16 December 2018
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  • MIBGAS - Iberian Market of Natural Gas 


    Information on the main milestones in the development of MIBGAS is available on this page.

    Following the commitment made under the "Compatibility Plan for the regulation of the energy sector between Spain and Portugal", signed by the Portuguese and Spanish Governments on 8 March 2007, ERSE and CNE carried out a consultation document with the principles of operation and organization of the MIBGAS.

    Both regulators carried out a public consultation on the Organization Model and the Operating Principles of MIBGAS in 2007 aiming to receive from market players and other interested parties their opinions prior to the decision-making process. Following this process, ERSE and CNE prepared a proposal for a working model of the MIBGAS, which is available on this page.

    On January of 2012, ERSE and CNE presented a joint study on access tariffs for the interconnections of natural gas transmission networks between Spain and Portugal, aiming identify measures that promote the harmonization of tariffs and remove barriers to gas trading. The study and the public consultation were included in the Work Plan for 2011-2014 of the Southern Gas Regional Market Initiative.

    In July of 2014, ERSE and CNMC co-coordinated a new public consultation on models for the integration of natural gas markets in Portugal and Spain, in order to create an organized market and guarantee the necessary liquidity and competitiveness in the Iberian region . It resulted from the public consultation that the initial model to implement would be the implicit capacity allocation .
    In the public consultation were presented 3 models:
    •  Market Area - This model consists on the creation of a single market area, through the integration of transmission networks in a single input and output system, with a single balance zone. In this model, there is a virtual point for trading natural gas, regardless the physical location or its source. 
    • Regional market - In this model the natural gas transmission networks are also integrated in a single input and output system, but its main difference with the previous model is the coexistence of two balancing areas.
    • Integrated Market with Implicit Capacity Allocation - This model is focused on the development of a common stock exchange,  allowing simultaneously the allocation of capacity in interconnections and the trade of natural gas between two balancing areas. In this model, the capacity allocation and the gas trade will follow the same market signals.

    This page also provides the document "Self-assessment of the state of the market of natural gas in Portugal", which resulted from a commitment made by regulators in the work of the document "Bridge to 2025" of ACER, as well as the Gas Target Model 2.0 (GTM), to publish and periodically present the results of monitoring the proper development of the natural gas wholesale market. This document presents the main milestones of the MIBGAS and the characterization of the current state of the market aiming at the implementation of the implicit capacity allocation model.

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