Hellenic Energy Exchange earns distinctions at Impact BITE Awards

The Hellenic Energy Exchange was awarded, along with the Athens Stock Exchange, the Gold award in the category “Specialized Industry Applications / Energy Sector”, and the Bronze Award in category “Large Scope IT Projects” during the ceremony of the Impact BITE Awards 2021. Accepting the awards Dr. Zoumas Christoforos, HEnEx Director Market Operations, noticed that such rewards verify the huge efforts of both companies to create and develop a trading platform incorporating cutting edge technology and having large scale impact to energy sector in Greece. The “Energy Trading System Spot” (ETSS) is a major achievement for the successful integration of the Greek Market with EU Electricity Markets aligned to EU target Model objectives.

The above project implementation was positively evaluated by the award committee of the IMPACT BITE Awards, one of the most important awards of technology innovation in Greece.

PPC chooses Greek energy exchange for lignite-fired electricity packages

Power utility PPC has chosen to offer lignite-fired electricity packages to third parties through the Greek energy exchange, not the European energy exchange, as it was also entitled to, sources have informed.

This main reason behind this decision, part of an imminent mechanism to be implemented as a remedy to a long-running antitrust case concerning PPC’s monopoly in the lignite sector, is that PPC sees the forthcoming mechanism as a good opportunity for the domestic futures market to gain momentum and, by extension, help improve the utility’s cash flow.

The mechanism’s launch, coming at a time of elevated wholesale electricity prices, will help PPC’s rivals offset the period’s price volatility, which is crucial support that will enable independent players to compete more effectively in the retail electricity market and offer stable prices to consumers, the European Commission’s Vice-President Margrethe Vestager, also Brussel’s Commissioner for Competition, noted in an official announcement.

A legislative revision for the mechanism offering lignite-fired electricity packages to third parties is likely to be submitted to parliament today by the energy ministry.

The plan is expected to begin offering lignite-fired electricity packages to third parties by the fourth quarter.

 

PPC local, European exchange option for lignite packages

Power utility PPC will be entitled to choose whether to offer lignite-fired electricity packages to third parties through the Greek energy exchange or European energy exchange, according to details of an upcoming mechanism to be implemented as a remedy to a long-running antitrust case concerning PPC’s monopoly in the lignite sector.

PPC preference for the domestic energy exchange would keep open the option of physical delivery of these lignite electricity packages and ensure the company greater flexibility in its portfolio management. Opting for the European energy exchange would not permit physical delivery, making the deals purely financial transactions.

All that remains for the implementation of the mechanism, whose details have been agreed to by the government and European Commission, is a decision by the energy ministry on when to submit a related legislative revision to parliament, according to sources.

The legislative revision has been completed and the ministry is believed to be on standby for an appropriate date, the objective being to make a first round of lignite-fired electricity packages available to third parties by the fourth quarter this year.

All electricity suppliers will be entitled to purchase these packages, to have three-month durations.

As previously reported by energypress, the electricity quantity planned to be offered to suppliers through the mechanism in the fourth quarter this year will represent 50 percent of lignite-fired output in the equivalent period of 2020.

Then, for every quarter in 2022 and 2023, lignite-fired electricity packages to be offered to PPC’s rivals will represent 40 percent of lignite-based production in equivalent quarters of the respective previous years.

According to the country’s decarbonization plan, all existing lignite-fired power stations will cease operating by the end of 2023.

 

Energy Exchange Group (EnEx) celebrates its 3-year anniversary

Founded in June 2018, EnEx is comprised of the Hellenic Energy Exchange S.A. (HEnEx) and the EnEx Clearing House S.A. (EnExClear). Since its designation by the Greek Regulatory Authority for Energy (RAE) as the Nominated Electricity Market Operator (NEMO), HEnEx has evolved in line with the European agenda for a single and integrated European energy market.

As a designated NEMO, HEnEx successfully performed the necessary market transformations for the preparedness and operation of the Greek power market under the new model. All changes were completed in time and by the 1st of November 2020, the Greek power market was integrated with the European Target Model for electricity markets. HEnEx now operates the Day-Ahead Market, the Intraday Market and an energy Derivatives Market.

A very important milestone for HEnEx was the market coupling of the Greek Day-Ahead market to the European markets – over the border between Greece and Italy on December 15th 2020. On May 11th 2021, HEnEx achieved its second market coupling with Bulgaria. These interconnections enable cross-border trading, optimal capacity allocation and congestion management – all of which, facilitate a European Union-wide market in electricity with optimal welfare and resource allocation.

EnExClear plays also an important role in the flawless operation of the spot electricity markets in Greece. It provides clearing, risk management and settlement services for the Day-Ahead Market and the Intraday Market, and is also responsible for the clearing, settlement and shipping of implicit cross border transactions with the coupled markets. Furthermore, EnExClear is also responsible for the risk management and the settlement of positions of the balancing market, which is run by the Greek Transmission System Operator (IPTO).

Both HEnEx and EnExClear are directing their efforts towards the next important steps:

The establishment of a gas trading platform is the next major milestone. In collaboration with the Greek Gas TSO (DESFA), RAE and the Ministry of Environment, EnEx is designing the model for the new gas trading platform which is expected to be operational in fall 2021.

This year, HEnEx will also start operating three Complementary Regional Intraday Auctions (CRIDAs) and foresees its inclusion in the European Cross-Border Intraday (XBID) initiative in Q1 2022. Furthermore, following the connection of the island of Crete to the mainland electricity network, HEnEx is also leading the integration of the island to the existing Day-Ahead and Intraday Markets of mainland Greece.

In this dynamic and evolving energy environment, EnEx is committed to contributing to sustainability and providing high quality, transparent and non-discriminatory services to its markets participants. With confidence, EnEx will continue developing with vision and determination, while learning from its positive experiences, and strengthening the relationship with its partners and stakeholders.