19 August 2018
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  • MIBEL - Iberian Electricity Market 

    The information about the Iberian Electricity Market (MIBEL) is organised in four perspectives:

    Construction and development

    Since 1998, the Portuguese and Spanish Administrations began to share a common path in building the Iberian Electricity Market (MIBEL). This cooperation has been very successful, not only for its contribution to the existence of an electricity market on an Iberian level, but also on a European scale, as a significant step in building the Internal Energy Market.


    The MIBEL Regulator's Council is composed with representatives from Portugal: Energy Services Regulatory Authority (ERSE) and the Securities Market Commission (CMVM) and representatives from Spain: National Energy Commission (CNE) and National Securities Market Commission (CNMV).

    The MIBEL Regulator’s Council operates with a Committee of Chairmen and a Technical Committee. The Committee of Chairmen is composed by the Chairmen from each one of participating authorities above-mentioned, and are responsible for designating their representatives on the Technical Committee.

    Regulatory harmonisation

    In order to implement the Iberian Electricity Market and in line with the Santiago Agreement, and the decisions of the Portuguese-Spanish Badajoz Iberian Summit, the Governments of Portugal and Spain decided to agree on a Plan for Regulatory Harmonisation.

    Evolution of the market

    Publication of monthly reports which are organised into six sets of information:

    • Executive Summary - presents information in the electricity markets in the month under review, particularly focused in the day-ahead and intraday market (prices, energy traded in the market, price spreads between Portugal and Spain and number of hours of market splitting), the forward market (volume traded in the continuous auction market, mandatory auctions and OTC deals registered in OMIP), the bilateral contracting market/OTC (quantity traded through bilateral contracts in Portugal and Spain). It also includes the evolution of the electricity prices in major European markets (EPEX Spot and Nordpool), indices for the main fuels used in electricity generation (Brent, Natural Gas, Coal and fuel oil) and prices for CO2 emissions.
    • Characterization of the Iberian Market - includes information about the installed generation capacity, availability indicators, the used generation mix, energy stored in the reservoir of hydropower plants, as well as the available capacity and use of interconnections between Portugal and Spain. In this information block is also included the results of virtual capacity auctions that have been held in the month under review.
    • Day-ahead and intradaily Market - provides information about the average daily price spreads between Portugal and Spain, prices volatility, quantities traded in the day-ahead and intraday markets, energy generated by technology and congestion rents income.
    • The forward market - presents information on the number of contracts traded in the continuous auction and mandatory auctions, the number of OTC contracts traded and registered in OMIP as well as the volume corresponding to the negotiated contracts. The open interest and the settlement price of the contracts under negotiation are also shown.
    • Bilateral contracting market/OTC - examines the quantity of bilateral contracting for each market agent in Portugal and Spain as well as the weight of bilateral contracting in the total market sales (bilateral contracting market and organized market).
    • Market References - provides information about the main European electricity markets (spot and forward markets), markets for primary energy sources and also information about the evolution of some relevant financial markets indicators.
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Extinction of Regulated Tariffs

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