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23 November 2020
Following the completion of the public consultation conducted by the Regulatory Energy Agency (RAE) between 8 September 2020 and 11 September 2020, the RAE designated 1 November 2020 as the effective date of operation of the intraday and day-ahead markets (electricity markets) and the balancing market, as part of the unified set of the new target model.(1) Further, between June 2020 and September 2020, the RAE issued a series of delegated decisions in accordance with the Hellenic Energy Exchange and EnEx Clearing House SA (EnExClear) rulebooks, the market balancing rulebook and Law 4425/2016 in order to regulate:
These decisions are as follows:
According to these decisions, the charges for the registration, installation, use and operation of technological infrastructure for connecting to the trading system of the electricity markets are stipulated per each type of participant. For the purposes of trading in the electricity markets, the technical parameters and characteristics of the accepted types of order, as well as the block order restrictions, are also defined. In addition, the decisions specify the measures imposed on electricity market participants for any breach of their obligations pursuant to the Hellenic Energy Exchange rulebooks.
Further, the RAE acknowledged that EnExClear is responsible for the clearing and settlement of transactions conducted on the electricity markets and balancing market, as a clearing house has approved its implementing decisions regarding clearing member's obligations deriving from their participation in EnExClear's clearing system. In this regard, RAE decisions provide for the registration and annual subscription fees and charges to be paid by clearing members to EnExClear and for the contributions to the default fund. If the clearing members do not comply with the EnExClear requirements, as further described in its clearing rulebook, the measures imposed on each clearing member category are specified depending on the gravity of the breach. Finally, another issue determined by the above decisions is the risk management measures within the clearing system framework. More specifically, these provisions include technical procedures regarding:
For further information on this topic please contact Aspa Pergamineli at Rokas Law Firm by telephone (+30 210 361 6816) or email (firstname.lastname@example.org). The Rokas Law Firm website can be accessed at www.rokas.com.
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