Svk Månadsrapport Balansmarknader Januari 2026

Svenska kraftnät’s monthly balancing-market report for January 2026 (version 3.0, 22 pages, published 26 February 2026), the first in the series to cover all balancing markets in one report instead of separate FCR, aFRR and mFRR reports, and the first to include mFRR CM. Svk has published monthly price summaries since March 2025; the earlier monthly reports are separate per product (FCR from August 2024, aFRR and mFRR from March 2025) and are not in the wiki. The text of the report was read in full; most figures sit only in charts, and the numbers below are those the text or chart labels state. Versions 2.0 and 3.0 adjusted some charts.

Headline findings (Svk’s summary)

• FCR: all products at a similar price level to January 2025. Against December the weighted monthly mean rose for FCR-N (23.3 EUR/MW) and FCR-D up (6.8) and fell for FCR-D down (1.2). (Chart labels give November/December/January as FCR-N 27.3/16.3/23.3, FCR-D up 8.5/5.0/6.8, FCR-D down 2.8/1.8/1.2.) January hourly extremes: FCR-N 8.0–110.1, FCR-D up 0.8–55.5, FCR-D down 0.8–3.4.
• aFRR CM: monthly mean for up 5.8–11.6 EUR/MW across SE1–SE4, higher than December in every zone (largest rise in SE3 and SE4), but lower than January 2025 (the summary says mainly in SE1 and SE2, the chart commentary mainly in SE3 and SE4). Down 9.3–11.6, level with December and with January 2025. Hourly maxima for up: 47.5 EUR/MW in SE3 and SE4, 40 in SE2, 31 in SE1. The Swedish share of calls rose for aFRR down and fell for up; the total volume requirement rose in both directions against December; Norway supplied a large share of called volume, falling in both directions.
• mFRR CM: monthly mean for up 19.2–22.7 EUR/MW, higher than December in all Swedish zones and slightly above January 2025 in SE1 and SE2; for down 1.8–12.1, lower than December in all zones except SE1 (level) and level with January 2025. Hourly prices for up were similar in all zones and highest at the end of the month; down prices were higher in SE1 and SE2 than in SE3 and SE4 in nearly every hour. Called volumes in SE1–SE4 stayed at the previous month’s levels.
• mFRR EAM (spread between spot and the mFRR price for regulated quarters, which Svk says equals the actual cost of an imbalance):

Up spread rose in SE1, fell in SE2 and was level in SE3 and SE4 against December; the down spread grew in all zones, most in SE1 and SE2. The monthly mean mFRR price increased in all zones in both directions. Monthly mean bid volumes for up-regulation fell in every zone (most in SE1); for down-regulation they rose in SE1 and SE4 and fell slightly in SE2 and SE3.

• Context: hydro production rose and wind fell against both December and January 2025; the monthly mean spot price rose against December in all zones.

Reading the report with care

• Internal inconsistency on activated volumes: the summary page says total activated mFRR volumes in SE1–SE4 fell for up and rose for down; the later section says the total activated volume in Sweden fell for both up and down. The text does not reconcile them. The Nordic view is level for up and slightly lower for down.
• The 18–27 December 2025 price investigation promised more analysis “in the mFRR monthly report coming in January 2026” (Source - Svk Utredning mFRR-priser December 2025 - Januari 2026); this report contains no separate analysis of those quarters beyond a December–January spread chart whose axis is cut so that some up-regulation price peaks are not shown.
• The February report later revised January’s aFRR up values for SE1 and SE2 to 5.9 and 8.0 (Source - Svk Månadsrapport Balansmarknader Februari 2026).
• Likewise the aFRR up comparison with January 2025 is attributed to different zones in the summary and in the chart commentary (see above).
• Spreads are reported as signed values; “increased” for the down spread means a larger negative figure.

Check against the wiki’s monthly series

The report’s January figures for FCR (23.3, 6.8, 1.2), aFRR CM (5.8–11.6 up, 9.3–11.6 down) and mFRR CM (19.2–22.7 up, 1.8–12.1 down) agree with the wiki’s monthly series built from Svk’s Mimer exports and Energinet’s aFRR dataset, and the FCR hourly extremes match the Mimer hourly file (Source - Svk Mimer Reserve Price Exports (2026)). The EAM spreads cannot be checked, because spot prices are not in those files.

Relevance to wiki topics

• Swedish Balancing Market Prices and Volumes — January 2026 prices, and the appendix series this report validates
• Source - Svk Mimer Reserve Price Exports (2026) — the underlying hourly data
• Balancing Markets — product-level pricing; Nordic aFRR and mFRR volumes