Greece says three power markets go live on Nov. 1

Greece will launch three power-related markets next month, as part of a long-delayed plan to streamline its wholesale energy market and couple it with the neighbouring markets of Italy and Bulgaria, its Energy Ministry said on Thursday.

The reform is part of the so-called Target Model, the wholesale electricity market model for building a single European energy market.

Greece has been the only European Union country which has not implemented that model yet and, therefore, it has the highest wholesale power prices in the bloc, Energy Minister Kostis Hatzidakis said in the ministry’s statement.

The new model will boost competition and transparency in the Greek electricity market, helping reduce energy costs for households and businesses and increase power exports, Hatzidakis was quoted as saying.

Following the launch of the forward market in March, the day-ahead, the intra-day and the balancing markets will go live on November 1, the ministry said.

Greece’s day-ahead electricity market will then couple with the Italian market in December 2020 and with the Bulgarian market in March 2021, it added. [Reuters]