December 7 (BTA) - Bulgaria's Electricity System Operator (ESO) and the Independent Bulgarian Energy Exchange (IBEX) signed a memorandum of understanding with North Macedonia's Electricity Transmission System Operator (MEPSO) and National Electricity Market Operator (MEMO), formally stating their intention to integrate the two countries' day-ahead electricity markets by 2022, ESO reported on Monday.

The project is being implemented in accordance with the European Target Model and an approved common roadmap, and in cooperation with Europe's Single Day-Ahead Coupling authority. It was restarted in September after the government of North Macedonia designated MEMO to be the country's nominated electricity market operator.

Integrating short-term market segments is crucial for the development of the electricity market in each market zone, ESO noted. There are many countries in Southeastern Europe which are not members of the European Union, which is why the completion of market integration in the region is quite a challenge. The parties to the project are convinced that the successful electricity market integration between Bulgaria and North Macedonia is of primary importance for the market integration of the whole region.

The initiative dates back to March 2018, when IBEX and ESO signed a memorandum of understanding with MEPSO and the Energy and Water Services Regulatory Commission of North Macedonia in the framework of the Western Balkans 6 project. LN/VE
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