An overview of Greece's wholesale electricity market with emphasis on ancillary services

Greece's wholesale electricity market is a mandatory pool in which the commodities of energy and ancillary services are simultaneously traded and dispatched on the generation units. In this paper, we provide an overview of the Greek wholesale electricity market with emphasis on ancillary services. Considering the wide range of ancillary services, our goal is to contribute to the growing literature on individual case studies and comparisons of different ancillary services markets worldwide, pointing out similarities and differences with other market models. In addition, we discuss several aspects, and report on some of the strengths and weaknesses of the Greek wholesale electricity market model.

► We provide an overview of Greece's wholesale electricity market.
► Particular emphasis is given on the ancillary services.
► We present a compact formulation of the day-ahead scheduling problem.
► We point out the similarities with other market models.
► We report on strengths and weaknesses of Greek wholesale electricity market model.