Balancing market measures recently introduced by RAE, the Regulatory Authority for Energy, have produced tangible results for market participants, judging by clearance price figures between February 15 to 21, the first full week since the measures were imposed.
However, market players were quick to point out that last week’s market conditions were shaped by unusual factors not making possible a safe assessment of the results produced by the measures. They were launched on February 13.
Extreme snowstorms affected electricity supply in many parts of the country and a technical breakdown at the Koumoundourou substation serving the wider Athens area required a full-scale response from the country’s electricity production units.
Between February 15 and 21, the balancing market cost registered 10.99 euros per MWh, down from 12.36 euros per MWh a week earlier, according to data provided by IPTO, the power grid operator.
The regulatory authority needed to intervene following a sharp rise in balancing market costs since November’s launch of the target model’s new markets.