Market coupling of the Greek, Italian and Slovenian intraday markets has been scheduled for September 21 through complementary regional intraday auctions (CRIDAs), a further step towards full unification of the European electricity market.
This market coupling move promises to bolster the liquidity of Greece’s intraday market, which has remained subdued since its launch several months ago, while also easing balancing market burdens of participants.
A liquidity boost in the intraday market is necessary for optimal management of intermittent production, as is the case with most RES units.
Greece’s coupling with Italy and Slovenia constitutes the first step in this direction, the intention being to avoid significant discrepancies for RES units and costs they cause.
The degree to which this coupling step will impact Greece’s intraday market remains to be seen, given the limited capacity of an existing subsea cable linking Greece and Italy, offering 500 MW.
This interconnection will require a capacity boost if high-level intraday market activity is to be achieved, as the infrastructure will need to be able to facilitate physical deliveries of electricity amounts ordered.
Also, the interconnection’s leftover capacity for intraday market trading will depend on the level of electricity import and export agreements established through the preceding day-ahead market.
For example, if, on certain days, the interconnection’s capacity is entirely taken up for day-ahead transactions, then intraday market trading will not be possible.
A second step in the coupling of Greece’s intraday market is planned with the country’s entry into the continual XBID (Cross Border Intraday) market with Italy and Bulgaria, planned for the first quarter of 2022.