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In the Nordic countries (Sweden, Norway, Finland and Denmark), manyinterconnectors are formed by long High-Voltage Direct-Current (HVDC) lines.Every year, the operation of such interconnectors costs millions of Euros toTransmission System Operators (TSOs) due to the high amount of losses that arenot considered while clearing the market. To counteract this problem, NordicTSOs (Svenska kraftn\"at - Sweden, Statnett - Norway, Fingrid - Finland,Energinet - Denmark) have proposed to introduce linear HVDC loss factors in themarket clearing algorithm. The assessment of such a measure requires a detailedmodel of the system under investigation. In this paper we develop and introducea detailed market model of the Nordic countries and we analyze the impact ofdifferent loss factor formulations. We show that linear loss factors penalizeone HVDC line over the other, and this can jeopardize revenues of merchant HVDClines. In this regard, we propose piecewise-linear loss factors: a simple toimplement but highly effective solution. Moreover, we demonstrate how theintroduction of only HVDC loss factors is a partial solution, since itdisproportionately increases the AC losses. Our results show that the inclusionof AC loss factors can eliminate this problem.

HVDC Loss Factors in the Nordic Power Market