October 6 (SeeNews) - The Independent Bulgarian Energy Exchange (IBEX) said that it has successfully completed the first phase of tests with market participants for the day-ahead market coupling with Romania.
"The management of IBEX makes every effort required for the successful completion of the tests and go-live of the market coupling as planned on October 27," the energy exchange said in a statement on Tuesday.
Due to the high physical interconnectivity on this border, the project, which is a priority for our country, will significantly increase competition on the segment and reduce market concentration. The market coupling with Romania will at the same time increase to a large extent price predictability and will thus contribute to leveling hourly price peaks, IBEX noted.
In addition, the project will complete the process of full integration of Bulgaria into the common EU market for electricity, IBEX added.
According to the statement, the next two test phases, namely market coupling simulation both with the project parties and all other Nominated Electricity Market Operators (NEMOs) in the EU together with all transmission system operators (TSOs), are scheduled for the current and the following week.
The IBEX, established in 2014, holds a 10-year licence from the State Energy and Water Regulatory Commission for organizing a Power Exchange for electricity in Bulgaria.
Currently, the IBEX is a wholly-owned subsidiary of the Bulgarian Stock Exchange, which acquired the company in 2017.