According to data from the National Electricity Market Operator (MEMO), in June 2026, 407 GWh of electricity was sold...
Written by: Mitko Ognenoski, Organized Energy Market Manager, National Electricity Market – MEMO LLC Skopje
In the modern energy system, electricity is no longer observed solely as a product that is generated and consumed at the same time. It has become a market commodity traded on organized markets through clearly defined and transparent procedures. In Macedonia, this role is played by the day-ahead market, managed by the National Electricity Market Operator — MEMO.
The day-ahead market represents one of the key segments of the modern electricity market. In this market, electricity for each hour of the following day is bought and sold through an organized and standardized auction process. Market participants submit offers to buy and sell, and on the basis of those offers, the hourly market prices and traded quantities are determined.
This process is not just a technical calculation procedure. It represents an organized mechanism through which electricity supply and demand meet. By applying the EUPHEMIA algorithm, transparent, non-discriminatory and cost-effective pricing for each hour of the following day is ensured. The results of this process have a broader significance than daily trading alone. They represent an important source of information on the state of the market, the relationship between supply and demand, and provide a signal for future investments in the sector and beyond.
Therefore, the data emanating from the day-ahead market is the basis for numerous analyses, comparisons and market indicators that shape the future of a country.
MEMO›s day-ahead market results must be publicly available and are published on the official website, enabling access not only for market participants but also for institutions, analysts, investors, and the wider public. Public availability of data is an essential element of a transparent market.
It strengthens trust, enables independent analysis, and contributes to greater awareness and understanding within the energy sector. At the core of every day-ahead market analysis are the hourly market prices.
These represent the prices at which electricity is traded for each hour of the following day. In addition to the price, the traded volumes are an extremely important indicator.
They indicate the amount of electricity that is traded for each hour. Together, prices and volumes form the basis for the calculation of various market indices. To get a clearer picture of daily price movements, hourly data is commonly summarized in daily indices. One of the most important and most commonly used indices is the base index, i.e., Baseload (01-24) index. It represents the average price of electricity for all 24 hours a day.
This Index is significant because it shows the cost of electricity if it is delivered continuously throughout the day. Therefore, the base index is often used as a baseline for comparisons between different days, months, or markets. In addition to the Baseload Index, the Peakload (09–20) Index also plays an important role. This index covers the hours during which electricity demand is typically at its highest. These are the daytime hours when economic activity, industrial consumption, and commercial operations are most intensive. The Peakload Index provides valuable insight into market behavior during periods of increased demand and is particularly relevant for analyses involving industry and the business community. The counterpart to this index is the Off-Peak (01–08 & 21–24) Index, which covers the hours outside periods of peak consumption. These are the night and early morning hours when demand is lower. This index is important because it provides insight into price behavior in the market during periods of lower load.
The true value of these indices lies not only in their mathematical calculation but also in their practical application and analytical significance. Market indices form the basis for various calculations and analyses related to the movement of electricity prices. Through them, you can calculate average daily, monthly, and annual prices, compare different time periods, and monitor how prices change during the hours of continuous, peak, and reduced consumption. They are also used to estimate electricity procurement and sales costs, plan future energy volumes, prepare budgets, and analyze market and seasonal trends.
Furthermore, these indices can serve as benchmarks against other regional and European markets, support market risk assessment, and facilitate more informed business, investment, and regulatory decision-making. Thus, they are not just statistical indicators, but a practical tool for understanding, planning, and managing market behavior. For market participants, indices are a significant support in trading, planning, and risk management. For institutions and regulatory bodies, they form the basis for monitoring market efficiency, stability, and transparency. For the academic and professional community, they represent an important source of information for research, analysis, and the development of new models for tracking energy market developments. For investors and the business community, market indices provide useful information on price trends, market risks, and opportunities to plan future investments, especially in the field of electricity generation, supply, storage, and flexibility.
For citizens, they offer a clearer understanding of how and why electricity prices change. In an era of rapid energy transformation, increasing renewable energy generation, digitalization, and growing regional integration, the need for clear and reliable market indicators is becoming even more important. Indices derived from the day-ahead market of MEMO should not be seen only as technical calculations. They are important analytical instruments that help explain the functioning of the electricity market, its stability, efficiency, and future direction of development. Thus, market indices represent a bridge between the complex technical reality of the electricity system and the need for the public, institutions, and market participants to obtain clear, verifiable, and useful information. That is why their monitoring, correct interpretation and public disclosure are essential for the development of a modern, transparent and competitive electricity market.