Epex Spot said Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Slovenia will join XBID (Cross-Border Intraday Market Project).
Illustrative image (Source: Internet)
"An integrated intraday market will increase the overall efficiency of intraday trading by promoting effective competition, increasing liquidity and enabling a more efficient utilisation of the generation resources across Europe," the company said.
The seven new countries will go live towards the end of the fourth quarter. Testing is already underway and a trial period will follow to allow the new users to familiarise themselves with the system.
Epex Spot said that the system would be updated later this year to handle a tripling of orders, with order book depth set to increase to 100 buy and sell orders, from 31 currently.
XBID relies on a common IT system and shared order book, a capacity management system and a transmission system. It allows the matching of orders entered by market participants in the different countries it covers, if capacity allows.
The system is designed to handle up to 400,000 trades per day with scope for expansion. XBID is backed by more than 30 power system operators and a number of power exchanges.
Energy world