The Market Operator (OMIE), in accordance with its functions as a business agent on the day-ahead and intraday production markets, is in charge of carrying out the settlement of schedules resulting from the clearing processes of the day-ahead and intraday markets, acting as a central counterparty between buyers and sellers. Likewise, OMIE carries out settlement for the cross-border exchanges arising in the interconnection between Spain and France resulting from the day-ahead and intraday market coupling processes with neighboring market operators, in accordance with the contracts that they have entered into.
After each daily and intraday market auction session and after each round of negotiation for the intraday continuous market comes the settlement of coupled transactions and updating said information on the agent´s website.
Daily settlement includes all of the transactions corresponding to the day-ahead market, the intraday auctions, and the intraday continuous market for same-day delivery. The result of daily settlement is published the following workday, along with corresponding purchase and sales invoices.
For more information on the settlement process, click the following link: Settlement
The market operator's invoices the corresponding taxes: V.A.T. (in accordance with the rules that apply to electricity deliveries) and in the case of direct consumers or their representatives, when consumption is in Spanish territory, the corresponding special tax on electricity.
The invoice is issued electronically using an advanced electronic signature from the market operator, and it is published in XML format on the Market Operator's Information System.
For more information on the billing process, click the following link: Billing
Collections and payments are made weekly: an agent’s invoices for one calendar week, from Monday to Sunday, are included in the agent’s weekly collection or credit note. These notes are published electronically on the agents’ website the first workday of the following week.
If the agent is a debtor, payment must be in the market operator's bank account before 10 a.m. on the day of payment. The day of payment takes place two workdays after the day of publication of the amounts to be paid or collected. If an agent does not make the payment, the market operator begins the process of executing guarantees.
Once all payments have been received, creditor agents receive their collection on the bank business day after the payment date.
In case that all payments have been received from the debtor agents or cash guarantees are available to cover the payment of the defaulting agents, the collections will be made on the payment day itself.
For more information on the collection and payment process, click the following link: Collections and Payments
To be able to buy on the production market, the agent must have furnished a guarantee that will help them respond to the obligations taken on as per their acquisitions at a positive price or their sales at a negative price.
Not providing this guarantee will prevent the agent from taking part in the production market as a buyer, such that his purchase bids at a positive price or his sell bids at a negative price will be refused.
Agents have a simulator that provides them with an estimate of the payment guarantees to contribute to the market operator, depending on the transactions predicted to be made on the electricity market, as well as on a price estimate based on historical prices.
For more information on this process, click the following link: Payment collateral
The market operator calculates and publishes the final average price of the electrical energy production market, as well as the components of the final price. The prices and components are published for:
- Total domestic demand
- Customers supplied by leading retailers
- Customers supplied by retailers (except leading retailers) and direct consumers.
The different market segments or processes for the technical operation of the system are included in the calculation of said prices (day-ahead market, technical limitations, intraday market, processes for the technical operation of the system, payments by capacity, etc...).
The publication of the final prices in different areas is available under ‘Average Final Prices’ in the ‘Market Results’ section.
The market operator's yearly remuneration is set in the corresponding Ministerial Order, which determines electrical energy charges for each year. This regulation determines that this remuneration:
- Shall be funded with the prices charged by the market operator to the production market agents, generators as well as traders and direct consumers on the market, who may act within the scope of the Iberian Electricity Market.
- Shall be covered equally by, on the one hand, all the producers of electrical power, and, on the other, by all the traders and direct consumers on the market.
For more information on this subject, click the following link: OMIE remuneration
The Market Operator (OMIE), in accordance with its functions as a business agent on the day-ahead and intraday production markets, is in charge of carrying out the settlement of schedules resulting from the clearing processes of the day-ahead and intraday markets, acting as a central counterparty between buyers and sellers. Likewise, OMIE carries out settlement for the cross-border exchanges arising in the interconnection between Spain and France resulting from the day-ahead and intraday market coupling processes with neighboring market operators, in accordance with the contracts that they have entered into.
After each daily and intraday market auction session and after each round of negotiation for the intraday continuous market comes the settlement of coupled transactions and updating said information on the agent´s website.
Daily settlement includes all of the transactions corresponding to the day-ahead market, the intraday auctions, and the intraday continuous market for same-day delivery. The result of daily settlement is published the following workday, along with corresponding purchase and sales invoices.
For more information on the settlement process, click the following link: Settlement
The market operator's invoices the corresponding taxes: V.A.T. (in accordance with the rules that apply to electricity deliveries) and in the case of direct consumers or their representatives, when consumption is in Spanish territory, the corresponding special tax on electricity.
The invoice is issued electronically using an advanced electronic signature from the market operator, and it is published in XML format on the Market Operator's Information System.
For more information on the billing process, click the following link: Billing
Collections and payments are made weekly: an agent’s invoices for one calendar week, from Monday to Sunday, are included in the agent’s weekly collection or credit note. These notes are published electronically on the agents’ website the first workday of the following week.
If the agent is a debtor, payment must be in the market operator's bank account before 10 a.m. on the day of payment. The day of payment takes place two workdays after the day of publication of the amounts to be paid or collected. If an agent does not make the payment, the market operator begins the process of executing guarantees.
Once all payments have been received, creditor agents receive their collection on the bank business day after the payment date.
In case that all payments have been received from the debtor agents or cash guarantees are available to cover the payment of the defaulting agents, the collections will be made on the payment day itself.
For more information on the collection and payment process, click the following link: Collections and Payments
To be able to buy on the production market, the agent must have furnished a guarantee that will help them respond to the obligations taken on as per their acquisitions at a positive price or their sales at a negative price.
Not providing this guarantee will prevent the agent from taking part in the production market as a buyer, such that his purchase bids at a positive price or his sell bids at a negative price will be refused.
Agents have a simulator that provides them with an estimate of the payment guarantees to contribute to the market operator, depending on the transactions predicted to be made on the electricity market, as well as on a price estimate based on historical prices.
For more information on this process, click the following link: Payment collateral
The market operator calculates and publishes the final average price of the electrical energy production market, as well as the components of the final price. The prices and components are published for:
- Total domestic demand
- Customers supplied by leading retailers
- Customers supplied by retailers (except leading retailers) and direct consumers.
The different market segments or processes for the technical operation of the system are included in the calculation of said prices (day-ahead market, technical limitations, intraday market, processes for the technical operation of the system, payments by capacity, etc...).
The publication of the final prices in different areas is available under ‘Average Final Prices’ in the ‘Market Results’ section.
The market operator's yearly remuneration is set in the corresponding Ministerial Order, which determines electrical energy charges for each year. This regulation determines that this remuneration:
- Shall be funded with the prices charged by the market operator to the production market agents, generators as well as traders and direct consumers on the market, who may act within the scope of the Iberian Electricity Market.
- Shall be covered equally by, on the one hand, all the producers of electrical power, and, on the other, by all the traders and direct consumers on the market.
For more information on this subject, click the following link: OMIE remuneration