Czech electricity consumption data to be recorded every 15 minutes instead of hourly
Electricity consumption data will now be recorded every 15 minutes instead of hourly. Among other things, this is intended to help consumers reduce their electricity bills. Industry and Trade Minister Jozef Síkela (STAN) said this yesterday. At the beginning of the month, the state shortened the so-called settlement and trading period to 15 minutes, the state-owned company OTE (Electricity Market Operator) and the Ministry of Industry and Trade (MPO) announced.
“This is another in a series of measures aimed at modernising our energy sector. Electricity generation from renewable energy sources such as solar and wind changes more frequently than we have been used to with other sources. Shortening the settlement and trading period responds to this and will allow both market participants and end consumers to react more effectively to market developments. The measure will therefore give customers the opportunity to reduce their electricity bills,” Síkela said.
According to the ministry and the market operator, shortening the settlement and trading period should enable market participants to respond better to changes in supply and demand, increasing their ability to trade electricity as close as possible to the time of delivery. The state expects this to optimise trading strategies, enable more precise analysis of electricity consumption and generation, and improve the integration of renewable energy sources.
The change should mainly affect customers with interval metering, which typically applies primarily to larger customers. As so-called smart meters become more widespread, the change should gradually have an impact on other customers as well.
The introduction of a shorter settlement period is also required by European legislation. In parallel, OTE upgraded its market platforms and expanded trading options on the short-term electricity markets it operates by introducing trading through pan-European intraday auctions.
“This step will allow us to respond better to dynamic market changes and contribute to greater stability and efficiency in the energy system,” said OTE Chairman of the Board Michal Puchel.
The market operator spent three years preparing for the change.
Translation disclaimer
This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
