EPEX SPOT provides monitoring service for TERRE project
Paris, 29 January 2020. The parties of the Trans European Replacement Reserves Exchange (TERRE) project have recently announced the successful launch of the new European platform for replacement reserves. The European Power Exchange EPEX SPOT provides IT monitoring services for this platform, referred to as LIBRA.
LIBRA is based on a common IT system and algorithm which optimises the allocation of balancing bids to allow Transmission System Operators (TSOs) to meet their imbalance needs.
EPEX SPOT Market Operations monitor the platform 24/7, year-round. In addition to this, the Exchange has developed a dedicated service desk to provide first-line user support and established tools and processes to efficiently manage incidents and follow-up on them. Jonas Törnquist, Chief Operating Officer of EPEX SPOT, says: “Our expertise in Market Operations is the core asset that we bring to this project, which further diversifies our portfolio of services offered to TSOs. TERRE shows how closer coordination at a European level optimises the exchange of balancing energy to eventually achieve lower overall system costs, to the benefit of the European end-consumer.”
This announcement follows EPEX SPOT’s first entry into the field of balancing services at the end of 2019, when the company announced, jointly with National Grid ESO, the launch of a Frequency Response Auction Trial in Great Britain.
The TERRE project with its LIBRA platform serves the EU Target Model for the integration of the balancing markets and has been established by TSOs from eight countries, enabling the cross-border exchange of replacement reserve products. ČEPS was the first TSO to connect to the Platform on 6 January 2020, further TSOs will join in the upcoming months.
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in Central Western Europe and the United Kingdom. As part of EEX Group, a group of companies serving international commodity markets, EPEX SPOT is committed to the creation of a pan-European power market. In 2019, its 302 members traded 593 TWh – a third of the domestic consumption in the eight countries covered. 49% of its equity is held by HGRT, a holding of transmission system operators. For more information, please visit www.epexspot.com.
In 2019, EPEX SPOT celebrates 10 years of power, the company’s tenth anniversary. Curious to learn more? Click here: https://www.epexspot.com/en/10years