Svk Månadsrapporter FCR 2025

Svenska kraftnät’s monthly FCR reports for 2025: ten reports (January, February, March, April, May, June–August combined, September, October, November, December), each with monthly mean prices for FCR-N, FCR-D up and FCR-D down, hourly price analysis, price-driving factors and procured volume per bidding zone. Svk has published these monthly FCR summaries since September 2024 (the first five reports, August–December 2024, are on Source - Svk Månadsrapporter FCR 2024). The reports’ text was read in full; most numbers are in charts, and the figures below are those the text states. They are Svk’s own commentary on data from Mimer; the same hourly data is in Source - Svk Mimer Reserve Price Exports (2026).

Price basis (stated in the January 2025 report): the price data is Mimer’s volume-weighted average of auctions 1 and 2 up to and including January 2024, when all FCR markets were pay-as-bid, and volume-weighted marginal prices of the two auctions from February 2024, when pay-as-cleared was introduced on all FCR markets. This is Svk’s own statement of the break noted on the Mimer source page.

Procurement and requirement

• From 1 January 2025 Svk procures 524 MW of FCR-D down for all hours, 54 MW more than in the fourth quarter of 2024. This equals Svk’s full volume need under the 2025 distribution key, so the stepwise increase begun when FCR-D down was introduced in 2022 is complete; no further quarterly raises.
• The FCR-D up requirement depends on the dimensioning fault and is at its maximum when Oskarshamn 3 is in full operation (Nordic dimensioning fault 1,450 MW); the FCR-D down requirement is at its maximum when the NSL or NordLink cable is in full operation (1,400 MW).
• Activation rates in 2024 were about 15% for FCR-N and under 0.1% for FCR-D (activated energy as a share of procured capacity), which Svk uses to explain why FCR-D is priced lower relative to spot than FCR-N.
• From September 2026 Svk and the other Nordic TSOs will cap the volume of static FCR-D that is procured (the December 2025 report; the cap for FCR-D up is introduced in September 2026).

Where the volume is bought

• FCR-D down shifted decisively to southern Sweden in the second half of 2024: most volume is now bought in SE3 and SE4 (January 2025 report). Over 2025 SE3 averaged 46% of FCR-D down volume, and 51% in December.
• FCR-N remained dominated by SE1 and SE2 in January, but the dominance has faded. SE3 rose gradually to 30% of FCR-N volume in December; SE1 varied between 25% and 45%; over 2025 SE2 was the largest zone (39% against SE3 19%, through August). On 29 August SE3 supplied 43% of the day’s FCR-N.
• FCR-D up has always had a large SE3 share, which Svk ties to the substantial consumption reduction prequalified for it; SE3 averaged 48% in 2025 and SE1 was only 7% in December.
• Svk links the southward shift to the arrival of energy storage and to the low-price period (January report). Since May/June 2024 SE3 and SE4 had taken market share from SE1 and SE2 in all FCR markets, a trend that flattened from the turn of the year (March report). In November more competitive FCR-N was imported from other Nordic TSOs for a period, reducing Swedish volume.
• Prequalified volumes: by 1 April 2025 energy storage had grown from 130 to 170 MW for FCR-N (+30%), from 610 to 670 MW for FCR-D up (+10%) and from 570 to 620 MW for FCR-D down (+9%); flexible consumption for FCR-D down grew from 50 to 60 MW. In the June–August report storage is about 29% of prequalified FCR-D down, 23% of FCR-D up and 15% of FCR-N, and the technology with the largest increase since 2023; hydropower still holds the largest share, and the December report adds that prequalified wind for FCR-D down grew in 2025.

Monthly means (EUR/MW, volume-weighted, as stated by Svk)

Price events and Svk’s explanations

• 22 January: the month’s highest hourly prices, FCR-N 127.81 EUR/MW (all prices above 100 that month fell on this day), coinciding with low wind, the month’s highest spot price in SE2 and high hydro output. Supply was good; bidders raised prices in line with spot (the hour 20–21 cleared 189.2 MW at 140 EUR/MW in auction 1 and 54.2 MW at 81 in auction 2).
• 14 February: FCR-N weighted 121.01 EUR/MW at 08–09 (auction 1 at 108.7 EUR/MW for 169.3 MW); five FCR-N hours above 100 that month.
• 14 March, hour 21: FCR-D down weighted 180 EUR/MW (auction 1 at 1.15 for 404.4 MW; auction 2 at 484 for 283.8 MW) with negative spot in SE2; only 40 hours that month above 20.
• 27 April, hours 12–14: FCR-D down auction 2 cleared at 2,690 EUR/MW (auction 1 at 8.80–9.80), a weighted hourly price of 773.71. April 2024 had been FCR-D down’s absolute peak of 2024 at 140.20 monthly mean, when marginal pricing was new, demand was ramping up and the spring flood affected hydro.
• 20 May: FCR-N auction 2 cleared at 1,000 EUR/MW at 13:00 and FCR-D down at high marginal prices in the morning, on a turbulent day with negative midday spot prices; Svk’s possible explanation is that storage owners put their capacity on the spot market instead. The November report calls 297.89 EUR/MW, in May, the year’s highest weighted hourly FCR-N price.
• 11 September: FCR-D down auction 2 averaged 230.06 EUR/MW, against 2.88 the day before, with a maximum of 350 at 16:00.
• 1 October FCR-N peak of 94.33 at 20:00 (weighted range 19.92–94.33 during 1–7 October), and 28–30 October with very low wind and high spot prices in all zones, which reduced supply from several zones.
• November: FCR-N stable at a weighted 22.99 in 1–16 November, then volatile days.
• Svk’s general reading: FCR-N trades broadly in line with spot in SE2; FCR-D’s price is low partly because the spot price acts as the alternative cost and partly because consumption and storage add liquidity; since storage arrived FCR-D is much less dependent on hydropower, though hydro still matters at times of higher marginal prices; the connection to spot is currently weak.

Reading the reports with care

• The December report’s full-year summary is internally inconsistent: it names July’s 20.91 EUR/MW as the year’s lowest FCR-N monthly mean, yet it also gives December as 16.33, and the February report puts February just under 15. Taken together the year’s lowest FCR-N month is February. The FCR-D up and FCR-D down extremes (low February 2.66 and December 1.80, highs April 8.91 and May 14.68) are consistent.
• The reports call the monthly figure the “weighted” monthly mean; the wiki’s monthly series uses the simple mean of Mimer’s hourly price, which already weights the two auctions, and all 28 monthly values Svk states for March–December match that series to two decimals (Source - Svk Mimer Reserve Price Exports (2026)).
• The charts (hourly price, price duration, procured volume by zone) cannot be read as numbers from the text.

Relevance to wiki topics

• Swedish Balancing Market Prices and Volumes — monthly series and the 2025 FCR context
• The Swedish BESS Business Case — Revenue Stacking and the FCR Saturation Problem — storage’s growing share of FCR volume and the low FCR prices
• Balancing Markets — FCR product rules
• Source - Svk Mimer Reserve Price Exports (2026) — the underlying hourly data and the pay-as-bid break