OSLO, June 12 (Reuters) - Europe’s largest intraday power market, XBID, will add seven countries to its 14-member network by the end of 2019, after executing more than 16 million trades during its first year of operation, exchange Epex Spot said on Wednesday.
XBID, which went live on June 12 last year, has been processing trades between Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Latvia, Lithuania, Norway, The Netherlands, Portugal, Spain and Sweden.
Epex Spot said Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Slovenia will join XBID.
“An integrated intraday market will increase the overall efficiency of intraday trading by promoting effective competition, increasing liquidity and enabling a more efficient utilisation of the generation resources across Europe,” the company said.
The seven new countries will go live towards the end of the fourth quarter. Testing is already underway and a trial period will follow to allow the new users to familiarise themselves with the system.
Epex Spot said that the system would be updated later this year to handle a tripling of orders, with order book depth set to increase to 100 buy and sell orders, from 31 currently.
XBID relies on a common IT system and shared order book, a capacity management system and a transmission system. It allows the matching of orders entered by market participants in the different countries it covers, if capacity allows.
The system is designed to handle up to 400,000 trades per day with scope for expansion.
XBID is backed by more than 30 power system operators and a number of power exchanges. (Edited by Victoria Klesty and Kirsten Donovan)