Cross-border intraday XBID continuous market ready

A next step for the Greek energy exchange’s European unification will be taken tomorrow with the country’s entry into Europe’s cross-border intraday XBID continuous market, through coupling with Italy and Bulgaria.

This move comes following the coupling of Greece’s intraday market with those of Italy and Slovenia in September, 2021.

Continuous trading will accompany the existing supplementary regional intraday auctions (CRIDAs).

The launch of continuous intraday market trading is a milestone for Greece’s RES sector as a large percentage of green power plants will, as a result, immediately fully assume balancing market responsibilities.

Therefore, as of tomorrow, renewable energy projects with feed-in premiums will be responsible for the full amount of deviations they may cause.

A transitional stage implemented since the launch of the target model and which limited the financial penalties of RES units for discrepancies will no longer apply.


RES unit full balancing responsibility from early ‘22

Greece’s entry into Europe’s cross-border intraday XBID continuous market, through coupling with Italy and Bulgaria, will be delayed until the end of 2022, several months beyond a March 8, 2022 date that had been set.

However, this deferral should not prompt any change in the plan for the assumption, from early 2022, of full balancing responsibility by RES units for discrepancies they cause, in other words, projects with FiP contracts, as this will limit electricity amounts activated for balancing purposes and, as a result, balancing costs, RAE, the Regulatory Authority for Energy, has noted.

The energy ministry is now expected to prepare revisions separating the two launch dates.




Positive start for Greek, Italian, Slovenian intraday coupling

The coupling of the Greek, Italian and Slovenian intraday markets took a positive first step yesterday with a successful trial. According to Greek energy exchange sources, the transition from local intraday auctions (LIDAs) to regional intraday auctions (CRIDAs) covering the three countries was successfully completed.

Two complementary CRIDAs have been staged without any problems, while a third session is scheduled to take place early today.

The first CRIDA session ended with electricity price levels at 149.64 per MWh, 14.31 percent below the LIDA auction level recorded a day earlier. The initial CRIDA session’s transactions represented a total electricity amount of 2.53 GWh.

As a result of the market coupling, intraday market transactions will no longer be limited to domestic restrictions but will also utilize the capacity of the Greek-Italian grid interconnection left over once electricity import and export activity, through day-ahead markets, has been completed by the two neighboring countries.

Utilization of the grid interconnection’s leftover capacity will offer greater flexibility to suppliers, producers and self-supplying consumers.

The coupling of the Greek, Italian and Slovenian intraday markets represents a first step towards European intraday market unification.

It is planned to be followed, on March 8, by Greece’s entry into the European Cross-Border Intraday Market (XBID), offering continual intraday market transactions, via Italy and Bulgaria.

Greek-Italian-Slovenian intraday market coupling in autumn

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.