Energy minister Costis Hatzidakis has urged all target model officials – including RAE, the Regulatory Authority for Energy; power grid operator IPTO; the energy exchange and EnExClear – to have resolved any pending issues so that a smooth launch of the model may be achieved on November 1.
Describing the upcoming date as historic for Greece’s energy sector, the minister was essentially conveying concerns of energy producers, traders and suppliers, not yet fully convinced that all market systems will be in full working order for the imminent launch.
The balancing market, in particular, remains a concern. The energy exchange is overseeing the day-ahead and intraday markets and IPTO will manage the balancing market.
Simulated dry-run testing of these markets, conducted for a period of over two months to test their limits and operating ability ahead of the target model launch, was completed about a fortnight ago.
Greece’s lead-up to the EU target model has been affected by a series of delays. Hatzidakis, the energy minister, is clearly determined to see the target model procedure through, not only because it is an EU commitment but also because of its prospective market and consumer benefits.
The target model will result in market coupling, or harmonization of EU wholesale markets, the intention being to eliminate market distortions and intensify competition.
A final full-scale test of all market systems is scheduled for October 27 while all is anticipated to be ready on October 30 ahead of the November 1 launch.