Greece launches three power markets as part of electricity market reform

The Hellenic Energy Exchange (HEnEx) has launched three segments: the day-ahead, intraday and balancing markets – as part of the wholesale electricity market reform.

The country just implemented the European Union’s so-called target model, the cornerstone for the development of a single electricity market in Europe.

Greece was the only EU country that hasn’t implemented a target model until now

For years now, Greece has been delaying plans to reform and couple its wholesale market with Italy and Bulgaria.

Greece is the last country in the EU to introduce the scheme so it had the highest wholesale power prices in the bloc, Energy Minister Kostis Hatzidakis said earlier, as quoted by Ekathimerini.

The target model was rolled out for the day-ahead, intraday, and balancing markets

According to the Institute of Energy for South-East Europe, the introduction of the target model in Greece implied the establishment of the day-ahead market (DAM), intraday market (IDM), and the balancing market. The futures market has been in operation since March.

Coupling with Italy is expected in December, and with Bulgaria in March

Greece’s day-ahead electricity market is expected to couple with the Italian market in December 2020 and with the Bulgarian market in March 2021.

It is anticipated that the new markets will lead to increased competition, greater transparency and an integrated market for the benefit of participants and end-consumers alike.

The operation of the day-ahead market started on November 1 through the submission of bids by suppliers and producers, while the operation of the intraday and balancing markets followed on November 2, IENE said, adding no issues were registered since.