With its decision 345/2023/R/EEL of 25 July 2023, Autorità di Regolazione per Energia Reti e Ambiente (ARERA, Italian Regulatory Authority for Energy, Networks and Environment) approved the Integrated Text of Electricity Dispatching (TIDE), providing, inter alia, that GME, TERNA, and other parties involved at various levels shall “accomplish the tasks falling under their responsibility so that TIDE may take effect as of 1 January 2025.”
As the implementation of the TIDE makes it necessary to deeply change the current design of the Italian electricity market, GME has the responsibility of revising: the design of its Electricity Market (ME) and OTC Registration Platform (PCE); and, consequently, the provisions governing the operation of the above trading systems that are laid down in the Integrated Text of the Electricity Market Rules (ME Rules) and in the Rules Governing the Forward Electricity Account Trading Platform (PCE Rules), respectively, as well as in the related Technical Rules (DTF).
GME has thus published this consultation document under art. 3, para. 3.4 of the ME Rules, and article 3, para. 4.5 of the PCE Rules, with a view to presenting to interested parties its proposed amendments to the ME and PCE Rules in order to implement the provisions of the TIDE.
GME has also published its proposed amendments to some of the applicable Technical Rules and the preliminary versions of the new Technical Rules. Given the proposed changes to the ME Rules, these Technical Rules (both amended and new) represent key elements for a better and more complete understanding of the new market design described in this consultation document. In this regard, GME has deemed it necessary to gather comments from interested parties about its proposed changes in compliance with art. 4, para. 4.3 of the ME Rules.
This consultation process concerns not only aspects deriving directly from the implementation of the TIDE, but also other changes that GME proposes in order to harmonise some of the rules of operation of the Italian electricity market (while respecting its specificity) with those of other European markets. GME has put forward these proposals on the assumption that, on 1 January 2025, the following conditions are satisfied:
- replacement of the national single price as the price for valuing demand-side bids in the Day-Ahead Market (MGP) and update of the calculation methods of the reference price of electricity traded in the MGP (PUN Index GME®) under art. 13 of Legislative Decree 210/21, as subsequently amended and supplemented, and Decree of Ministry of Environment and Energy Security of 18th April 2024;
- adoption of an Imbalance Settlement Period (ISP) of 15 minutes in Italy;
- entry into force of the TIDE.
These conditions define the scenario underlying this consultation process.
To facilitate their reading, the consultation documents have been divided into four parts:
- this descriptive document, dealing with the most significant aspects of the changes made, on which interested parties may submit their comments;
- the draft ME Rules (Italian version only);
- the most significant draft Technical Rules that have been introduced or changed and that represent the implementing and procedural provisions of the amended ME Rules (Italian version only);
- the draft PCE Rules (Italian version only).
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Please submit your comments in writing to GME - Governance by 14th June 2024 at the leatest (end date of this consultation)
- by e-mail to: info@mercatoelettrico.org
Comments must be transmitted by using the Excel template attached to this consultation document. Any comments transmitted in other formats will not be accepted.
Parties wishing to keep all or part of their comments confidential should specify which part of their comments are to be kept confidential.