IBEX has hosted a strategic workshop with its market participants dedicated to the Day- ahead market coupling with Greece

Independent Bulgarian Energy Exchange (IBEX) hosted today a strategic workshop dedicated to the Day-ahead market coupling with Greece. The workshop aimed at providing more information on the operation of the market once the coupling goes live as well as preparing market participants for the upcoming tests.  In consideration of the importance of the market coupling for the power market in Bulgaria and its go-live in less than a month, almost 100 representatives of 82 companies, members of the Day-ahead market of IBEX, attended the event.

‘We expect the positive effects from the coupling with Greece to grow. The Bulgarian power market will become completely integrated with the European one, and Bulgarian consumers, generators and traders of power will be able to obtain the maximum benefits which the coupling brings, namely: automatic access in real time to bid and ask orders of market participants from all EU member states,’ Mr. Konstantin Konstantinov, CEO of IBEX said.

The significance of the forthcoming coupling and its benefits for the Bulgarian power market were emphasized in their opening remarks by Ms. Marinela Petrova- deputy Minister of Finance, Mr. Zhecho Stankov- deputy Minister of Energy, Mr. Plamen Mladenovski- head of Electricity generation and heat supply directorate at EWRC and Mr. Angelin Tsachev- CEO of the Electricity System Operator.

The leading experts from IBEX, Mr. Nikola Gabrovski and Mr. Todor Marinov, informed the participants about the nature and development of the Day-ahead market coupling project with Greece. The relevant procedures, including the back-up ones, based on which the market coupling operates were presented. The participants were provided the opportunity to discuss the details from various perspectives in a separate panel after the presentations.

Expectations are that via the integration on the border with Greece market concentration will decrease, especially of supply in Bulgaria which in turn will promote competition and will dispel the doubts about exercising market power in price calculation.

Bulgaria is planned to join the Single Day-ahead Coupling on 11th May 2021 (with a first delivery day 12th May) following a positive confirmation after completion of all tests and obtaining the respective approvals by the Bulgarian and Greek regulatory authorities.

Additional information

Since the very beginning of real power exchange trading in Bulgaria in 2016 IBEX has been a full member of the coupling of all European power exchanges – MRC (Multi Regional Coupling), currently SDAC (Single Day Ahead Coupling), as well as of SIDC (Single Intraday Coupling). The transmission system operators are also important members in these organizations.  ESO is also a member. The participation in these couplings allows, on the one hand, the power exchange operators to aggregate the orders registered in the electronic trading systems and on the other, the transmission system operators to provide data on the available cross-border transmission rights or the so-called capacities.  Currently the clearing prices and volumes of IBEX are calculated together with the other power exchanges in Europe, the said data about the capacities not being provided however.

The market coupling provides automatic access of Bulgarian trading participants to the orders of the other trading participants all over Europe. The specific access is determined by the capacities, i.e., how much power can physically flow from one national system to another.