Balancing Costs for Portugal and Spain added to our Energy Management Tool

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Balancing costs have become a meaningful component of merchant revenue analysis as renewable penetration has risen across European power markets, but reconstructing a consistent view across bidding zones from public TSO data is non-trivial. We have been building that view into the Synertics Energy Management Tool (SEMT) market by market.

Following the integration of Sweden and Finland, the tool now also publishes a daily balancing cost indicator for Portugal and Spain, broken out by wind and solar. The calculation combines aggregate forecast deviation and the spread between imbalance and day-ahead prices, weighted over a 365-day rolling window with greater weight on recent observations. The output is a per-MWh figure that responds to forecast quality, settlement regime, and price volatility in each zone, and updates as new ENTSO-E data is released.

The indicator supports cross-market comparison, longitudinal tracking of a single market, anchoring commercial discussions in current data, and quantifying system-level imbalance cost for regulatory or strategic analysis.

The feature is live in SEMT Tool now.