The establishment of a local energy exchange, being incorporated into an imminent draft bill carrying various bailout requirements, will aim to achieve three main objectives.
The first of these will be to harmonize the Greek energy market with all European markets. A second objective will aim for greater competition and transparency, which should offer households and enterprises lower energy costs. A third objective will be to offer energy supply security to the country’s energy mix through diversified energy sources, including greater renewable energy participation.
The establishment of an energy exchange has been incorporated into the Target Model, a process entailing the electricity wholesale market’s harmonisation with EU law.
The energy exchange promises to bridge Greece’s day-ahead market with the Italian and Bulgarian markets, as well as those of other neighboring EU member states, depending on their degree of readiness.
The Target Model is expected to significantly bolster the industrial sector as, on the one hand, energy costs are expected to drop, and, on the other, industrial enterprises will be able to participate in the energy market and establish supply deals with electricity producers. This will provide industrial enterprises with full control over their long-term energy costs.