The purpose of the Balancing Market is to correct the imbalance between production and demand in real time, maintaining the the technical standards of the system and with due account of the the results of the previous markets. Balancing Market is divided into: Balancing Capacity Market, Balancing Energy Market and Deviation Clearing process.
In the Greek Balancing Market, the model of Central Dispatch per unit is adopted by ADMIE (IPTO S.A.) through the execution of the Unified Scheduling Process. Balancing Market Participants are characterized as either representatives of Balancing Service Providers or representatives of Balancing Responsible Parties. Balancing Service Providers, in the context of their participation in the Balancing Market, may submit the following bids to the Balancing Service Entities which they represent:
· Upward and Downward Frequency Containment Reserves Offers (FCR)
· Upward and Downward Manual Frequency Restoration Reserve Offers (mFRR)
· Upward and Downward Automatic Frequency Restoration Reserve Offers (aFRR)
· Upward and Downward Energy Balancing Offers
The Deviation Clearing process concerns the financial clearing mechanism which may result in the imposition of charges or payments to the Balancing Responsible Parties for their Deviations.