Authorities and agencies, primarily Greece’s energy exchange, tasked with designing a futures product intended to replace the country’s NOME auctions, being abolished, are racing against a time limit imposed by the European Commission.

The introduction of a six-month product, to run from this coming January to June, is being considered, according to a recent update provided by the government to Brussels.

Preparations leading to the establishment of required platforms by the end of the year are being pushed ahead.

Various developments have shrunk the available time for the new product’s introduction by six months, placing all authorities involved under considerable time pressure.

The Greek energy exchange, aiming to start operating in February, is currently working closely will all other relevant agencies on various issues, including the delivery of a product to replace the NOME auctions.

The level of readiness of power utility PPC to assume the role of market maker of the new futures product is pivotal.