EFET: Greek market restrictions, imperfections repelling traders

Greece’s electricity market is not an appealing prospect for traders as a result of a series of imperfections and restrictions, the European Federation of Energy Traders (EFET) has noted, informing the Greek energy exchange of an urgent need for a clear-cut schedule leading to solutions as soon as possible.

The EFET observations on the Greek market were part of a wider report covering markets of EU member states in southeast Europe.

The existing model applied in Greece does not allow market participants to trade freely in the country’s electricity market, EFET pointed out, noting, for example, that over-the-counter contracts are only partially permitted as traders cannot buy and resell electricity quantities in Greece, but, instead, need to export quantities they have purchased.

A rule forbidding market participants to switch from forward to day-ahead or intraday markets was another issue identified by EFET.

EFET also made note of rigid market rules conditions for transboundary trading that require imports and exports to be scheduled separately.