The Independent Bulgarian Energy Exchange (IBEX) and Nord Pool Spot today (Wednesday 22 April 2015) announced the signing of a Cooperation Agreement, aiming to prepare and facilitate the implementation of the first competitive Bulgarian day-ahead power market that will be extended with an intraday market at a later stage.
IBEX is committed to develop a transparent and efficient Bulgarian power market and, thus, to enable a timely and reliable implementation of the EU Target model. In order to ensure the fulfillment of its goals and commitments and, in the same time, to deliver valuable service to the Bulgarian customers, IBEX nominated Nord Pool Spot for a partner to deliver trading systems as well as to operate the day-ahead market as a service provider.
The Bulgarian day-ahead market is planned to become operational by the end of Q4 2015.
- “The members of the IBEX team have been working for a strategic partnership for almost a year. We are very satisfied and inspired to create a reliable, liquid and non-discriminatory market in Bulgaria together with Nord Pool Spot. Finally, we will ensure the best possibilities for power trading to our potential domestic and international customers. We are extremely excited about this relationship with a major European power exchange” said Konstantin Konstantinov, CEO of IBEX.
- “We are very pleased to build this strategic alliance with IBEX in order to develop the Bulgarian power market. Nord Pool Spot has extensive experience delivering innovative solutions for European power trading and we want to continue to be at the very heart of developing future power markets,” added Mikael Lundin, CEO of Nord Pool Spot.
IBEX (Independent Bulgarian Energy Exchange) was established January 2014, as a fully-owned subsidiary of the Bulgarian Energy Holding EAD. IBEX holds a 10-year license (№ Л-422) by the State Energy and Water Regulatory Commission to organising a Power Exchange for electricity in Bulgaria. IBEX works to establish and develop a power day-ahead market for electricity in Bulgaria based on transparent and non-discriminatory principles.
About Nord Pool Spot
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 380 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2014 the group had a total turnover of 501 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. Nord Pool Spot strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Lysaker, 22 April 2015
For further information, please contact:
Stina Johansen, Head of Communications, +47 916 50 603 (for press enquiries)