By Emea Riga
Europe’s largest intraday electricity market (XBID) will add seven new states to its current 14-member network by the end of this year. In the first year of operation, XBID executed over 16 million transactions, the Epex Spot Energy Exchange reported on Wednesday.
XBID, which started its operations on June 12, 2018, processed transactions between Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Latvia, Lithuania, Norway, the Netherlands, Portugal, Spain and Sweden.
Epex Spot, one of Europe’s largest energy exchanges, said on Wednesday that Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania and Slovenia will join XBID.
An integrated intraday market will increase the efficiency of intraday transactions by promoting effective competition, increasing liquidity, and enabling more efficient use of generation resources across Europe, Epex Spot reported.
The seven new countries will join the XBID market by the end of this year. Tests have already begun, and soon will be a period of evidence to allow new users to get familiar with the system.
Epex Spot said the system would be improved in the second half of this year to manage a tripling of orders, as the volume of the order book would reach 100 purchase and sales orders from 31 today . XBID allows matching of orders placed by market participants from different countries to cover, if capacity permits.
The system is designed to handle up to 400,000 transactions per day but there is room for expansion.
XBID is supported by over 30 network operators and more energy exchanges.
By Emea Riga