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FTR

OMIP runs the Financial Transmission Rights (FTR) auction between Spain and Portugal, in both directions, every quarter.
FTR E-P Base Contracts

The underlying asset of FTR E-P Base Contracts is the difference, if positive, between the between the hourly marginal price formed on the daily Spot Market managed by OMIE, for the Spanish area and the Portuguese Area of MIBEL.

FTR P-E Base Contracts

The underlying asset of FTR P-E Base Contracts is the difference, if positive, between the between the hourly marginal price formed on the daily Spot Market managed by OMIE, for the Portuguese area and the Spanish area of MIBEL.

For the purpose of settlement, OMIP establishes and publishes the IFTR E-P and IFTR P-E Indexes on a daily basis, corresponding to the daily average values of those differences. Please, find the characteristics of these products in the table below: