List of abbreviations

1Introduction

PART ONE

Power exchanges in Europe and their fundamental

role as electricity wholesale marketplaces

7A. The liberalisation of the electricity sector in Europe and the emergence of power exchanges

71. Energy as a commodity

92. The liberalisation process

9a) Energy policy in the EU

11b) The EU regulatory framework for the electricity market

143. The emergence of power exchanges

17B. Power exchanges as marketplaces for electricity trading

171. The wholesale electricity market

17a) Essential elements in the wholesale electricity market

19b) Forms of electricity trading at a wholesale level

222. Power exchanges: Electricity trading platforms

22a) Power pools: The precursors of power exchanges

23b) Definition and functions of power exchanges

25c) The price formation mechanism

27d) The correlation between power exchanges and Transmission System Operators

28e) The benefits from trading in a power exchange

PART ΤWO

The institutional role of power exchanges towards

an integrated wholesale electricity market

and the Greek perspective

33A. Power exchanges in the context of the European integrated energy market - An institutional approach through market coupling

331. Energy market integration within the EU

352. The wholesale electricity market integration through market coupling

383. The regulatory regime under Regulation (EU) 2015/1222

38a) Basic regulations on market coupling

40b) The role of power exchanges in the market coupling regulatory regime and the impact of Regulation (EU) 2015/1222 on their activities

43B. The Greek wholesale electricity market and its recent developments

431. The basic regulatory framework

452. Wholesale market structure and electricity trading before the enactment of Law 4425/2016

463. Law 4425/2016: the newborn wholesale electricity market

504. Law 4512/2018: the establishment of the Greek power exchange

55Concluding remarks

57References

63Appendix