Mixed signals from the east

The Warsaw-based Polish Power Exchange (PPX) has a bad headache. Operated under a government tender by joint-venture company Gielda Energii, the exchange opened in June 2000 with a physical delivery and settlements market.

In 14 months, it built up monthly trading volumes of 100,000–200,000 megawatt hours (MWh), equating to between 0.4% and 2.0% of total electricity demand, with 43 participants on its day-ahead market. But since September 2001, volumes have been knocked flat. In that month, day

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