RAE, the Regulatory Authority for Energy, concerned about Greece’s delayed implementation of the target model, aiming for market coupling, or harmonization of EU wholesale markets, has requested a detailed progress report from the Energy Exchange and power grid operator IPTO.

The authority also wants the two bodies to deliver a binding finalized schedule detailing when this preparatory work will be completed for the new model to be ready to operate.A series of target model deferrals have raised concerns at RAE, now preparing to apply increased pressure, sources noted.

According to the latest schedule, the electricity market’s new model, which should have been launched in 2015, is now expected to be ready to operate in the second half of 2020.

A tender for logistics required in the market coupling procedure between the Greek and Italian markets is expected to be completed by this date.

Delays have also been identified in the establishment of three spot markets at the energy exchange – intraday, day-head and balancing markets.