The Independent Bulgarian Energy Exchange (IBEX) and Nord Pool Spot have announced 19th of January 2016 as the go-live date for the IBEX day-ahead market.
Cooperation and implementation agreements to implement and test systems for establishing the day-ahead market were signed between IBEX and Nord Pool Spot on the 21 of April 2015.
After a period committed to develop a transparent and efficient Bulgarian power market, the go-live follows an end-to-end testing period during the last month. The day-ahead market will open Tuesday 19 January for delivery Wednesday 20 January 2016, and will represent the first open day-ahead power market in Bulgaria. The opening allows IBEX day-ahead market to be operational as a part of the EU-wide Multi Regional Coupling (MRC).
The launch of the Day-ahead market is a step towards the development and liberalization of the electricity market in Bulgaria..
With respect to power exchange market operations’ start, IBEX notifies all members (registered and currently ongoing the registration process), that in order to be admitted to participate in the first auction (19.01.2016), they need to meet the following requirements no later than 14.01.2016:
1. Participation fee payment;
2. Annual fee payment (for members registered under Tariff I);
3. Initial collateral submission, in accordance to Appendix 2 of the signed Participant agreement.
The IBEX notifies the market participants with minimum collateral that the required collateral, after the first trading session, will be calculated on a daily basis as a result of the net purchase amount for a six days period, and will be a prerequisite for the admission to the following trading session. In this regard, and in order to avoid the collateral increase requirement after the first trading sessions, IBEX invites the respective participants to submit bank guarantees or cash deposits in the Operator’s account for the amount representing their commercial strategy.
Detailed information about the collaterals on IBEX is available on the company’s web page