Greek electricity market radically changing, aims to boost competitiveness

The Greek electricity energy market is facing radical changes in its structure aiming to boost competitiveness, increase transparency and complete the unification of the European electricity grid.

Currently, Public Power Corporation (PPC) has lost its monopoly, as private electricity energy producers have a total capacity of more than 2,500 MW (excluding renewable energy sources), a strategic investor has bought a stake in ADMIE (energy transmission), more than 15 companies have established activities in the retail market and soon four new markets will be created in the market of electric energy.

At the same time, PPC is under transformation with the sale of lignite units, while measures are being promoted to boost competition in the market such as auctions of lignite and hydroelectric production by PPC.

The four new markets to be created to approach the target model of the European Union are: the futures market, the next day market, the intra-day market and the balancing market.

According to a timetable set by the Regulatory Authority for Energy, the codes of the new markets and their implementation will be presented for public consultation in October, with the operation of the new markets expected to begin in the first six months of 2018. The Authority said that after the completion of the process and the full implementation of changes in the market, Greek consumers will be able to participate actively in the market, affecting prices, adding that a basic precondition for achieving these targets is the installation of “smart” consumption metres, a process that has already started on a pilot base.