The MEPX day ahead electricity market in Montenegro has successfully gone live on 26 April 2023, with first delivery day on Thursday, 27 April 2023, bringing greater transparency and efficiency to the country’s electricity market based on the best practices provided by European Power Exchange (EPEX SPOT) and BSP Southpool.
Total daily volume on first trading day of MEPX DAM is 1113,6 MWh with the price of 112,22 €/MWh.
The launch of MEPX DAM marks a significant milestone after several years of planning, development and testing by MEPX and its partners. This market enables market participants to trade electricity for the next day, with prices being set through an auction process, ensuring that electricity is priced efficiently, and that supply and demand are matched as closely as possible. This will lead to a more liquid and transparent market, benefitting both consumers and producers by ensuring fair prices, more secure and reliable electricity supply, and greater integration of renewable energy sources.
,,Day ahead market will enable electricity trading in Montenegro in accordance with best European practices and is a result of intensified activities in the last two years, along with commitment of all employees in our company. The launch of DAM will facilitate integration of renewables in the future and represents the first and extremely important step in fulfilment of all technical-legal obligations of Montenegro for planned integration into single European electricity market, which can be expected alfter we become a full member of EU", said Mr. Matija Medojević, CEO of MEPX.
„We are thrilled to announce the successful go-live of MEPX“, said Mr. Dejan Drašković, COO of MEPX. „We express our gratitude to all those who have supported us in this journey, including our service partners at EPEX SPOT and BSP Southpool, who have helped us grow in both knowledge and technical operations. We believe that MEPX will help Montenegro to become a more competitive and integrated market, not only in the region but also in the wider European electricity market. This is a significant step towards the country’s energy security and sustainability, as well as its economic growth and development considering how important field of energy and power is for Montenegro. We gratefully acknowledge the consistent support of our Ministry of Capital Investments and Energy Community Secretariat, as well as our esteemed shareholders. On a personal note, I would like to extend my heartfelt appreciation to our dedicated operational team. They worked tirelessly under tremendous pressure to bring this new market to fruition, and their unwavering commitment to excellence was crucial in every step of the implementation. It required every member of our team to give their absolute best performance.“
Today's event in MEPX premises was also attended by Mr. Anže Predovnik, CEO of BSP Southpool and Chairman of the Board of ADEX.
,,We are glad to see that we had a smooth go-live of Montenegrin day-ahead market today. As of day one we have price signals and volumes for every traded hour. With this we paved the way for further development of Montenegrin DA market and its integration into European Union's electricity market. We look forward to ongoing cooperation and further exchange of experience among our partner exchange MEPX and consortium of EPEX SPOT and BSP. Congratulations to our Montenegrin colleagues for successful go-live day."
MEPX has already registered 15 members, including regional power companies like EPCG (Montenegro), HEP (Croatia), EPS (Serbia), HSE (Slovenia), and ENEL (Italy). Additionally, several major trading companies, including EFT, Danske Commodities, GEN-I and Interenergo, expressed interest in the market, recognizing its potential. MEPX also plays a crucial role in the undersea interconnection line of IMI (Italy - Montenegro Interconnection) cable, which has a capacity of 600 MW and is operated by Terna and Crnogorski elektroprenosni sistem (CGES). The IMI cable provides an important link between the two countries, enabling the exchange of electricity and supporting the integration of renewable energy sources. It is also a key component of the larger Southern Gas Corridor, which aims to enhance energy security and diversification in Europe by connecting the Caspian region to the European gas market via the Southern Gas Corridor.
Furthermore, the launch of MEPX DAM marks an important milestone for the energy sector in Montenegro, as it aligns with the country’s obligations towards the Energy Community Treaty and its accession to the EU. With the successful implementation of MEPX DAM, Montenegro is one step closer to achieving a fully functioning and integrated energy market with the rest of Europe.
MEPX also has significant implications for the future of renewable energy in Montenegro. As the country aims to increase its share of renewables in the energy mix, a more efficient and transparent electricity market will help attract more investment in clean energy projects, facilitating the integration of renewable energy into the grid. Higher liquidity is expected in June when Montenegrin TPP Pljevlja is expected to be back online with their significant impact on production and EPCG’s performance as a market maker.
In conclusion, the successful launch of MEPX DAM is a testament to the hard work and dedication of the entire MEPX team, its partners, and stakeholders. ,,We are confident that this new market will bring significant benefits to Montenegro and its energy sector. Our company will stay committed to continually improving the market and working towards its ultimate goal of market coupling with the rest of Europe", concluded Dejan Drašković, COO of MEPX.