March 3 (SeeNews) - The Croatian power exchange CROPEX said it has signed the Western Balkan 6 (WB6) memorandum of understanding on regional electricity market development, declaring its willingness to participate in the day-ahead electricity market integration project.
CROPEX will join the Programme Steering Committee on day-ahead market integration, whose task is to address all measures and steps needed for powering day-ahead markets in and between the signatory countries, the power exchange said in a statement on Thursday.
The aim is to establish coupling of national organised day-ahead markets with at least one neighbouring WB6 or EU country by July 2018.
"I am delighted that CROPEX, as a highly experienced neighbouring power exchange, has made the decision to officially become part of the WB6 process. It’s the second EU stakeholder to do so after the Italian regulator", CROPEX's director, Janez Kopac, said in the statement.
"The countries stand to gain significant benefits from closer market integration. A truly integrated pan-European energy market can only function if the WB6 countries are integrated into the EU’s internal energy market", he added.
The MoU was originally signed by the WB6 members of the Energy Community in April 2016. However, ministries, transmission system operators, national regulatory authorities and power exchanges of neighbouring EU member states were also invited to participate in the process.
The Italian energy regulator joined the process in September 2016 and the Italian power exchange and electricity transmission system operator also became active