Last Updated on June 27, 2018 by Admin
In its first ever investment in an energy exchange, the EBRD has signed agreements to become a shareholder in the Hellenic Energy Exchange in Greece.
The EBRD is investing €1 million for a stake of 20 per cent. The funds will be used to finance the establishment of the first energy exchange in the country.
The institution called Hellenic Energy Exchange will organise and operate Greece’s new electricity, natural gas and environmental markets through providing access to new energy markets and introducing new products on the domestic market.
Hellenic Energy Exchange will organize and operate the new electricity, natural gas and environmental markets in Greece
The Hellenic Energy Exchange has been founded and will be owned by the state-owned electricity market operator LAGIE, the Athens Exchange Group, the Hellenic Independent Power Transmission Operator (ADMIE), the EBRD and the Hellenic Gas Transmission System Operator SA (DESFA).
The Hellenic Energy Exchange will provide access to new liquid energy markets and products that will, among others, support greater domestic competition, reduce barriers to entry for new energy market participants and allow the effective participation of renewable energy producers in the electricity markets. It will also support regional integration by facilitating market coupling with Greece’s neighbours, for instance Italy and Bulgaria.
The establishment of the new energy exchange is critical to the reform of the Greek energy sector. It is also an essential element in the EU target model for energy markets, which Greece is committed to adopt.
The Hellenic Energy Exchange will offer a comprehensive set of new energy trading products well above the minimum requirements for compliance with the EU Target model, including new spot plus new physical and cash settled energy derivative products.
Source: EBRD Press