Energy ministry officials are engaged in ongoing talks with the European Commission’s Directorate-General for Competition and ACER, Europe’s Agency for the Cooperation of Energy Regulators, to determine the shape of Greece’s proposals for a Strategic Reserve Mechanism and a Capacity Remuneration Mechanism (CRM) before their plans are officially submitted to Brussels for approval.

Greece still needs to deliver an Adequacy Report before the two mechanism plans can be pushed forward. Three indices – CONE (Cost of New Entry), VOLL (Value of Lost Load) and Reliability Standard – need to be factored into calculations before the Adequacy Report can be completed.

According to energypress sources, RAE, the Regulatory Authority for Energy, has already completed work on the VOLL calculations and expects to have all required data needed for the Reliability Standard calculations during the week. RAE will then forward a related report to the energy ministry.

The Greek mechanism requests are expected to be submitted soon so as to enable the European Commission to respond by late November or early December.

The Strategic Reserve Mechanism, planned to remunerate power-generating units made available by electricity producers for grid back-up services is expected to be launched early in 2022 for a duration until 2023 before it is succeeded by the CRM.