According to the agreement between EWRC, ESO and IBEX, the actual implementation of the 15-minute settlement period on balancing market is expected to start on October 1, 2022. According to ESO, the operator was ready with its introduction already on July 1 this year. The delay was caused by three main reasons: 1. Lack of preparedness of the market participants, including suppliers, network operators, power producers and end consumers; 2. Need for amendments of the regulatory framework to govern the introduction of the 15-minute settlement period and 3. Lack of 15-minute products on the Independent Bulgarian Energy Exchange (IBEX).
With the proposed changes at the beginning of August to amend the Electricity Trading Rules (ETR) and the operational rules of IBEX, were introduced texts that align the regulatory framework for the implementation of the 15-minute settlement period. It is expected that the new ETR and power exchange rules will be approved by EWRC on 30.08.2022.
At the same time, IBEX announced that it will be ready with the introduction of 15-minute products on the intraday market and possibly 15-minute trading intervals on the Bulgarian-Romanian border by October 1st. Therefore, for the successful introduction of the 15-minute settlement period, all market participants have to be prepared. At the moment, the conducted tests of ESO are of incomplete functionality and with a limited number of participants. It is necessary that all market participants take part in the tests, and the tests themselves provide data equivalent to what is expected when the 15-minute settlement period is introduced. Currently, market participants can submit schedules at 15-minute intervals, but ESO does not send back or publish the settlement results.
Derogation from the introduction of the 15-minute settlement period will not be possible after the launch of 15-minute products on IDM of IBEX. The reason is that EWRC has granted a derogation until the end of 2023 or until the introduction of 15-minute trading products by the Bulgarian power exchange. As the latter condition is expected to be fulfilled by October 1st, the derogation will cease. According to the regulations, EWRC has no right to request a second derogation.
