The introduction of a market-based balancing system can be particularly complex in those countries where the spot market is not transparent or does not provide sufficient liquidity for the Transmission System Operator's flexibility needs. This is indeed the case for Italy: this paper provides an experimental analysis of the balancing market to be launched in Italy within the outlined framework. Through a market game involving professional players, the authors test the reliability of the new balancing market and the likelihood of the convergence of its prices towards the spot market's prices. The experiment sheds some light also on the possible strategies to be implemented on the new market, and highlights eventual unexpected outcomes connected to the market design.
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