Greek power market operator, Hellenic Energy Exchange S.A. (HEnEx), welcomed as newest member of the Price Coupling of Regions Initiative
20/11/2018 – Athens/ Bucharest / Madrid / Oslo / Paris / Prague / Rome / Warsaw
The power exchanges of the Price Coupling of Regions (PCR) initiative today welcomed Hellenic Energy Exchange S.A. (HEnEx) as a new partner to the PCR. HEnEx is the eighth partner further reinforcing the initiative’s foundation for a single European day-ahead electricity market.
HEnEx joins the existing power exchanges (EPEX SPOT, GME, Nord Pool, OMIE, OPCOM, OTE and TGE) who have been driving the development of PCR ensuring price coupling of day–ahead electricity markets in 24 countries representing over 90% of European power consumption.
HEnEx’s involvement in the PCR initiative is a clear signal of the exchange’s commitment to promoting the single European energy market in Greece, engaging in both regional and as well as pan-European integration activities.
PCR was established to provide a single price coupling solution for the day-ahead power markets using a unique algorithm (Euphemia) to calculate electricity prices across Europe and an efficient allocation of cross-border capacity. This is crucial in order to achieve the overall EU target of a harmonized European electricity market; expected to increase liquidity, efficiency and social welfare.
PCR is based on three main principles: the use of a single algorithm, robust operation and individual Power Exchange accountability.
By jointly developing a Pan-European market coupling algorithm and coordinating the governance structures between Power Exchanges, the Price Coupling of Regions initiative is a concrete operational solution for the achievement of the European Day-Ahead Target Model compliant with Regulation (EU) 2015/1222 of 24 July 2015 (establishing a guideline on Capacity Allocation and Congestion Management - CACM), as acknowledged by CACM implementation acts approved by all European NRAs .
Aiming at the development of a full cooperation across Europe, the PCR initiative is open to any European Power Exchanges wishing to join.