Power grid operator IPTO has declared being fully prepared for its imminent target model role of managing the balancing market, one of the new market systems to come into effect this coming Monday, when the target model is set to be launched.

Besides being tasked with managing the target model’s balancing market, IPTO, in a widely unknown role, will also be responsible for measuring overall operations of the target model.

The balancing market, an extremely complex market system requiring fundamental changes compared to current practices, will perform real-time balancing of demand against available offers.

The energy exchange will be responsible for the target model’s day-ahead and intraday markets.

In the lead-up to the forthcoming launch, IPTO, challenged by pandemic-related obstacles such as travel and staff restrictions, needed to make a series of coordinated efforts. These have included development of information systems and corresponding interface systems with the energy exchange (BMMS, MSS, XBMS and MODESTO), plus staff training.

The target model, representing the Greek electricity market’s most significant reform, is essential for market coupling with equivalent European markets.

The target model promises to reinforce the country’s energy security, offer consumers greater financial benefits through transboundary competition, lead to fair and competitive pricing in the wholesale market, while also facilitating further RES penetration, and, by extension, hastening greenhouse gas emission reductions and the decarbonization effort.