19 MAY 2014. The Power Exchanges (PXs) APX, Belpex, EPEX SPOT, Nord Pool Spot and OMIE together with sixteen Transmission System Operators (TSOs) across Europe, are pleased to confirm the successful completion of a key phase for delivery of a common European Cross Border Intraday Solution.
A major step has been taken with the sign-off of core building blocks of the future European Cross Border Intraday Solution. PXs, TSOs and the service provider agreed together, with support from the relevant national regulatory authorities, the Agency for the Cooperation of Energy Regulators and the European Commission, to proceed to the next phase of the project in which all requirements of the European Cross Border Intraday Solution will be contractually fixed. This phase is expected to take approximately 5 months and will enable the European Cross Border Intraday Solution to be built and tested.
The future Intraday Solution will be based on a common IT system which enables continuous cross border trading across the whole of Europe where intraday adjustments to trades concluded in the day-ahead market can be made. Intraday trading plays an important role in creating an efficient power market to handle variations in production and consumption close to real time. The future Intraday Solution will facilitate the integration of renewable energy sources into the European electricity market and thus, in turn, facilitate renewable energy policy objectives.
Commenting on the progress with the project, Mikael Lundin, CEO Nord Pool Spot and Project Steering Committee Co-Chair, said: “Completing this phase of the project is a key achievement. It has involved intense activity and a willingness of all parties to work together to reach agreement on challenging issues. This puts us in a good place to commence the next important phase of the European Cross Border Intraday project.”
Jean Verseille, Director European Affairs, RTE, who co-chairs the Project Steering Committee, added: “We have now a clear plan to achieve implementation of the European Cross Border Intraday Solution in the NWE region. This is a complex project involving many parties; today’s announcement recognises the tremendous effort put in by all parties and signals a real step forward. High quality, required functionality and system security remain at the heart of our efforts in order to meet market participant’s expectations.”
Progress is being made in other areas, including the pre- and post-matching process design, which will enable local implementation projects to commence.