Wholesale Markets

In the Day-Ahead and the Intraday Market, electricity trading orders are submitted by the participants with an obligation for physical delivery on the next day (Physical Delivery Fulfillment Day). The operation of the Markets is carried out by the Hellenic Energy Exchange S.A. (HENEX S.A.), in cooperation with the Operator of the System (ADMIE S.A.) and the competent bodies, in accordance with the regulations of the Energy Exchange for the Day-Ahead and the Intraday Markets. The Balancing Market includes the Balancing Power Market, the Balancing Energy Market as well as the imbalance clearing process. The participants here have the obligation to submit offers with an obligation of physical delivery, both in the Balancing Energy Market and in the Balancing Power Market. The Market is operated by ADMIE S.A., as responsible for the balancing of the System and is carried out in accordance with the regulations of the Balancing Market Regulation. Therefore, according to Law 4425/2016, HENEX S.A. establishes a new company and submitted a Business Plan of the new company to RAE, with which it will implement the clearing process of the Day-Ahead and Intraday Markets, as a clearing agency. In addition to that, the clearing body issues a Regulation, which includes transparent and non-discriminatory rules, based on objective criteria, regarding the access of Clearing Members to the clearing procedures”.

RAE has proceeded with a series of approvals, following the relevant recommendations of HENEX S.A., ADMIE S.A., Energy Exchange Clearing Company S.A., with which the regulatory framework for the operation of the above markets is formed. In particular, RAE approved the Day-Ahead and Intraday Market Operation Regulation, the Balancing Market Regulation, the Day-Ahead and Intraday Market Transactions Clearing Regulation and the Balancing Market Positions Clearing Regulation.

Finally, RAE with its Decision 1298/2020, based on its power to determine the starting day of uncoupled operation of Day-Ahead and Intraday Market, set 1 November 2020, as the Starting Date of Operation of the Day-Ahead Market, the Intraday Market and the Balancing Market.