In early 2024, the Energy and Water Regulatory Commission (EWRC) is set to unveil a specialized software model designed to enhance the analysis of the energy market. This innovative tool is poised to significantly elevate the efficacy of monitoring, detecting, and reporting market manipulation.
Collaborative Development Effort
The collaborative effort behind the development of this software package involves IBM, its Bulgarian partner, IBS-Bulgaria EOOD, and the REMIT Directorate. To formalize this partnership, an agreement has been inked between EWRC and IBS-Bulgaria, granting the energy regulator complimentary access to the newly created specialized software model. The agreement was officially signed by EWRC Chair Ivan Ivanov and IBS-Bulgaria CEO Goran Angelov.
AI-Powered Market Analysis
The uniqueness of this AI-powered analytical model lies in the fact that, currently, no regulatory body within the European Union has devised a comparable tool for identifying suspicious transactions indicative of market manipulation in energy markets. This initiative becomes imperative due to a substantial surge in commercial transactions within the wholesale electricity and gas market since 2022, coupled with a notable increase in market participants.
Enforcement and Regulatory Measures
EWRC emphasizes that, to date, they have taken decisive action by issuing three rulings imposing property sanctions on energy companies found guilty of manipulating the wholesale energy market. This aligns with European regulations and involves a total of nine commercial entities, with sanctions amounting to over BGN 3.5 million.
The introduction of this innovative software marks a significant step forward in fortifying regulatory measures against market manipulation, showcasing Bulgaria’s commitment to ensuring transparency and fairness in its energy sector.
Source: bta.bg
