Greek energy exchange set to be established by Monday

The Greek energy exchange company will most likely be founded on Monday though there is a light chance of the procedure being completed by tomorrow.

Procedures concerning the new company’s registration at the General Commercial Registry (GEMI), the single electronic commercial registry, are expected to be finalized tomorrow.

LAGIE, the Electricity Market Operator, is scheduled to hold a general meeting today to formalize decisions concerning the energy exchange company’s establishment.

LAGIE, IPTO, the power grid operator and DESFA, the natural gas grid operator, are expected to participate in the new company with an overall 49 percent stake, while private-sector enterprises, including the European Bank for Reconstruction and Development (EBRD) and the Athens Stock Exchange, the new exchange’s main shareholder, will control a majority 51 percent stake.

The Cyprus Stock Exchange, which has agreed to participate with a ten percent stake, will not be present at this initial stage as Cypriot parliament has yet to approve its involvement. This ten percent stake will be temporarily held by the Athens Stock Exchange and transferred to its Cypriot counterpart at a future date.

Subsequently, the starting shareholders line-up of Greece’s energy exchange will be comprised of three institutions, LAGIE (22%); IPTO (20%); and DESFA (7%), and, from the private sector, the Athens Stock Exchange (31%) and the EBRD (20%).

The participation of independent producers as shareholders of Greece’s energy exchange is not anticipated for now, but such a prospect cannot be ruled out in the future.

Greece’s energy exchange is planned to begin operating next April. In the meantime, the new company will need to be certified by RAE, the Regulatory Authority for Energy, as a market operator for the transitional period leading to the implementation of the target model, envisioning market coupling, or harmonization of EU wholesale markets.