The project shall contribute to designing a new electricity market, and the necessary basis for a stepwise coupling of the Bulgarian electricity market with the similar markets in neighbouring countries integrating Renewable Energy Sources. At a later stage, coupling with the regional markets of Continental Europe will be explored. The main deliverables of the Project are: - 'Start of the day ahead' market in Bulgaria (power exchange for physical deliveries); - Development of concept, technical and organizational tools and undertaking concrete steps towards integration of market in Bulgaria with neighbour country markets (Romania, Serbia). This task envisages signature of the respective Agreements between the System and Market operators, moving to a coordinated allocation of capacities, in compliance with Directive Directive 2009/72/EC concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC and Regulation (EC) No 714/2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228/2003 and implicit allocation for a daily and intraday timeframes.
Summary of project results
The Project "Implementation of Euro Electricity Market in Bulgaria – II phase" accompanied the start of the power exchange market in Bulgaria and in the first phase it gave a clear picture of the state and development of the European market. At a later stage the project helped to prepare changes in the regulatory framework that is fundamental to the introduction of an intraday market, as well as the creation of first steps towards the coupling of the local market with a neighboring one. The Project "Implementation of Euro Electricity Market in Bulgaria – II phase" helped to build the power exchange market in Bulgaria, and without such market segment the future steps to couple the Bulgarian market with neighboring markets and market zones is impossible. The Project also initiated concerted, coordinated actions with neighboring system and market operators in the phased process of building unified markets in Europe and in the South-East Europe Region. The unification process involves integrating of each market segment - integration of the day-ahead and intraday markets, integration of the markets in real time and introduction of inter-system balancing. The meetings carried out with the Operators of FYROMacedonia (MEPSO), Greece (IPTO and LAGIE), Romania (TRANSELECTRICA), Turkey (TEIAS) are the first steps towards the implementation of the new European legislation requirements (Regulations, Guidelines, Codes), developed in accordance with the stipulations of the Third Liberalization Package. The results of the project will be built over time, as the Bulgarian institutions were only more involved in the integration processes at regional and European level in 2017. In April 2017 an additional agreement was signed a Memorandum of Understanding signed by the non-EU Southeast European countries. Through this additional agreement, ESO, IBEX and EWRC will express their readiness to support and participate in the processes for realization of market unification in the Southeastern European (SEE) Region and the introduction of the requirements of the European legislation. Within 2017, the intraday market is projected to be put into real work. In view of the ongoing market integration processes in the context of Regulation 1222/2015, involving all Market and Transmission Operators, the basic parameters of the day-ahead and intra-day markets at Community level are to be established. The implementation of the two market segments, as well as their integration, is processes and objectives at ommunity level aimed at creating maximum welfare for society.
Summary of bilateral results
EWRC, the NVE Partner and the participants in the project ESO and IBEX united on the following conclusions for the further development of the Bulgarian electricity market: •An open and transparent process of defining and approving market rules is required for all stakeholders, including future market participants. •The proper organization of IBEX in terms of organization independence (ownership, management, premises, IT, staff) provides confidence from the outset and facilitates its monitoring; IBEX needs to pay special attention to creating effective and reliable market surveillance. •It is necessary to build up the competence of the regulator on all issues of the electricity market, including, the regulator should be given the power to exercise control over market surveillance performed by BNEB and all tasks related to the functioning of the market, including those of ESO. •The challenges of the project, in particular, and in general, all the tasks of the EWRC related to the implementation of the Third Energy Package and the new binding European rules, incuding Network codes, require special attention, resources and training. •Market surveillance should be established in accordance with the new European rules, including: To establish coordination between the regulator, the competition authority and the financial supervisor; Each market operator must accordingly define and fulfill its market surveillance obligations. •The markets coupling is a necessary process, which should be realized only after gaining experience with the functioning of the day-ahead market and outlining the first steps for coupling of the Bulgarian market with a neighboring one.