IPTO handed RAE fine for target model’s balancing market delay

RAE, the Regulatory Authority for Energy, has imposed a fine on power grid operator IPTO as a result of its failure to maintain a schedule concerning the establishment of an energy exchange  balancing market, an obligation included in a ministerial decision for the target model, energypress sources have informed.

RAE took this decision at a recent board meeting after summoning the operator to offer explanations for its delay in the delivery of an online platform needed for the balancing market.

The information-system delay prevented trial runs of the energy exchange’s three markets, initially scheduled to begin April 10. These trial runs ended up being launched earlier this week, on Monday.

IPTO’s defending case was deemed insufficient by RAE, even though the sudden departure from Greece, early in the pandemic, by a General Electric team working on the balancing market’s information system was pivotal and beyond the operator’s control.

The first stage of testing, involving virtual tests of all energy exchange and IPTO systems, is scheduled to last until July 10. An initial assessment of the trial period will then follow.

A second testing stage, a dry run, or continual simulated testing of all new wholesale markets, is scheduled to start August 3.

The launch date for the energy exchange’s markets has been rescheduled for September 17. The energy ministry is expected to soon sign a related ministerial decision.