The EU electricity network codes

The EU network codes and guidelines are a detailed set of rules pushing for the harmonisation of national electricity markets and regulations. A total of eight network codes and guidelines entered into force by the end of 2017: three grid connection codes, three market codes and two (system) operation codes. This text focuses on the market codes (FCA, CACM and EBGL) and their interaction with the system operation guideline (SOGL). More precisely, this text is intended to guide the reader through the sequence of electricity markets in place in the EU: forward markets, the day-ahead market, the intraday market and finally the balancing markets. First, the establishment of these different markets in a national context is discussed, then their integration. In each section basic market design concepts are explained, we highlight what is in the codes, and we also refer to some of the relevant academic literature.