Overview
North Macedonia is taking a significant step toward a more mature and integrated electricity market. The National Electricity Market Operator (“MEMO”), upon approval by the Energy Regulatory Commission of the Republic of North Macedonia (the “ERC”) has adopted new Rules on the Operation of the Organised Electricity Market (the “Rules”), introducing a more detailed framework regulating the functioning of both the day-ahead and the intraday electricity trading segments, as well as clearing and settlement procedures.
Regulatory framework for the intraday market
Until now, only the day-ahead market has been functional in the organised electricity market, as the previous rules regulated only this segment. The new Rules now introduce detailed provisions regarding the intraday market, which is currently on a trial period on the organised market operated by MEMO. Under the new framework, the two market segments will collectively enable market participants to trade electricity both through daily auctions prior to delivery and through continuous trading closer to real time. This structure allows suppliers, producers and traders to better manage balancing positions and respond more efficiently to short-term market developments.
By facilitating the functioning of these trading segments, the Rules contribute to improving predictability and operational transparency for market participants active in wholesale electricity trading.
Strengthened trading framework and regulatory oversight
The Rules further regulate the use of electronic trading platforms, order submission and matching procedures, clearing and financial settlement arrangements, as well as the obligation for market participants to provide financial collateral. They also introduce new measures for cases of non-compliance and an updated Code of Conduct aimed at further strengthening market integrity.
At the same time, the Rules confirm that transactions concluded on the organised electricity market constitute wholesale electricity sale and purchase agreements with physical delivery, providing additional legal certainty for market participants. Supervision over market operations continues to be exercised by the ERC.
Why this matters
The adoption of the Rules represents another step forward in North Macedonia’s continued progress toward regional electricity market integration and alignment with EU acquis and European market practices. For market participants active in wholesale electricity trading, the new framework brings greater predictability, operational transparency, and regulatory clarity.
FAQ
What are the new Rules on the Operation of the Organised Electricity Market?
They are rules adopted by the MEMO upon approval of ERC establishing a comprehensive framework for day-ahead and intraday electricity trading, clearing, and settlement in North Macedonia.
What is new compared to the previous framework?
The previous rules regulated only the day-ahead market. The new Rules introduce detailed provisions for the intraday market, enabling continuous trading closer to real time.
Who is affected by the new Rules?
Suppliers, producers, and traders active in North Macedonia’s wholesale electricity market.
What legal certainty do the Rules provide?
The Rules confirm that transactions on the organised electricity market constitute wholesale electricity sale and purchase agreements with physical delivery.
Who supervises compliance with the Rules?
The Energy Regulatory Commission of the Republic of North Macedonia (ERC).
Conclusion
North Macedonia’s new Rules on the Operation of the Organised Electricity Market mark a concrete step toward a more transparent, reliable, and EU-aligned wholesale electricity market. The new framework brings greater predictability and regulatory clarity for all market participants active in wholesale electricity trading.
This article was prepared by our colleagues, Senior Partner Veton Qoku, Partner Ljupka Noveska Andonova, and Senior Associate Jane Ilijeski, from Qoku & Partners in cooperation with Karanovic & Partners.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.
