Electricity has been playing an ever greater role in people’s lives in recent years. The International Energy Agency (IEA) also considers that the future will be increasingly power-based in view of the possibility of consuming energy that will be generated more and more by non-contaminating technologies. All this means that the price of electricity is becoming a major issue for society at large, not only for household users but also for business and industry due to the impact it has on their competitiveness in an open and globalised environment. This has been the backdrop to the launch of the EU’s Internal Electricity Market, with the first steps being taken in the 1990s, with the aim being to pass on the benefits of the liberalisation of the energy sector, involving better prices and services, to households and businesses alike.
Those years began to see the creation of organised markets in all Europe’s regions. OMIE manages the spot market on the Iberian Peninsula, in the same way that Nord Pool Spot does so in the Nordic countries, EPEXSpot in France, Germany and other Central European countries, and GME in Italy.
At OMIE, we guarantee that the market is operated in a transparent and non-discriminatory manner. In January 1998 we began our operations for the Spanish market, and in July 2007 we extended them to cover the whole of the Iberian Market.
In 2013, OMIE managed transactions amounting to over 12 billion euros, accounting for more than 80% of the electricity supplied in Spain and Portugal. Our market operates 24/7, and is open to all those buying and selling agents that wish to trade on it. Today, there are almost 700 agents operating in our markets, being involved in a total of over 11 million transactions per year.
The Iberian Market is one of Europe’s more liquid ones, and our prices are comparable to those in all the other markets. In fact, in most years, our market has recorded prices that are below the average for Europe’s major markets. In addition, while our prices fluctuate between 0 and 180 €/MWh, our European counterparts oscillate within a wider price bracket, from -500 to +3000 €/MWh.
Our company continuously strives to provide society with a better service, operating the electricity market in a manner that is open, competitive, transparent and readily accessible, with no discrimination. This is essential for the efficient setting of the electricity price and, therefore, for the competitiveness of the economy and the wellbeing of society at large.
For further details on the market’s operation, please click here.