The Greek Balancing Market: an overview of current and future mechanisms

The Greek Balancing Market is crucial in sustaining the balance between electricity supply and demand within the Hellenic Electricity Transmission System (HETS). Under the governance of the Independent Power Transmission Operator (IPTO) and utilizing a central dispatch/unit-based model, this market operates through the Balancing Capacity Market, Balancing Energy Market, and Imbalance Settlement mechanisms. This paper offers a comprehensive analysis of the Greek Balancing Market, detailing the roles of market participants, the Integrated Scheduling Process (ISP), and real-time balancing operations. The effectiveness, challenges, and future prospects of the market are examined, highlighting its role in ensuring system stability, fostering competition, and promoting transparency and efficiency in Greece's electricity sector.