BUSINESS

EBRD buying into Greek energy exchange

TAGS: Energy, Initiative

The European Bank for Reconstruction and Development announced on Thursday the signing of agreements to obtain a 20 percent stake in the Hellenic Energy Exchange.

The bank is investing 1 million euros that will be used to finance the establishment of the first energy exchange in the country, who objective is to organize and operate Greece’s recently liberalized electricity, natural gas and environmental markets by providing access to new energy markets and introducing new products to the domestic market.

The Hellenic Energy Exchange was founded and will be owned by the state-owned electricity market operator LAGIE, the Athens Exchange Group, the Independent Power Transmission Operator (ADMIE), the EBRD and the Hellenic Gas Transmission System Operator (DESFA).

The Hellenic Energy Exchange will provide access to new liquid energy markets and products that will, among others, support greater domestic competition, reduce barriers to entry for new energy market participants and allow the effective participation of renewable energy producers in the electricity markets.

It will also support regional integration by facilitating market coupling with neighboring countries such as Italy and Bulgaria.

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