Greece presents Energy Exchange project

If procedures moved fast and an agreement was reached in a very short period, there will be time to participate in the European Central Bank’s QE program which is our strategic goal, Environment and Energy Minister George Stathakis said on Tuesday.

Commenting on negotiations over energy issues, Stathakis expressed his confidence that despite disagreements currently prevailing, “we will reach an agreement,” and noted that “pressure to sell PPC’s electricity production units is not in our agenda now”.

The Greek minister stressed that the energy market operated positively during the recent NOME auction and noted that an existing agreement envisages a specific timetable to achieve a goal to reduce PPC’s market share in the domestic retail market.

Stathakis, accompanied by the chairman and CEO of the Operator of Electricity Market (LAGIE), Mihalis Filippou and the CEO of Hellenic Exchanges Group Socratis Lazaridis, presented -during a joint news conference- the Energy
Exchange project, expected to begin operations in mid-2018.

The aim is to strengthen competition and transparency in the market with direct benefits of reducing energy costs and ensuring better prices for households and enterprises, improving energy supply safety and raising the share of renewable energy sources in the country’s energy mix.

The Energy Exchange will have four different markets (futures, pre-session, intra-day and arbitrage) and will replace the current model of so-called obligatory market. NOME contracts will be listed in the market.

Filippou said the goal of the Exchange was to leave behind regulatory mechanisms creating more problems than they solved and to avoid past phenomena, such as a deficit that burdened suppliers and consumers.

The two agencies (LAGIE and Hellenic Exchanges) signed a memorandum of understanding for the creation of the market, with technical assistance offered by the European Commission.