ELECTRICITY POWER EXCHANGE TO START OPERATIONS FROM 1ST OF JANUARY 2016

Power Exchange for electricity will start operating in Bulgaria from 1st of January 2016, Ivan Ivanov, the Chairperson of Bulgaria’s Energy and Water Regulatory Commission (EWRC) told journalists on 27th of May.

He explained that representatives of Nord Pool Spot, on which platform the first Bulgarian day-ahead power exchange would be set, had presented a detailed schedule plan for the implementation of the project.

Independent Bulgarian Energy Exchange (IBEX) holds a license to operate the electricity exchange in Bulgaria. The company (IBEX) is 100% owned by the Bulgarian Energy Holding.

The plan of Nord Pool Spot envisages changes to the legislation to be adopted by 30th of September to provide the necessary conditions for the work of the exchange. The platform needs to be installed by that date as well,  Ivanov explained.

He said that during the final quarter of 2015, tests would be made to ensure that the power exchange would be operational from the beginning of 2016.

According to him, all pessimistic forecasts that the price of electricity traded through the exchange for the needs of the free market would go up by 30-40%, were unjustified.

The final result will be positive for both energy companies, which will have to compete between each other on equal terms and for the Bulgarian consumers, he added.

At this stage, it is not yet decided whether household consumers will enter the liberalised market on the 1st of January 2016 or a few months later.