Law 4425/2016, as amended and applied, prescribed, on the one hand, the abolition of the Day-Ahead Scheduling (DAS) Transaction System and the Mandatory Pool model, whereas, on the other hand, introduced the operation of four separate Electricity markets. In particular, according to article 7 entitled “Electricity Markets” of Law 4425/2016: “Electricity transactions in the Interconnected Electricity System are carried out in the following Markets: Day-Ahead Market, Intraday Market, Balancing Market or Electricity Financial Market”. More specifically, in the Day-Ahead Market and the Intraday Market, electricity transaction orders are submitted by market participants with the obligation of physical delivery at the next day (Physical Delivery Day). The operation of these Markets is conducted by the Hellenic Energy Exchange S.A. (HENEX S.A.), in collaboration with the Greek TSO, ADMIE (IPTO S.A.), , in accordance with the Energy Exchange Regulations for the Day-Ahead Market and the Intraday Market. The Balancing Market is comprised of the Balancing Capacity Market, the Balancing Energy Market and the Deviation Clearing process. The Participants in this Market are required to submit bids with the obligation of physical delivery, both in the Balancing Energy Market and in the Balancing Capacity Market. The operation of this Market is under the responsibility of ADMIE (IPTO S.A.), who is in any case responsible for the physical balancing of the National Transmission Electricity System and is carried out in accordance with the provisions of the Balancing Market Regulation. In this regard, and in relation to the clearing process carried out in all above Markets, Article 117C of Law 4001/2011, as in force, provides that “[…] the Hellenic Energy Exchange S.A. establishes a new company and submits to RAE the Business Plan of the new company which shall implement the clearing of the Day-Ahead Market and Intraday Market as the Clearing Entity, according to the provisions of Articles 12 and 13 of law 4425/2016 […]”, while article 13 of Law 4425/2016, as in force, provides that “[…] the Clearing Entity issues a Regulation that […] includes transparent and non-discriminatory rules, which are based on objective criteria, regarding the access of the Clearing Members in clearing proceedings. […]». Pursuant to the above legal framework, RAE has completed a series of approvals, following the relevant submissions by HENEX S.A., IPTO S.A. and Energy Exchange Clearing Company S.A., with which the regulatory framework for the operation of these markets has been established, and in particular: the Regulation for the Operation of the Day-Ahead and Intraday Market, the Regulation for the Balancing Market, the Regulation for the Clearance of Transactions for the Day-Ahead and Intraday Market and the Regulation for the Clearance of Balancing Market.
Finally, RAE by Decision 1298/2020, pursuant to its responsibilities regarding the determination of the commencement day of the operation of the Day-Ahead and Intraday Market in an isolated mode (articles 6 and 9 of Law 4425/2016 and Chapter 7 of the Regulation of Operation of the Day-Ahead Market & Intraday Market, respectively), set the Commencement Date for the Day-Ahead, Intraday and Balancing Market on 1 November 2020.