Croatian Power Exchange Ltd., CROPEX and European electricity market Nord Pool announced the launch of the first day-ahead power market in Croatia. The start follows end-to-end testing period during January, the press release said. It comes as a result of a 2015 agreement by Nord Pool to service CROPEX including implementation of systems and operations for the Croatian power market. The new CROPEX day-ahead market is operational as a part of the European Union–wide Multi Regional Coupling (MRC).
Silvio Brkić, who heads CROPEX, said the launch is historical for power market development in Croatia, providing wholesale market price as well as transparent, liberalized and competitive trading environment for benefits of Croatian, as well as EU and Energy Community countries market participants. “This accomplishment is committing us to make our best in continuing with started activities aimed at fully integrating Croatian power markets into EU single Day Ahead and Intra-Day power markets,” he added.
CROPEX was established in May 2014 by Croatian Transmission System Operator Ltd. and Croatian Energy Market Operator Ltd. as a joint venture company. In December, Croatian Energy Regulatory Agency (HERA) designated it as a nominated electricity market operator (NEMO) for performing the single day-ahead and intraday market coupling, for an initial period of four years.
Nord Pool has been at the heart of the creation of the single, integrated European power market working with other power exchanges and with transmission system operators to develop and extend the Multi-Regional Coupling (MRC), which now accommodates some 85% of Europe’s electricity demand, the statement said. MRC operates on a common price coupling algorithm and calculation, Price Coupling of Regions (PCR), developed and run by a grouping of European Power Exchanges including Nord Pool.