THE IBERIAN ELECTRICITY SPOT MARKET CHANGES ITS

THE IBERIAN ELECTRICITY SPOT MARKET CHANGES ITS

THE IBERIAN ELECTRICITY SPOT MARKET CHANGES ITS
GATE CLOSURE TIME TO 12:00h ON OCTOBER, 15th
In line with the process of integrating the Electricity Wholesale Markets in the EU,
OMIE changes the Iberian Day-Ahead Market gate closure time to 12:00 h. This
change is a necessary step towards a single European electricity wholesale market.
This relevant step forward has been implemented according to the proper
administrative authorization and after a robust testing phase. All market agents have
been duly informed about the process during the last months.
In the context of the South-West Europe Project (SWE) and its contribution to the
Internal Energy Market, OMIE is prepared to couple the Iberian Electricity Spot Market
with North-West Europe (NWE) at the end of November, as announced by the NWE
region and PCR’s members on September, 30th.
Madrid, 14 October 2013
Office of the Chairman & CEO
OMIE
Tel: 916 598 975
www.omie.es
Note to Editors:
Operador del Mercado Ibérico, Polo Español S.A. (OMIE) is an Iberian company created with
the purpose of managing markets in underlying energy assets. As its main function, OMIE is the
responsible for the management of the Iberian electricity spot market, running
every day the
day-ahead and six intraday markets encompassing all Iberian electricity. In addition to this core
function, OMIE is responsible for the management of several energy-related product auctions,
including both physical and financial products.
North-Western Europe (NWE) Price Coupling is a project initiated by the Transmission
System Operators and Power Exchanges of the countries in North-Western Europe. The 17
partners of this project comprise APX, Belpex, EPEX SPOT and Nord Pool Spot from the Power
Exchanges’ side; 50Hertz, Amprion, Creos, Elia, Energinet.dk, Fingrid, National Grid, RTE,
Statnett, Svenska Kraftnät, Tennet B.V. (Netherlands), Tennet GmbH (Germany) and
TransnetBW from the TSO side. This cooperation aims at establishing price coupling of the dayahead wholesale electricity markets in this region, increasing the efficient allocation of
interconnection capacities of the involved countries and optimizing the overall social welfare. A
single algorithm, calculating simultaneously the market prices, net positions and flows on
interconnectors between market areas will be used, based on implicit auctions and facilitated
through the Price Coupling of Regions solution.
South-Western Europe (SWE) Coupling Project is a joint project between the French,
Spanish and Portuguese TSOs, RTE, REE, REN, and the Power Exchanges OMIE in Spain
and Portugal and EPEX Spot operating the French market. In SWE are defined the precoupling, post coupling and exceptional situations processes that are necessary to allow the
implementation of market coupling between France and the Iberian Market.
Price Coupling of Regions (PCR) is the initiative of seven European Power Exchanges (APX,
Belpex, EPEX SPOT, GME, Nord Pool Spot, OMIE and OTE), to develop a single price
coupling solution to be used to calculate electricity prices across Europe, and allocate crossborder capacity on a day-ahead basis. This is crucial to achieve the overall EU target of a
harmonized European electricity market. The integrated European electricity market is expected
to increase liquidity, efficiency and social welfare. PCR is open to other European Power
Exchanges wishing to join.