There has been much talk lately about the preliminary work being conducted to establish a prospective Greek Power Exchange, but another related development is already just around the corner, this being the entry of a Greek energy future, the EEX Greek Base Future, into the German energy exchange, the EEX, in Leipzig.
The Greek Base Future will make available monthly, quarterly, and annual contract options. The commodity, essentially a risk-management tool, is aimed at investors active in the Greek energy market either as suppliers, merchants, or producers.
The EEX Greek Base Future is based on an index that represents the average marginal price of all auctions in the Greek market, around the clock. It will start trading on December 1 at 0.0075 euros per MWh, while its clearing price will be 0.005 euros per MWh.
As for the prospective Greek Power Exchange, its establishment will be considered feasible once conditions in the Greek market have matured. It could potentially offer a variety of commodities, such as power, natural gas, CO2 emission allowances, coal and guarantees of origin. However, a local Power Exchange cannot be launched unless real market liberalization has been previously achieved, opening up markets to new players, both in trade and production, beginning with the electricity sector.