Nordic energy market operator Nord Pool Spot announced Wednesday that it has signed with the Independent Bulgarian Energy Exchange (IBEX) and a Cooperation Agreement aiming to prepare the start of the first competitive Bulgarian power market.
IBEX is committed to develop a transparent and efficient Bulgarian power market and, thus, to enable a timely and reliable implementation of the EU Target model, Nord Pool Spot said. IBEX nominated Nord Pool Spot for a partner to deliver trading systems as well as to operate the day head market as a service provider in order to ensure the fulfillment of its goals and commitments and to deliver valuable service to the Bulgarian customers, the statement goes.
The Bulgarian day-ahead market is planned to become operational by the end of Q4 2015. Konstantin Konstantinov, the CEO of IBEX, is quoted as saying that the members of the IBEX team have been working for a strategic partnership for almost a year. “We are very satisfied and inspired to create a reliable, liquid and non-discriminatory market in Bulgaria together with Nord Pool Spot. Finally, we will ensure the best possibilities for power trading to our potential domestic and international customers. We are extremely excited about this relationship with a major European power exchange.”
Nord Pool Spot CEO Mikael Lundin added that they are very pleased to build this strategic alliance with IBEX in order to develop the Bulgarian power market. IBEX was established January 2014, as a fully-owned subsidiary of the Bulgarian Energy Holding EAD. IBEX holds a 10-year license by the State Energy and Water Regulatory Commission to organize a Power Exchange for electricity in Bulgaria. IBEX works to establish and develop a power day-ahead market for electricity in Bulgaria based on transparent and non-discriminatory principles.
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 380 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on the UK market N2EX. In 2014 the group had a total turnover of 501 TWh traded power.
Source: Bulgarian News Agency (BTA)
