May 16 (SeeNews) - The Independent Bulgarian Energy Exchange (IBEX) will launch intraday trade by the end of 2017, the country's energy minister said on Tuesday.
The power exchange, which was developed in partnership with Norwegian-based Nord Pool Spot and launched in the beginning of 2016, is currently operating in a day-ahead mode. In March 2016, IBEX launched a centralised market for bilateral contracts, making possible the sale and purchase of electricity on long-term base. Back then, the energy ministry said that IBEX will launch intra-day power trading at the beginning of 2017.
"We will present a road map for the forthcoming steps towards the full liberalisation of the energy sector in our country," energy minister Temenuzhka Petkova said during an energy conference in Sofia.
Speaking at the same event, the head of the energy regulator, Ivan Ivanov, added that Bulgaria should amend its energy legislation to adopt the World Bank recommendations in the area. Among the key issues facing the sector he pointed to low liquidity on the power market. Ivanov also stressed that Bulgaria needs to draft measures to protect vulnerable consumers from price shocks.
In August 2016, the World Bank Group signed a deal with state-controlled company BEH to consult it on the liberalisation of country's energy market.
In 2016, about 54% of the electricity produced in Bulgaria was traded through the liberalised market, Ivanov noted, adding that just three percent of all electricity market players are operating on the liberalised market.