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EBRD taking 20% stake in Hellenic Energy Exchange

In its first ever investment in an energy exchange, the European Bank for Reconstruction and Development (EBRD) has signed agreements to become a shareholder in the Hellenic Energy Exchange in Greece.

The EBRD is investing €1 million for a stake of 20%. The funds will be used to finance the establishment of the first energy exchange in the country.

The institution called Hellenic Energy Exchange will organize and operate Greece’s new electricity, natural gas and environmental markets through providing access to new energy markets and introducing new products on the domestic market.

The Hellenic Energy Exchange has been founded and will be owned by the state-owned electricity market operator LAGIE, the Athens Exchange Group, the Hellenic Independent Power Transmission Operator (ADMIE), the EBRD and the Hellenic Gas Transmission System Operator SA (DESFA).

The Hellenic Energy Exchange will provide access to new liquid energy markets and products that will, among others, support greater domestic competition, reduce barriers to entry for new energy market participants and allow the effective participation of renewable energy producers in the electricity markets. It will also support regional integration by facilitating market coupling with Greece's neighbors, for instance Italy and Bulgaria. 

The establishment of the new energy exchange is critical to the reform of the Greek energy sector. It is also an essential element in the EU target model for energy markets, which Greece is committed to adopt.

The Hellenic Energy Exchange will offer a comprehensive set of new energy trading products well above the minimum requirements for compliance with the EU Target model, including new spot plus new physical and cash settled energy derivative products.

Through the introduction of physical and cash settled energy derivative products the new Hellenic Energy Exchange is aiming to provide domestic but also regional market participants with the opportunity to hedge their electricity market risk in different time frames as well as improve price discovery across the curve.

The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The Bank’s priorities there include strengthening private companies and the financial sector, and supporting privatization, infrastructure development and regional integration of the Greek economy. To date, the EBRD has invested over €1.7 billion in 34 projects in Greece.

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