OMIE manages the day-ahead and intraday markets based on the criteria of independence, transparency, and objectivity. The functions that the Iberian Market Operator fulfills are classified as:
On market operations
- Receiving selling bids issued for each scheduling period by different subjects that participate in the day-ahead electrical energy market.
- Receiving energy takeover bids.
- Receiving the necessary information from the subjects that participate in the electrical energy markets so that their contracted energy is taken into consideration for clearing and for the practice of settlements that may be competition for the market operator.
- Receiving guarantees that, as is case, move ahead. Managing these guarantees may be done directly or through authorized third-parties.
- Carrying out clearing for selling and takeover bids based on the least expensive offer until equaling demand in each scheduling period.
- Determining the different prices for energy resulting from clearing on the electrical energy day-ahead market for each scheduling period and communication to each of the agents involved.
- Settling and communicating payments and collections that must be done as per the energy prices resulting from the settlements and the other costs that are determined in accordance with regulations.
- Communicating to the system operator selling and takeover bids for electrical energy carried out by different subjects that participate in the competition's electrical energy markets for each of the scheduling periods.
- Communicating to the system operator all registrations, withdrawals, and modifications done by agents and, as is the case, bidding units with enough advance notice for properly updating the information systems.
- Defining, developing, and operating the computer systems needed to ensure transparency in the transactions that take place on the day-ahead and intraday production market.
On the rules of the market and the standard form contract
- Proposing for approval rules for the production market's operation.
- Presenting for approval modifications to the Rules and to the Standard Form Contract of the same.
- Making requests to market agents to accredit meeting the regulatory conditions for action.
On information to market agents
- Regarding the results of clearing, agents communicating corresponding data to their production and takeover units.
- Communicating the marginal price of electrical energy to market agents on the day-ahead market and in the intraday market sessions, as well as the end prices of electrical energy.
- Communicating the payments and collections that must be made as per the results of clearing bids on the day-ahead and intraday markets to the agents.
- Ensuring the secrecy of information of a confidential nature that has been made available by market agents, in accordance with the applicable norms.
On providing information to third parties
- Publishing aggregated supply and demand curves of the day-ahead and intraday markets.
- Publishing results from the energy schedules added by agent and calendar month of the electrical energy production market, once a month has passed since the last day of that to which is referred.
- Monthly publication of bids presented by agents on each of the day-ahead and intraday markets, once three months have passed since the end of the month to which is referred.
- Publicly reporting on the evolution of the market as often as determined.
- Publishing the scheduled average price indexes of the Daily and Intraday Market. Likewise, relevant information will be published via telematics in the terms outlined in article 28 of the Royal Decree-law 6/2000, of 23 June, on Urgent Measures of Intensification of Competition in Markets for Goods and Services.
- Calculating and publishing the final average price of the electrical energy production market, as well as the components of the final price.
On the principles of independence, transparency, and objectivity
- Adopting the measures and agreements that may be necessary for effectively fulfilling the limitations on direct or indirect participation in the Company's capital stock, including by means of buying and selling, obligatory for the interested party, of determinant participation of non-compliance with that legal provision.
- Creating and publicizing the Code of Conduct for the market operator.
- Communicating to the proper authority any behavior among market agents that may entail a disruption of the market's proper functioning.