Bulgaria’s IBEX opens registration for market of guarantees of origin of electricity

The Independent Bulgarian Energy Exchange (IBEX) is registering entities interested in participating in a market for guarantees of origin. There is no kickoff date yet for the platform, which the market operator will jointly run with the country’s Sustainable Energy Development Agency (SEDA).

After several years of preparations, the Independent Bulgarian Energy Exchange (IBEX) is launching a platform for trading guarantees of origin of electricity. In particular, such certificates are sold by renewable energy producers. Consumers buy them to prove their progress in decarbonization.

IBEX, solely owned by the Bulgarian Stock Exchange (BSE), and the Sustainable Energy Development Agency (SEDA) of Bulgaria are authorized to jointly operate the organized market for guarantees of origin or GOs. The legal framework envisages issuing the certificates monthly, quarterly and semianually.

Registration for participants began on March 31. Trading will be carried out via an electronic platform, though there is no kickoff date yet.

When SEDA integrates with the European guarantees of origin system, the participants in the Bulgarian platform will be able to trade abroad as well

The exchange said the participants would benefit from standardized rules and procedures, guaranteed delivery and payments, and transparency in pricing and publication of trading data. The move is part of the efforts to develop a liberalized electricity market, in line with the European Union’s Renewable Energy Directive 2018/2001 (RED 2), the update adds.

One GO covers 1 MWh of electricity production or consumption. When SEDA achieves integration with the European guarantees of origin system, the participants in the Bulgarian platform will be able to trade abroad as well.

IBEX, founded in 2014, operates day-ahead and intraday markets and a mechanism for bilateral contracts.

Also of note, Greece and Bulgaria are starting to trade balancing energy within the Platform for the International Coordination of Automated Frequency Restoration and Stable System Operation (PICASSO).