RAE, the Regulatory Authority for Energy, has relaxed, as of 2022, a limit on bilateral agreements established by energy suppliers with market shares in excess of 4 percent, which restricted their physical deliveries to 20 percent of total sales, increasing this limit to 40 percent.
However, RAE has maintained the 20 percent limit for power utility PPC until the end of 2022.
RAE had imposed the 20 percent limit on bilateral agreements since the launch of the target model, before extending the measure through 2021.
Virtually all of the country’s vertically integrated energy suppliers have been subject to the restriction.
RAE, in announcing its revision of the limit, noted that new electricity markets have now been operating for a year, achieving sufficient liquidity in the day-ahead market but not in the futures market.
The authority also pointed out that single day-ahead coupling with the Italian and Bulgarian markets in December, 2020 and May, 2021, respectively, have led to satisfactory price-level convergence with southeast European markets.