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Public Consultation of New Market Codes

The Hellenic Electricity Market Operator launches a Public Consultation on New Market Codes (Forward, Day-Ahead & Intraday).

Within the year 2004, RAE, LAGIE and ADMIE have assigned to ECCO International the study of the High Level Market Design of the Electricity Market in Greece, in order to fulfil the requirement of the European Target Model and to be able to couple with other European Electricity Markets according to the European Regulations and Directives. After the completion of this study, RAE launched the public consultation of this study in November 2014. During the public consultation, an open day presentation was held for the detailed presentation of the new model. The comments from the participants were evaluated by the consultant and sent to RAE.

In August 2016, the Law 4425/2016 came into force, which defines four (4) new Electricity Markets in order to replace the existing Day-Ahead Scheduling (DAS). LAGIE was set as Operator for the three of them (Forward, Day-Ahead and Intra-Day Market), while ADMIE was set as Operator for the fourth market (Balancing Market).

According to the provisions of Law 4425/2016 and the Guidelines published by RAE in 2017 (RAE Decision 67/2017) and with the support of the European Institution JRC (Joint Research Center), ECCO International was commissioned to develop the Detailed Level Market Design of the four (4) new electricity markets and the respective Codes of these new markets.

Upon completion of this project, LAGIE launches in public consultation the following texts, concerning the electricity markets within its responsibility:

A. Forward Market Code (in Greek and English),

B. The complementary text with the detailed level market design of the Forward Market (in English),

C. Day-Ahead Market Code (in Greek and English),

Note: The implementation of the Minimum Variable Cost as a rule for accepting the offers for selling energy by the conventional generating units will be examined in conjunction with the coupling of the Greek electricity market with the neighboring electricity markets.

D. The complementary text with the detailed level market design of the Day-Ahead Market (in English),

E. Intra-Day Market (in Greek and English),

F. The complementary text with the detailed level market design of the Day-Ahead Market (in English),

G. The Annex of the Codes with the Regulation and Participation Rules of the Forward Market, Day-Ahead Market and Intra-Day Market (in Greek and English),

H. The text of the Definitions (in Greek and English).

The above texts have been prepared under the current legal framework. Phase B of Public Consultation will be followed after the adaptation of these texts according to the upcoming legislative interventions in the context of implementing the draft law (Energy Exchange), whose public consultation have been completed

All stakeholders are encouraged to submit their opinions/views on the texts, by sending an e-mail to the address using the phrase: "New Codes Consultation" as the subject line.

End of this public consultation: 22/01/2018

All NEMOs Consultation

In accordance with Article 12 of the Commission Regulation (EU) No 2015/1222 of 24 July 2015 establishing a Guideline on Capacity Allocation and Congestion Management (hereafter referred to as CACM), the Nominated Electricity Market Operators (hereafter referred to as NEMOs)  held a public consultation on the following proposals for terms and conditions or methodologies that have been prepared, in cooperation with the relevant TSOs, in accordance with Article 9 of CACM:

-       A common proposal for the price coupling algorithm and for the continuous trading matching algorithm (Algorithm proposal), incorporating a common set of requirements for the price coupling algorithm (DA Algorithm) and the continuous trading matching algorithm (ID Algorithm), in accordance with Art. 37 (4) of CACM;

-       A joint proposal concerning products that can be taken into account in the single day-ahead and single intraday couplings, in accordance with Art. 40 (3) and Art. 53 (4) of CACM;

-       A proposal for a back-up methodology to comply with the obligations set out in Article 39 and 52 of CACM, in accordance with Art. 36 (3) of CACM;

-       A proposal on harmonized maximum and minimum clearing prices to be applied in all bidding zones which participate in single day-ahead and single intraday couplings, in accordance with Art. 41(1) and Art. 54 (1) of CACM.

The on-line consultation ran from 3 November 2016 to 2 December 2016. A consultation workshop for stakeholders took place on Monday 14 November, in cooperation with the TSOs. Please refer to the workshop presentation and Q&A document in attachment for more information.

The consultation period is over, it is no longer possible to provide feedback.

The stakeholders’ feedback received will be taken into consideration. In accordance with CACM (Art. 36(3), 37(5), 40(1), 41(1), 53(1) and 54(1)), by 18 months after the entry into force of this Regulation, i.e. by 14th February 2017, the proposals have to be submitted to the regulatory authorities for approval.

In case you would have any questions, feel free to contact us:

The methodologies have been prepared and approved by all NEMOs via the NEMO Committee, an organization of all NEMOs to discuss and facilitate the implementation of the CACM requirements, in cooperation with relevant TSOs in accordance with CACM.

The proposals, which were subject to consultation, are in the attachment:

·         Algorithm Proposal, incorporating the Day-Ahead and Intraday requirements

·         Products Proposal

·         Back-up Methodology Proposal

·         Harmonized Max-Min Price Proposal

Related documents:

·         Euphemia algorithm – public description

·         CACM Regulation

Consultation Workshop:

·         Presentation NEMO Committee

·         Presentation ENTSO-E

·         Workshop Q&A


Hellenic Energy Exchange S.A.

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