The European Network of Transmission System Operators for Electricity (ENTSO-E) has welcomed the go-live of the North-Western Europe (NWE) day-ahead price coupling project1, which it described as a major step towards realising a fully integrated European electricity market.
The North Western Europe (NWE) price coupling project was initiated by the Transmission System Operators (TSOs) and Power Exchanges of countries in North-Western Europe to couple the day-ahead wholesale electricity markets in the region. This will increase the efficient allocation of interconnection capacities of the countries involved, thereby contributing to increased security of supply.
"The launch of the NWE project is a significant step in realising a fully functioning pan-European electricity market. TSOs have worked closely with Power Exchanges and all stakeholders over the past number of years to provide a market framework that will result in the single largest electricity market worldwide," ENTSO-E President Nick Winser said in a statement on the ENTSO-E website.
ENTSO-E Board Vice-Chair and Co-Chair of the NWE project Bente Hagem added that the benefits of electricity market integration were numerous, including increased stability, greater competition and improved efficiencies. “The ultimate beneficiary will be the European consumer who can expect the delivery of substantial efficiency savings and greater electricity provider choice," she said.
According to the ENTSO-E statement, this highly complex project, which is the largest of its type ever undertaken, would enable price coupling in countries that account for more than 75% of total electricity consumption in Europe. With the go-live of the NWE project, all interconnectors will now be utilised with improved efficiency between Belgium, Denmark, Estonia, Finland, France, Germany/Austria, Great Britain, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland and Sweden.
1http://www.acer.europa.eu/Electricity/Regional_initiatives/Meetings/North%20West%20Europe%20Price%20Coupling%20Stakeholder%20Forum/Document%20Library/1/20120926-Stakeholder%20Forum%20-%20QA.pdf