Since the adoption of the new Energy Law in 2018, a day-ahead energy market has been expected to be implemented in North Macedonia.
On 10 May 2023, the Macedonian National Electricity Market Operator (“MEMO”) rolled-out and started operating the day-ahead electricity market exchange. This market is envisaged as one of the key elements of a future Western Balkans energy market, integrating into the European internal market. It was part of a broader initiative to create a regional energy market in the Western Balkans, funded by the EU. The average price landed on the first day was EUR 115.74 per MWh and its participants bought and sold a total of 500MWh.
The legislative framework for the day-ahead electricity market exchange had been adopted on April 10 2023. Such Rules consist of four documents: 1) the General operating rules of the organized market for electric energy, 2) the Operating rules, 3) the Rules for clearing and financial settlement on the organized market of electric energy, and 4) the Code of Conduct.
The General operating rules of the organised market for electric energy, among other things, include terms for 1) organisation of the market, 2) the general market principles, 3) the legal and regulatory framework, 4) bodies of the stock exchange, 5) the conditions and the procedure for access, and 6) types of contracts, market zones and market segments.
Тhe MEMO’s Operating rules, on the other hand, among other things, stipulate terms for 1) trading procedures on the day-ahead market, 2) the general conditions for providing services, 3) a pricelist, and 4) technical rules for access and rules for clearing and financial settlement on the organised market of electric energy. The rules for clearing stipulate terms for clearing, bank accounts, financial guarantees, financial settlement, non-fulfilment of conditions.
Finally, the Code of Conduct consists of rules for 1) ban for manipulation of the market, 2) requests for organisation of the market participants, and 3) information on instructions and penalties.
At first, trading will be conducted only within North Macedonia, until the first market coupling with a neighboring country. An intraday market is yet to be introduced in the near future.
According to the Energy Community Secretariat, the establishing of the Macedonian exchange is a major step forward in the country’s energy markets, providing clear and transparent pricing signals for renewable energy investment.
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