Energy News – 85th Issue-Electricity market reform in the EU
(by Mira Todorovic Symeonides Partner, Andriani Kantilieraki Senior Associate, Angela Moysidou Senior Associate, Panagiota Maragkozoglou Associate )
Headlines
1. Editor’s note
2. Electricity market reform in the EU
3. The Natural gas and hydrogen reform in the EU
4. Recent amendments to the self-consumption legal framework
5. RES injection curtailment after the Law no. 5106/2024
Dear Readers,
In a significant step towards a sustainable and resilient energy future, recent legislative changes within the European Union and Greece have marked a transformative phase in the electricity market.
The European Council’s approval of the updated electricity market design on 21 May 2024 represents a landmark decision aimed at stabilizing energy prices and reducing dependence on fossil fuels. The newly adopted Regulation (EU) 2024/1747 and Directive (EU) 2024/1711 reflect a robust response to the volatile energy prices witnessed from 2021. Key reforms include the promotion of power purchase agreements (PPAs) to provide long-term price stability, support for renewable energy sources (RES) investments under PPAs, and the implementation of two-way contracts for difference (CfD) to mitigate price volatility.
In parallel, Greece has introduced significant amendments to its self-consumption regime, notably through Law no. 5106/2024, which positions net-billing as the dominant scheme for new RES applications. This shift, designed to reflect the true cost of energy, simplifies the legal framework for net-metering and virtual net-metering, promoting greater efficiency and transparency.
The upcoming ministerial decision, currently under public consultation, promises to further refine the self-consumption framework. Notable provisions include the compensation of injected energy based on Day-Ahead Market clearing prices and specific guidelines for the sale of electricity surplus, fostering a more competitive and sustainable energy market.
Additionally, new regulations on RES injection limitations, introduced by the same law, aim to optimize grid capacity, and enhance system reliability. The new provisions, having raised serious concerns among the RES producers and developers during the public consultation of the Law, continue to do so, following its publication and the pending issuance of the ministerial decision.
The Rokas energy team remains dedicated to monitoring these developments, providing insights and guidance to navigate the evolving energy landscape. As we move forward, it is imperative to continue fostering collaboration and innovation to achieve our collective goals of energy security, sustainability, and economic stability.
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