The electricity transmission and market operators of Bulgaria and North Macedonia signed a memorandum of understanding (MoU) declaring their intention to complete the day ahead market coupling by 2022, Bulgaria's energy exchange operator said on Monday.
"The project shall be implemented in accordance with the European target model, in cooperation with SDAC [ Single Day-Ahead Coupling] bodies and in accordance with the approved common roadmap," the Independent Bulgarian Energy Exchange (IBEX) said in a statement.
The integration of short-term market segments is key to the development of the electricity market within each bidding area, and is of key importance to the successful market integration throughout Southeast Europe, the IBEX noted.
As the SEE region has a large number of non-EU countries, market integration is challenging, the IBEX added.
The market coupling project between Bulgaria and North Macedonia was restarted in September after the National Electricity Market Operator (MEMO) was designated as the nominated electricity market operator for the territory of North Macedonia. The initiative was first launched in March 2018.