Trading and Settlement Rules
According to Article 79 paragraph 2 of the “Law Regulating the Electricity Market” the Transmission System Operator of Cyprus (TSO), after consultation with the Cyprus Energy Regulatory Authority and the written approval of the Minister, publishes these Rules.
The Trading and Settlement Rules were published in the Cyprus Government Gazette on the 30th of January 2009. The Trading and Settlement Rules are published on the website of the TSO. Interested parties can be supplied with a hard copy of the Rules at a price of 60 Euro each. It should be noted that the official issue of the Rules is in the Greek Language.
Version 1.0.0 of the Trading and Settlement Rules coincides with the further opening of the Electricity Market in Cyprus, at 63% of the total annual consumption. The Rules contain special facilitation for the encouragement of small generators with installed capacity under 50 MW.
The initial draft of the Rules was prepared by a group of Consultants that were assigned by the Attorney General of the Government with co coordinator the Economic Consulting Associates office in collaboration with the: Norton Rose, NERA, LDK and Lellos Demetriades law office. After intensive consultations with the Attorney General of the Government, the Ministry of Commerce, Industry and Tourism and the Electricity Authority of Cyprus, the initial draft was submitted in English in November 2002. The Rules were translated in Greek by the National Technical University of Athens and the final text was delivered in Greek during December 2005.
During this time period many discussions were held with the relevant interested parties. The Cyprus Energy Regulatory Authority requested the revision of the initial draft to a more simplified version and the new version to include introduction of motives for small Generators with installed capacity under 50MW. For this reason the TSO assigned to the consulting group IPA Consultants the revision of the initial draft of the Rules. Following many discussions Version 1.0.0 of the Trading and Settlement Rules was prepared.
The period between 2003 until today was spent for consultations with all stakeholders so as to reach a commonly accepted Market Model. The discussions that took place paid due respect to the positions of the Electricity Authority of Cyprus, which forms the backbone of the electricity system of Cyprus, but also recognising the commitment of the Cyprus TSO for fair treatment of all interested parties. Achieving a balance was not an easy task, so discussions were lengthy and time consuming. However we believe that a considerable of time was correctly spent in order to reach consensus between all the stakeholders instead of taking hasty action that could result in an unsuccessful attempt.
Any interested party who wishes to accede to the Trading and Settlement Rules Framework Agreement (Party Applicant) should follow the accession procedure described in Paragraph 4.2. of Chapter A and to complete the relevant application form. Application forms, the Accession Agreement and the Current Application fee can all be found in the TSO website.