موردی از یونان درباره طراحی بازار تبادل انرژی
Abstract
1- Introduction
2- Literature review
3- The case of Greece
4- Conclusions and policy implications
References
Abstract
Driven by the liberalization of the energy market that began in the 1990s, the European Union aims to unify its internal market and achieve price convergence among all European economies. The majority of European countries have successfully established power exchanges, aiming to conduct cross-border transactions in a transparent and reliable manner. This paper provides a comprehensive overview of prior literature on the market design of the European Power Exchanges. It also identifies recent developments in the electricity market in Greece and describes the structure of the Hellenic Energy Exchange and the markets that will be formed in the future. These upcoming markets are expected to provide greater flexibility to all market participants. At the same time, the Hellenic Energy Exchange is expected to facilitate the integration of Greece into the rest South East European electricity markets.
Introduction
The liberalization of energy markets began in the 1990s as an attempt to unify the internal market and achieve price convergence across all European economies. The movement towards the use of a single energy market in Europe is explicitly directed by the European Union (EU) through various directives (Directive 96/92/EG, Directive 98/30/EG, Directive 2003/54/EC and Directive 2003/55/EC). In particular, this process is clearly specified by the EU through the Third Energy Package. The majority of EU countries have successfully established power exchanges (PXs1 ) through which cross-border transactions are conducted in a transparent and reliable manner, ensuring greater liquidity in the energy market and at the same time providing a competitive environment for the benefit of the consumers. Additionally, PXs encounter supplementary advantages, such as easier access, lower transaction costs, elimination of counterparty risk, neutrality, price reference, clearing and settlement services. Power exchanges are considered an important part of the European energy sector, both in terms of physical and financial trading. Based on the most recent available data, the total volume of electricity traded across the European Union amounted to 12,647 TWh for 2017, out of which 42.3% was traded among PXs (European Commission DG, 2018). Given the ongoing coupling among various regions in Europe, in the coming years we are likely to witness a significant integration among energy markets. Currently, electronic auctions are conducted daily, where energy products such as electricity, natural gas, CO2 emissions and green certificates are traded between PXs all over Europe. The first PX that was established in the EU was OMIE [1997] in Spain, followed by APX [1999] in the Netherlands and the United Kingdom, Nordpool [2001] in the Scandinavian countries, EEX [2002] in Germany and more recently IBEX [2014] in Bulgaria and CROPEX [2016] in Croatia. The main difference among those PXs is liquidity, since the less developed PXs struggle to survive or try to integrate with their neighbours in the region. Their role, design, and function of PXs have received considerable attention over the past decades. In the case of Greece, the framework of the energy market was reshaped radically in February of 2017, when the Market Operator (LAGIE – Operator of Electricity Market) and Athens Stock Exchange (ATHEX) signed a memorandum of cooperation, aiming to establish the Hellenic Energy Exchange (HEE).