The Organised Gas Market on the Iberian Peninsula began operating in December 2015, once the regulatory framework had been established by Law 8/2015, of 21 May, which amended Law 34/1998, of 7 October, on the Hydrocarbons Sector –and its subsequent secondary legislation–, as the culmination of the work undertaken beforehand –since April 2012– by the Spanish and Portuguese operators OMEL and OMIP SGPS on the design and implementation of an operating model for the Iberian gas market, which followed the guidelines contained in the European Gas Target Model to adapt to the specific needs of the Iberian gas system.
Law 8/2015, of 21 May, which amends Law 34/1998, of 7 October, on the Hydrocarbons Sector, provides for the creation of an Organised Gas Market on the Iberian Peninsula, and nominates MIBGAS S.A. as its operator. This mandate is statutorily developed in Royal Decree 984/2015, of 30 October, which regulates the organised gas market and third-party access to the natural gas system’s facilities; in the Resolution of 4 December 2015, issued by the Secretary of State for Energy, which approves the market’s rules, the adhesion contract, and the decisions of the organised gas market; and in Circular 2/2015, of 22 July, issued by Spain’s Markets and Competition Commission (CNMC), which lays down the balancing rules for the gas system’s transmission network.
The MIBGAS trading platform is used for the purchase and sale of natural gas with physical delivery at the Virtual Balancing Point (PVB in its Spanish initialism) for Within-Day, Day-Ahead, Balance of Month and Month-Ahead products. For more information on the process for registering as an Agent with MIBGAS or on its operation, please access the MIBGAS public website through the following link.
Access MIBGAS www.mibgas.es