Greek Balancing Market

The Greek energy market model is compliant to the single European energy market model, also known as the Target Model. The Target Model achieves optimisation in the use of the Transmission System Capacity through coordinated practices by Transmission System Operators, reliable prices and liquidity in the allocation of the capacity of interconnections for the Day-Ahead Market, the efficient operation of the Forward Markets and the efficient design of the IntraDay Markets for the allocation of the capacity of interconnections. According to Law 4512/2018 the following wholesale markets of energy products are defined, in the sense of Regulation (EU) no. 1227/2011:

  1. Forward Market,

  2. Day-Ahead Market,

  3. Intra-Day Market,

  4. Balancing Market.

The operation of the first three markets has been entrusted to the Hellenic Energy Exchange (HenEx). For more information click here.

IPTO plays a leading role in the operation of the Greek electricity wholesale market. It manages and successfully operates the Balancing Market  as well as other key processes of the electricity market, such as the calculation and allocation of the long-term capacity of the interconnections and the long-term allocation of capacity in the Day-Ahead Market and in the Intra-Day Markets managed by HenEx.

Time sequence of Energy Markets

The Balancing Market ensures the balance between demand and production and in general the security of the System, while at the same time achieves the highest quality operation of the Electricity System through the efficient use of interconnections. It aims to promote competition by providing incentives for the entrance and efficient integration of new technologies into the Markets, such as Renewable Energy, Demand Response and Storage assets.

More information on the Balancing Market can be found here.


Integration of European Balancing Energy Markets

Commission Regulation (EU) 2017/2195 establishing a guideline for electricity balancing (EBGL) lays down the detailed rules for the integration of European Balancing Energy Markets with the aim of enhancing competition, transparency, efficiency of the European balancing system and security of supply, while supporting the implementation of the Union’s targets for the penetration of RES. The common regulatory rules of the Energy Market, adopted by the EU Member States, impose uniformity in the organization and the operation of the Balancing Market of the EU Member States resulting in increased competitiveness and convergence of wholesale energy prices.

The integration of European balancing energy markets aims to ensure optimal management and coordinated exploitation of the European electricity transmission system. It also enables Transmission System Operators to procure and use balancing energy efficiently and economically. This integration is facilitated with the establishment of common European platforms for operating the imbalance netting process (IGCC) and enabling the exchange of balancing energy from manual (MARI) and automatic (PICASSO) frequency restoration reserves and replacement reserves (TERRE).

IPTO participates in the European IGCC platform for the imbalance netting process since June 2021, while it is an active member in the implementation projects regarding the establishment of the European platforms MARI and PICASSO for the exchange of balancing energy from manual and automatic frequency restoration reserves.


The European platforms for the exchange of balancing energy from frequency restoration reserves and replacement reserves should apply a model with common merit order lists. As balancing energy bids will compete on EU-wide balancing platforms, it will ensure cost-efficient activation of balancing energy bids from the relevant standard products. More information on European Balancing Energy Paltforms can be found at ENTSO-E’s website.