Wholesale electricity markets part 2

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ENERGY ECONOMICS 10 -25 May 2016 WHOLESALE ELECTRICIT Y MARKETS – part 2  THE ITALIAN MARKET O PERATOR  THE ELECTRICITY SPOT MARKET  THE PLATFORM FOR REG ISTRATION OF BILATERAL CONTRAC TS Summary ITALIAN MARKET OPERATOR (GESTORE MERCATI ITALIANI, GME) ......................................................... 3 IPEX – Italian Power Exchange ..................................................................................................................... 3 THE ELECTRICITY SPOT MARKET ............................................................................................................... 3 DAY-AHEAD MARKET (DAM) ................................................................................................................. 4 INFRA-DAY MARKET .............................................................................................................................. 9 PLATFORM FOR REGISTRATION OF BILATERAL CONTRACTS: PCE .................................................... 10 ITALIAN MARKET OPERATOR - GESTORE MERCATI ITALIANI, GME - GME is owned by the Ministry of Economy and Finance: this is peculiar because other MO in EU are private companies GME manages:  the “electricity market” (IPEX, Italian Power Exchange)  the “environmental market o Green Certificates o Energy Efficiency Certificates  the “gas market” IPEX – Italian Power Exchange The Italian Power Exchange (IPEX) is the electricity market created by the D.lgs. n. 79/99 with the following objectives:  Promote competition in generation and in the wholesale market  Favour transparency and efficiency in the dispatching activity (the latter is a natural monopoly) It is active since April 2004 and allows demand participation since January 2005. It is a physical market: it defines injections and…