Tržište električne energije u Španjolskoj
In the framework of the integration of their electricity systems, the Governments of the Portugal and the Kingdom of Spain agreed the creation of a common market for the interchange of electricity, called Iberian Market of Electricity (MIBEL). This process started in November 2001 through the signing of a collaboration protocol. Some time later, in October 2004, the Agreement of Santiago de Compostela established the basis of the legal regime of MIBEL.
MIBEL is composed of a set of organized and non-organized markets where transactions or contracts for the trading of electricity are done. Moreover, financial instruments referred to such energy are negotiated, as well as other mechanisms freely negotiated by all the parties. This is a market with 29 million of customers and 300 TWh of consumption.
In 2001 the collaboration protocol was signed and the process of creating the MIBEL, the exporting balance from Spain to Portugal has gone from 265 GWh in 2001 to 5458 GWh in 2006. MIBEL is one of the most preparate market due to the flexibility and capacity between Spain and Portugal. In 2006 there were capacity to 1000MW in Spain-Portugal in winter, in summer up to 1300 MW in the same sense. The first steps to join this two market take place from 1998, in this year Spain liberalized its market and they start to delete a lot of tax for make easier energy exchanges. Finally, both countries sign the agreement to create the MIBEL in 2006.
it differs between OMIE (Iberian Energy Market Operator- Spanish Pole) and OMIP (Operator of Iberian Energy Market- Portuguese Pole)
- OMIE.: Based in Madrid, it is a component of daily hiring and another of intraday adjustments (intraday markets), which establishes sales (production) and electricity purchase programs for the day following the negotiation. Thus, OMIE is the entity responsible for carrying out the settlements of the daily and intraday markets. According to its statutes, OMIE has the following functions:
- The development and economic management of the prices of the electricity markets and of the rest of the markets in which any other type of energy or energy-based products are negotiated, either in the organized market or in the unorganized market, either national or international.
- The management and settlement of transactions in the electricity markets, as well as in all other markets in which any other type of energy or energy-based products are traded, either in the organized market or in the unorganized market, as in national and international commercial operations to participate in any of these market.
- OMIP: Based in Lisboa, was established on June 16, 2003 and , it is responsible for the supervision, management and compensation of the futures market for the whole MIBEL. The main objectives of OMIP are:
- Contribute to the development of the Iberian electricity market.
- Promote Iberian reference prices.
- Provide effective tools for risk management.
- Overcome some of the limitations of the OTC Market.
- Strengthening the interconnection capacity between Spain and Portugal.
- Increasing the electricity transactions between the two countries.
- Achieving a joint Iberian energy performance of the main business groups.
- Achieving the progressive regulatory harmonization among Spain and Portugal so as to facilitate the performance of agents in both countries.
- More competitive prices like in other European regional markets.
- Gradually align the working mechanisms of the retail markets in Spain and Portugal in order to achieve that the market liberalization is really effective in both countries
Trading in the spot market is based on a daily session with matching of bids and offers of electricity, with settlement of energy for all hours of the next day with a single price for Spain and Portugal (except "market splitting"). After the daily market session, there are several sessions of the intraday market, where agents can negotiate electricity for different times of day covered by that market. The financial settlement of transactions occurs on a weekly basis, being necessary therefore provision of guarantees prior to participation as agent market. Receipts and payments of each calendar week are made on Wednesdays and Thursdays of the following week, respectively.
The results of the market matching are published in the website of the Market Operator – Spanish Pole 
Trading in the futures market is based on a daily session, where transactions related to the exchange of electric energy are negotiated from four years to two days before the exchange. At the time of the agreement, they are agreed the amount of energy to be delivered (commodity), the date of delivery and payment of energy, the price to be paid in such date.
The results of the market matching are published in the website of the Market Operator – Portuguese Pole(www.omip.pt)
- DESCRIPCIÓN DEL FUNCIONAMIENTO DEL MIBEL .Operation of Mibel (Spanish lenguage)