Assessment of the Target Model Implementation in the Wholesale Electricity Market of Greece

Filippos Ioannidis, Kyriaki Kosmidou, Kostas Andriosopoulos and Antigoni Everkiadi
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Filippos Ioannidis: School of Economics, Aristotle University of Thessaloniki, 54124 Thessaloniki, Greece
Kyriaki Kosmidou: School of Economics, Aristotle University of Thessaloniki, 54124 Thessaloniki, Greece
Kostas Andriosopoulos: School of Management, Audencia Business School, 44300 Nantes, France
Antigoni Everkiadi: School of Informatics, Aristotle University of Thessaloniki, 54124 Thessaloniki, Greece

Energies, 2021, vol. 14, issue 19, 1-22

Abstract: The European Union Target Model aims to integrate European energy market by removing barriers to trade and align markets. The most important goals of the Target Model are to provide consistent prices, enhance liquidity, support cross boarder trading, facilitate interconnections, and coordinate the use of transmission system capacity. In that context, the smooth operation of both forward and spot markets is a core development that directly affects the good operation of the wholesale market. This paper examines the application of the Target Model in the wholesale electricity market of Greece and its impact on electricity prices. The study explores the time period before the implementation of the Target Model, which took place on November 2020, and the first nine months of its execution. Based on the feedback received by the rest of the European countries, which are already part of the European Single Market, this crucial period of time is considered transitional, when many distortions and unethical behaviors take place. Empirical findings indicate a relatively successful implementation of the Target Model in Greece, with price disorders mostly met in the Balancing Market.

Keywords: target model; Greek wholesale electricity market; day-ahead market; intraday market; balancing market; trading volumes (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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