Sunday, July 14, 2024
HomeElectricityNorth Macedonia launches MEMO day-ahead electricity market

North Macedonia launches MEMO day-ahead electricity market

North Macedonia’s day-ahead electricity market has officially launched after the national electricity market operator, MEMO held its first day-ahead auction for power delivery on 5 May.

The Energy Community Secretariat welcomed the launch yesterday (10 May). “This represents a major step forward in the country’s energy markets, providing clear and transparent pricing signals for renewable energy investment,” the Secretariat said via a press release.

The Vienna-based Secretariat provided technical assistance to setting up the institutional framework and the operationalisation of the new day-ahead market. This support formed part of a broader initiative to create a regional energy market in the Western Balkans, funded by the EU.

The adoption of a new electricity package by the Energy Community (EC) in December 2022 provided the necessary legal framework for the integration of the EC’s Contracting Parties’ electricity wholesale markets into the European internal market, the Secretariat said.

The development of North Macedonia’s day-ahead market is a “vital part” of this process, as it will enable the country to join the European single day-ahead and intraday market coupling, thereby increasing cross-border interconnection utilisation and providing a robust price signal for renewable energy investment. However, this integration can only happen if North Macedonia quickly transposes and implements the new electricity package by the end of 2023, the Secretariat noted.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular