Trade on BioEx platform gathers speed – 38 transactions in auctions, 23 registered buyers, 49 sellers

Latvia’s first biomass trading platform BioEx has been gathering speed and in auctions there have been bids for 80,220 MWh, while sale offers have reached 135,230 MWh. The number of participants is also growing, there are 23 buyers, 49 sellers on the platform who have already conducted 38 successful transactions.

It should be noted that a number of the largest players in Latvia’s energy market, such as JSC Rigas Siltums, SIA Liepajas Energija and SIA Jurmalas Siltums, also have engaged in the platform.

In a couple of months since BioEx platform has been working, we have refined the trade model and it has proved to be efficient and safe, achieving the main goal of the platform – to bring together participants of the biomass market so that they are able to conduct open transactions for the best market price,

said Gunārs Greiža,

BioEx board member.

The compliance of biomass trading to the RED II requirements will be further strengthened by the Cabinet of Ministers regulations No. 251 “Amendments to the Cabinet of Ministers regulations No 686 of November 2, 2022 “Regulations on criteria for sustainability and greenhouse gas emission savings, criteria for power generated from biomass fuel and procedure for substantiating, confirming and monitoring compliance with the criteria” that came into force on May 16.

Pursuant to these regulations, it is possible to conduct transactions on BioEx platform within the framework of traders’ scheme, setting an additional requirement in the buying task for the seller to conduct supplies to one of the voluntary schemes – FSC, PEFC, SBP, SURE and/or confirm delivery of forest biomass from forest biomass extraction place pursuant to Cabinet of Ministers regulations No.686.

BioEx is the first biomass trade platform in Latvia, ensuring regular trading sessions, registration of market participants, distribution based on qualification criteria, reports on the quality of the delivered biomass and accounts, biomass energy calculator, system support, guarantee management and other functions necessary for efficient transaction management.

The latest version of the platform includes also long-term transaction auctions with delivery periods of 3 to 12 months, as well as the choice of the date for future auctions, restrictions on the minimum and maximum delivery volumes.

BioEx was established by companies with competence in heating supply and IT solutions, combining knowledge about the sector with expertise on how to develop a digital platform for better trading. 75% stake in BioEx belongs to EcoHeat Holding – Latvia’s group of companies, specializing in environmentally-friendly heating system exploitation in urban and industrial buildings, as well as metalworks and manufacturing. Meanwhile 25% stake in BioEx belongs to FortySeven Software Professionals – a European IT consultations and full-cycle software development company with more than 10 years of experience in different projects, including in banking and fintech sectors, supplies and energy sectors, as well as public administration.