Nord Pool Spot, the energy exchange running Europe's largest electricity market, signed Wednesday an agreement also to manage activity at IBEX, the Independent Bulgarian Energy Exchange.

As many as 380 companies from 20 states trade on the Nord Pool Spot. IBEX, on the other hand, was recently granted a 10-year license to organize the market in Bulgaria.

A statement on Nord Pool's website says it signed a cooperation agreement with IBEX on Wednesday, 22 April, "aiming to prepare and facilitate the implementation of the first competitive Bulgarian day-ahead power market that will be extended with an intraday market at a later stage".

The text reminds that the day-ahead power market in Bulgaria is due to be operational in Q4, 2015.

IBEX CEO Konstantin Konstantinov is quoted as saying his entity hoped to create "a reliable, liquid and non-discriminatory market together with Nord Pool Spot."

Capital daily quotes Ivan Ivanov, head of energy watchdog KEVR, as telling the Bulgarian News Agency that the agreement signed by IBEX will ensure that the power exchange will function in line with EU rules.

Ivanov also states the choice (though Nord Pool Spot is not directly mentioned by him) was made after a thorough investigation and dialogue with the EU Commission.

Under EU requirements, Bulgaria's energy market has to be fully liberalized by end-2015, with all consumers buying electricity at market prices.

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