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

Author

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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)

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.

Suggested Citation

  • Filippos Ioannidis & Kyriaki Kosmidou & Kostas Andriosopoulos & Antigoni Everkiadi, 2021. "Assessment of the Target Model Implementation in the Wholesale Electricity Market of Greece," Energies, MDPI, vol. 14(19), pages 1-22, October.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:19:p:6397-:d:650897
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    References listed on IDEAS

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    Cited by:

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    2. Nametala, Ciniro Aparecido Leite & Faria, Wandry Rodrigues & Lage, Guilherme Guimarães & Pereira, Benvindo Rodrigues, 2023. "Analysis of hourly price granularity implementation in the Brazilian deregulated electricity contracting environment," Utilities Policy, Elsevier, vol. 81(C).
    3. Nenad Sijakovic & Aleksandar Terzic & Georgios Fotis & Ioannis Mentis & Magda Zafeiropoulou & Theodoros I. Maris & Emmanouil Zoulias & Charalambos Elias & Vladan Ristic & Vasiliki Vita, 2022. "Active System Management Approach for Flexibility Services to the Greek Transmission and Distribution System," Energies, MDPI, vol. 15(17), pages 1-31, August.
    4. Ioannidis, Filippos & Kosmidou, Kyriaki & Papanastasiou, Dimitra, 2023. "Public awareness of renewable energy sources and Circular Economy in Greece," Renewable Energy, Elsevier, vol. 206(C), pages 1086-1096.
    5. Jemma J. Makrygiorgou & Christos-Spyridon Karavas & Christos Dikaiakos & Ioannis P. Moraitis, 2023. "The Electricity Market in Greece: Current Status, Identified Challenges, and Arranged Reforms," Sustainability, MDPI, vol. 15(4), pages 1-40, February.
    6. Periklis Gogas & Theophilos Papadimitriou, 2022. "Emerging Trends in Energy Economics," Energies, MDPI, vol. 15(14), pages 1-2, July.

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