IBEX submitted proposals for changes in the rules of the Energy Exchange Operator

The Bulgarian Independent Energy Exchange, upon recommendation of the Ministry of Energy, on October 7 submitted to the Energy and Water Regulatory Commission (EWRC) a proposal for changes in the Rules for operation of an organized stock market, which provide for the abolition of "insurance-guarantee" collateral for the market segment "Bilateral agreements".

Thus, collateral in the form of a cash deposit and a bank guarantee, or a combination of both, will continue to be required on all stock market segments. It is also one of the measures the government proposed on September 27 to tackle the electricity price crisis. The aim is to implement it as soon as possible in the activities of the stock exchange operator.

"The change in the rules of operation of the energy exchange market will help increase transparency and improve its functioning. This is part of the set of measures we offer to protect businesses from rising electricity prices," caretaker Energy Minister Zhivkov said.

"We are doing everything in the power and capabilities of the exchange operator to facilitate trading participants, to have more efficient and secure trading on the exchange, and most importantly - as a result to have a real benefit for electricity consumers in our country", said Konstantin Konstantinov, Executive Director of IBEX.

The reasons for the proposal submitted to the energy regulator are to increase the protection of bona fide and compliant traders, who, in the event of non-compliance with the obligations of the other party, will be able to more easily and securely satisfy their financial claims from the collateral they have requested.

The proposal is to be discussed by the energy regulator.

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