11.6 | 9.7 | 66.9 |
EUR/MW. Comparison months estimated from chart data.
SE3/SE4 prices fell month-on-month; SE1/SE2 rose slightly. All zones are lower than February 2025, particularly SE3 and SE4. Max prices (66.9 EUR/MW in SE3/SE4) reflect periodic scarcity events.
aFRR CM down
| Area | Dec-25 | Jan-26 | Feb-26 (mean) | Feb-26 (max) |
|---|---|---|---|---|
| SE1 | — | 11.6 | 12.6 | 42.1 |
| SE2 | — | 10.9 | 13.0 | 42.1 |
| SE3 | — | 10.9 | 11.1 | 42.1 |
| SE4 | — | 9.3 | 8.1 | 42.1 |
EUR/MW. All zones share the same maximum (42.1 EUR/MW).
Key observation: aFRR down prices exceed aFRR up prices in all four Swedish bidding areas for February 2026 (SE1: 12.6 ned vs 6.4 upp; SE4: 8.1 ned vs 9.7 upp — approximately parity in SE4, but ned > upp in SE1–SE3). This reflects Sweden’s structural situation: the system needs more downward flexibility in the southern zones (excess renewable injection), but for capacity reservation the downward market is clearing at higher prices.
Swedish share of Nordic aFRR CM dispatch
| Direction | Swedish share (Feb-26) |
|---|---|
| aFRR CM upp | ~0% (near zero) |
| aFRR CM ned | ~48% |
Sweden was barely dispatched for upward aFRR in February. Finland dispatched the largest volume for aFRR up; Norway dominated aFRR down. The near-zero Swedish aFRR up dispatch suggests Swedish resources are rarely the marginal upward aFRR provider — consistent with SE1/SE2 having the lowest up prices in the Nordic area.
mFRR capacity market (CM) prices — February 2026
mFRR CM up
| Area | Dec-25 | Jan-26 | Feb-26 (mean) | Feb-26 (max) |
|---|---|---|---|---|
| SE1 | 13.0 | 22.1 | 22.4 | 222.1 |
| SE2 | 9.8 | 19.2 | 18.1 | 182.0 |
| SE3 | 9.9 | 19.6 | 18.6 | 160.0 |
| SE4 | — | 20.9 / 22.7 | 19.5 | 160.0 |
EUR/MW. All four areas showed slight declines from January.
SE3/SE4 dramatically lower than Feb-25 — reflecting the shift from tight winter conditions. SE1 max at 222 EUR/MW shows individual high-price events still occur.
mFRR CM down
| Area | Dec-25 | Jan-26 | Feb-26 (mean) | Feb-26 (max) |
|---|---|---|---|---|
| SE1 | 3.0 | 12.1 | 15.2 | 80.0 |
| SE2 | 3.0 | 8.1 | 12.5 | 80.0 |
| SE3 | — | 1.8 | 2.4 | 19.0 |
| SE4 | — | 1.8 | 2.4 | 19.0 |
EUR/MW.
Large north-south spread in mFRR CM down: SE1/SE2 at 12.5–15.2 EUR/MW vs SE3/SE4 at only 2.4 EUR/MW. SE1 and SE2 have structural deficit conditions in winter (large hydro exports) making downward regulation scarce; SE3/SE4 have abundant downward regulation supply (thermal, imports). This spread is highly consistent with the bidding-area volume data: SE1 provides 550 MW mFRR CM down in 2026 (vs only 132 MW from SE3 — see Source - Svk Behov av Reserver 2026).
Swedish share of Nordic mFRR CM dispatch
| Direction | Dec-25 | Jan-26 | Feb-26 |
|---|---|---|---|
| mFRR CM upp | 76% | 76% | 81% |
| mFRR CM ned | 98% | 97% | 95% |
Sweden dominates Nordic mFRR. For downward regulation, Sweden provides ~95% of the Nordic total — effectively making the Swedish system the primary Nordic balancing reserve pool for mFRR.
mFRR energy activation market (EAM) — February 2026
The EAM spread is the difference between the spot price and the actual mFRR activation price for quarters where mFRR was dispatched. It represents the true cost of an imbalance for a BRP.
Monthly mean spreads (EUR/MWh, February 2026)
| Area | Spread up (vs spot) | Spread ned (vs spot) |
|---|---|---|
| SE1 | +39 | −38 |
| SE2 | +39 | −36 |
| SE3 | +61 | −41 |
| SE4 | +65 | −42 |
Up spread increased in SE1/SE2 and decreased in SE3/SE4 from January. Down spread decreased in SE1/SE2/SE4, increased slightly in SE3.
SE3/SE4 show significantly higher up-regulation spreads (+61/+65 EUR/MWh) than SE1/SE2 (+39 EUR/MWh), consistent with more expensive activation events in the southern consumption zones. The quarterly price series show large spikes in SE3/SE4 (the y-axis is capped in the charts, indicating extreme outlier events).
Production and spot price context
- Hydro production: fell from January to February; slightly above February 2025
- Wind production: similar to January; somewhat below February 2025
- Spot prices: monthly averages increased slightly in all four bidding areas from January to February 2026
No absolute spot price values are given in the textual summaries, but the trend (rising slightly from Jan) is consistent with the FCR-N price increase.
Relevance to wiki themes
- Balancing Markets: fills the previously flagged data gap on Nordic balancing market prices; FCR-N/FCR-D price ratio confirmed empirically; aFRR down > up in all zones; Swedish share of Nordic mFRR confirmed ~81–95%; mFRR EAM spread as true imbalance cost
- Bidding Areas: north-south price spreads in mFRR CM down (SE1/SE2 6× more expensive than SE3/SE4) directly illustrate the SE1/SE2 generation surplus vs SE3/SE4 consumption surplus structural dynamic
- Svenska kraftnät: Sweden is the dominant Nordic mFRR reserve pool (95% of ned, 81% of upp), making Swedish balancing market design disproportionately important to Nordic system stability
- Energy Storage: FCR-N max of 96 EUR/MW shows that high-value events exist; the FCR-N mean (~31 EUR/MW) vs FCR-D upp mean (~8 EUR/MW) is the key commercial driver for battery storage preferring FCR-N