Energy Papers constitute texts of analysis of current questions of energy policy regulation and the functioning of energy markets which aspire to contribute to the public dialogue about important current topics of energy policy. The Energy Papers circulate in cooperation with the energy portal Energy press under the scientific coordination of the Jean Monnet Chair on EU Law & Policy and the Master Programme in Energy in the Department of International and European Studies of the University of Piraeus. Recent papers include: the European Grid Code and Gas Transfer Systems, the Gas Target Model: The pattern-target for the European gas market, the propositions under discussion for the restructuring of domestic electricity market, the European Regulation for the integrity and transparency in the wholesale energy market, the European Code on balancing, the implementation of new connections of electrical power energy systems, energy saving through smart grids, the EU Internal Energy Market and energy security etc.
1
European Network Code on Capacity Allocation Mechanisms in Gas Transmission Systems: A Critical Review
The first text in this series addresses the new European Capacity Allocation Code for gas system interconnections. The analysis is conducted by Mr. Gerasimos Avlonitis, Chemical Engineer (NTUA), MSc (Imperial), Management Consultant at DESFA S.A., former Head of the Natural Gas and Petroleum Products Department at RAE. It focuses on the new European Capacity Allocation Code in gas system interconnections.
2
The Target Model for the European Gas Market
The second text in the series is dedicated to the Gas Target Model. Proposed by the Council of European Energy Regulators (CEER) at the end of 2011, it serves as a non-binding target model for the European gas market. The model aims to integrate various regulatory texts and measures into a unified and comprehensible theoretical framework, defining the desired market structure at the end of the liberalization process while addressing the existing legislative gap in European law regarding gas market organization at the trading level.
3
Proposed Reforms for the Domestic Electricity Market
The third text in the series focuses on the restructuring of the domestic electricity market. Ms. Alexia Trokoudi, Head of the Legal Service of the Regulatory Authority for Energy (RAE), analyzes the latest developments and market dynamics involving the Regulator, the State, and electricity market participants. She presents the necessary measures to address market distortions.
4
European Regulation on Integrity and Transparency in the Wholesale Energy Market.
The fourth text in the series is dedicated to the European Regulation on integrity and transparency in the wholesale energy market. The European Regulation (EU) No. 1227/2011 (REMIT), which came into force on December 28, 2011, aims to protect the integrity of the energy market from market manipulation and the misuse of insider information, following the regulatory approach of the financial sector. By aligning energy market regulations with financial market regulations, REMIT establishes a new legislative framework for energy markets.
5
The European Balancing Code and Its Significance for the Gas Market
The fifth text in the Energy Notebooks series examines the European Balancing Code and its impact on the gas market. Established in April 2014, this second European network code aims to create a unified balancing system based on market mechanisms for each balancing zone within the European Union. The main objectives are to improve wholesale market conditions by enhancing liquidity and to facilitate greater integration of the EU’s internal gas market by enabling cross-border gas trading between balancing zones. The new system assigns a crucial role to the network operator as a liquidity provider and in setting a “marginal gas price,” which is fundamental for fostering gas-to-gas competition.
6
Implementation of New Electricity System Interconnections
The sixth text in the Energy Notebooks series analyzes the implementation of new electricity system interconnections. The completion of the unified European electricity market requires the removal of technical, legal, and economic barriers to cross-border transactions. The European Union has long emphasized the importance of international interconnections for market integration and supply security. This text provides an overview of interconnection project implementation options for both Regulated Investors and Merchant Investors, as well as under the provisions of Regulation 347/2013, which aims to facilitate the timely completion of projects of common interest through streamlined processes, closer coordination, and accelerated permitting procedures via a one-stop-shop approach.
7
Electricity Distribution Networks – Energy Savings through Smart Grids
The seventh text in the Energy Papers series outlines a strategy for adopting smart grid tools and technologies to enhance regulatory efficiency targets. The annual distribution network losses in various EU countries average 4% of the total nominal energy flows, representing an estimated €7 billion in annual losses. This highlights the urgent need for appropriate measures to improve energy efficiency and grid performance.
8
The Internal Energy Market as a Solution to Europe’s Energy Insecurity
The eighth text in the Energy Papers series examines how the Internal Energy Market can serve as a remedy for Europe’s energy insecurity. The EU considers a connected and integrated Internal Energy Market essential for enhancing energy security by boosting competition, ensuring non-discriminatory access to networks, securing alternative energy sources and routes, lowering prices, and mitigating supply disruptions. From 2004 to 2007, the EU’s expansion, coupled with rising energy imports, increasing fossil fuel prices, and supply disruptions—such as the Russia-Ukraine gas crises of 2006 and 2009—led the EU to seek a supranational solution to energy security challenges. A well-functioning Internal Energy Market, combined with diversified energy sources and supply routes, was identified as the most effective approach.
9
Natural Gas Transactions at the Virtual Trading Point: The Legal Perspective
The ninth text in the Energy Papers series discusses how the need for liquidity in the natural gas market and electronic auctions by DEPA have highlighted the importance of the Virtual Trading Point (VTP). It explores the legal aspects of virtual gas transactions, focusing on the evolving regulatory framework. The study examines key legal provisions under revision, as it is conducted during a public consultation on the third amendment to the National Natural Gas System Management Code.