participating enterprises, the promotion of invest-
ment plans, the minimisation of operating costs
through the joint utilisation of existing infrastruc-
tures and know-how, the creation of a functional
transaction environment for all participants, and
the coupling of these markets with European
ones. As stated by Mr. Filippou, the Target Model
provides for the creation of four new electricity
markets, the Forward Market, the Day-
Ahead/Spot Market, the Intraday Market and the
Adjustment Market. The latter will be supervised by
the Independent Power Transmission Operator
(IPTO), while the first three will be supervised by
LAGIE.
The first step for establishing the Energy Exchange
will be the preparation of a Business Plan, which
will be submitted for approval by the RAE. It will
provide for the formation of two companies. The
first one will be responsible for the clearing, settle-
ment and management of the financial risk of the
first three markets (Forward, Day-Ahead, and
Intraday). The second company will support
LAGIE, through the provision of IT systems and
sophisticated financial product know how, in order
to ensure that it performs its role as Operator of
these three markets.
Apart, however, from the aforementioned
changes, a series of necessary projects are also
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100
The government’s widened agenda will comprise,
along with the “Saving at Home” programme, a
multitude of schemes, including the improvement
of the energy efficiency of public buildings.
”
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