Sizeable electricity price discrepancies – compared to day-ahead scheduling market levels – observed by officials in ongoing dry-run testing of Energy Exchange markets ahead of the target model launch scheduled for September 17 and attributed to unrealistic offers made by participants, are expected to narrow as more participants become involved.
Even so, officials supervising the simulated testing of all four Energy Exchange markets – day-ahead, intraday, forward, balancing markets – plan to introduce a safety mechanism enabling participants to make improved follow-up offers if price levels fluctuate beyond upper and lower limits.
Officials at related agencies and the energy ministry are confident the dry run will be completed on time despite being up against a very tight schedule.
The head officials of RAE, the Regulatory Authority for Energy, the energy exchange, and power grid operator IPTO held a summit meeting yesterday with energy minister Costis Hatzidakis and the ministry’s secretary-general, Alexandra Sdoukou, to discuss the progress of the dry run. Other officials meet on a weekly basis to discuss the effort.
To date, any technical issues that have arisen have been resolved. Both the Energy Exchange and IPTO appear ready for the real-life launch. Market systems have been undergoing continual testing since August 3.
However, a shortage in the number of dry-run participants, especially traders, has been observed. This is concerning as current evaluations of the market system performances cannot be considered entirely accurate. All key players – gas-based electricity producers, suppliers, traders, RES producers and aggregators – must be involved in the simulated testing for a dependable picture.
Once the Energy Exchange and IPTO have declared their readiness, RAE will need to offer its approval of the dry run on September 11, a week before the target model’s scheduled September 17 launch.
The aim is for all players to have entered the market systems on September 15 to prepare their orders for the launch two days later.