Svk Månadsrapporter mFRR EAM 2025

Svenska kraftnät’s monthly mFRR reports for 2025: seven reports (March, April, May, June–August combined, September, October, November), covering the mFRR energy activation market (EAM) from its go-live on 4 March 2025. Svk has published them since March 2025; the reports are based on Nord Pool data. There is no separate December 2025 mFRR report: the January 2026 report was the first consolidated one covering all balancing markets (Source - Svk Månadsrapport Balansmarknader Januari 2026). Each report covers activated volume in the Nordics and Sweden, monthly mean mFRR prices per Swedish zone, the spread between the spot price and the mFRR price for regulated quarters (which Svk calls the actual cost of an imbalance), bid volumes and prequalified volumes. The reports’ text was read in full; most numbers are in charts, and those below are the figures the text states. All means are straight means.

The change the reports start from

• Energy activation of mFRR used to run on a common Nordic market, the reglerkraftmarknad. From 4 March 2025 it was replaced by an automated solution adapted to a 15-minute time unit, with each bidding zone’s imbalance (not frequency) as the starting point for balancing, to use the system’s resources more efficiently and avoid causing grid overloads.
• Since mid-February Svk had increasingly handled balancing strictly per zone in preparation, and raised the need for mFRR CM gradually before go-live, because an activated CM bid carries an obligation to bid into the EAM. Svk says that since mid-February prices for both up and down regulation have risen against the year before in all zones, and the cost of imbalances has risen.
• Norway’s share of Nordic balancing energy fell from about week 7 (mid-February) as balancing moved to per-zone handling; the shares of Sweden, Denmark and Finland rose (March report).
• The Nordic total of activated mFRR is larger than before, which Svk attributes largely to flow-based capacity calculation (go-live end of October 2024): less cross-zonal capacity is left for balancing, so imbalances cannot be netted across zones as before (June–August report).
• Unregulated quarters take the spot price as the mFRR price, and in down-regulated quarters the up price is set to spot, and vice versa, which affects the monthly mean; the ceiling for the down-regulation price rises with the spot price.

Month by month

• March: price volatility “as expected” large; the spread rose most in SE2, SE3 and SE4, mainly for up-regulation. Monthly mean for mFRR down fell sharply in all zones because of several price spikes to low negative prices, including −1,000 EUR/MWh on 22 March and −10,000 EUR/MWh on 23 March (the charts’ axes are cut to hide the −10,000 value). Activated volumes rose in SE2–SE4 against the year before as more of Sweden’s imbalance is handled within Sweden. Bid volumes were larger in SE3, probably because of the large calls on mFRR CM.
• April: Sweden’s activated volume roughly doubled against April 2024: from about 31 GWh to 70 GWh up and from 52 to 101 GWh down. The spread stayed volatile, especially for up-regulation: strongly higher in SE1, lower in SE3 and SE4 but from historically high levels. The system was down-regulated for much of the time in Sweden, more than in March.
• May: Nordic activated volume fell slightly against April but rose against May 2024, especially down-regulation (Norway’s share of down fell and Finland’s rose). The monthly mean spread fell in both directions in all zones, from historically high levels, mostly in SE3 and SE4; the mean mFRR price for up fell in SE1, SE3 and SE4 and rose slightly in SE2, and for down it rose slightly in all zones. Bid volumes for up were clearly larger in SE3 than a year earlier, with somewhat smaller totals.
• June–August: up-regulation volume rose in June and was then steady; down-regulation fell every month from April, most in August (lower Norwegian volume). The falling spread for up in SE3 and SE4 seen in spring broke in July; the cost of imbalances stayed high against the year before. Bid volumes for up fell over the summer, unlike the previous two years, probably helped by very high hydro production in July. Mean mFRR prices for up rose in June–August in SE1, SE3 and SE4; for down they fell in June and then rose, with the price ceiling.
• September: the largest change against August was a fall of 13.6 EUR/MWh in the up spread in SE4, and falls of 6.8, 8.1 and 6.5 EUR/MWh in the down spread in SE1, SE2 and SE3, which Svk partly attributes to better liquidity in SE3 and SE4 (a lower share of bid volume called). Activated volume in southern Sweden stayed high. Prequalified volumes rose in all zones, about 8% from March to September in both directions.
• October: Swedish up-regulation volume fell about 6% against September (up in the south, down more in the north); down-regulation fell for Sweden as a whole. The up spread rose in the south and fell in the north; bid volume for up rose in all zones, most in SE1 (+81%, about 415,000 MWh) and 15% in SE4 (about 10,300 MWh, from a much lower level), which Svk links to growing prequalified volume. The number of occasions with a price above 1,000 EUR or below −1,000 EUR has fallen, especially for up, which was far higher right after the EAM start.
• November: monthly mean up spread 19.7 EUR/MWh (SE1), 21.8 (SE2), 54.1 (SE3), 65.5 (SE4); down spread −16.5, −15.4, −35.3 and −41.1. Activated volume fell in the Nordics and in Sweden against October; the SE1 down volume was almost 5,000 MWh below SE3’s, which has happened only once before in the two years (July 2024). Prequalified volume rose about 12% for up and 11% for down from March to November, most in SE3 and SE4; SE4 bid volume for up kept rising, and mFRR CM capacity called in SE4 had grown to nearly twice the summer level.
• 18 November, 22:30: the month’s highest spread, 986 EUR/MWh in SE3 and SE4, with an imbalance price of 1,086 EUR/MWh. Svk’s explanation: a communication problem (“heartbeat”) in one or more participants’ IT systems made a large share of resources unavailable for activation, so a large part of the bid ladder had to be called to cover the need. The month’s largest down spread was −233.5 EUR/MWh in SE4 on 26 November at 17:00.

Reading the reports with care

• Check against the wiki’s series: Svk’s April figures for Swedish activated volume (about 70 GWh up, 101 GWh down) agree with the wiki’s EAM series built from Mimer (71 and 101 GWh) (Source - Svk Mimer Reserve Price Exports (2026)). The spreads cannot be checked, because spot prices are not in those files.
• The reports measure spread only for regulated quarters or hours; in unregulated periods the mFRR price equals spot, which lowers plain monthly means.
• Charts for bid volumes by zone, price distributions and the full-year spread figure are not readable as numbers from the text.
• The reports describe the market through the start of the EAM; the later manual price corrections and the end of the correction programme are in Source - Svk Obalanspris Manuella Justeringar Upphör (2026) and Source - Svk Utredning mFRR-priser December 2025 - Januari 2026.

Relevance to wiki topics

• Swedish Balancing Market Prices and Volumes — the EAM launch and operational impacts (2025), the EAM series and its appendix
• Balancing Markets — mFRR CM and EAM
• Flow-Based Capacity Calculation — why balancing volumes grew after the October 2024 go-live
• Source - Svk Månadsrapport Balansmarknader Januari 2026 — the consolidated report that follows