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Market Coupling and the Capacity Allocation and Congestion Management Regulation

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Abstract

This article assesses the manner in which Commission Regulation (EU) 2015/1222 of 24 July 2015 establishing a guideline on capacity allocation and congestion management (“CACM”) alters the legal context within which power exchanges (“PXs”) perform their activities related to market coupling. By submitting the cooperation among the newly-introduced NEMO-entities, and between these NEMOs and TSOs, regarding market coupling to a new set of rules, CACM affects the market coupling activities of PXs in different ways. This article in particular examines from the power exchanges’ perspective (1) the need for the increased regulation introduced by CACM, (2) how CACM affects their activities in the context of market coupling and (3) whether CACM contributes to a better governance of market coupling.

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Member states of the European Union have similar electricity market architectures, but these markets are weakly integrated. There is great potential in improving the links among member state submarkets, making better use of existing grid infrastructure. While investments in grid bottlenecks are necessary, existing regulation is inadequate to ensure and coordinate cross-border transmission investments.