jump to content

Grupo OMI & MIBEL

OMIP

OMIP is a Regulated Market operator that provides, together with the OMIClear Clearing House, a trading platform for energy products to the market, as laid down in the International Agreement concluded between the Portuguese Republic and the Kingdom of Spain for the Iberian Electricity Market (MIBEL). As an institution, both OMIP and its activity are supervised by CMVM (the Portuguese Securities Market Commission), in accordance with the applicable national and European laws and regulations of the financial sector.

Under the Derivatives Market, products with electricity and natural gas as underlying assets are open to trading and with delivery in Portugal, Spain, France and Germany (futures, forwards, swaps, options, FTR), that are traded on a daily basis by agents based in Portugal, Spain, and in other European and non-European countries.

In addition to the Derivatives Market, OMIP offers other services, such as development, implementation, management and operation of market solutions in various areas, in particular energy and telecommunications. These services include auctions for allocating assets such as electricity, natural gas, wind energy production licenses, capacities in the Portugal-Spain electricity interconnection, capacities in the infrastructures of the National Natural Gas System, Special Regime Generation, and licenses to use radio spectrum, etc. In the energy retail market, it provides services in the switching of service provider.

OMIP is part of the OMI Group, which also includes OMIClear, the Iberian Energy Clearing House, and OMIE, Iberian electricity spot market.

MIBEL

The Iberian Electricity Market (MIBEL) is a joint initiative of the Portuguese and Spanish government with a view to the construction of a regional electricity market.

With MIBEL coming into force, every consumer in the Iberian Peninsula was able to obtain electricity, under free competition, from any producer or seller operating in both Portugal and Spain.

The following are the key objectives of MIBEL:

  • Benefit the electricity consumers of both countries through the integration of their electrical systems;
  • Structure the operation of the market based on the principles of transparency, free competition, objectivity, liquidity, self-financing and self-organisation;
  • Promote the development of the electricity market of both countries based on a single, integrated methodology for defining reference prices for the entire Iberian Peninsula;
  • Allow all participants free access to the market, under equal rights and obligations, transparency and objectivity;
  • Promote the economic efficiency of companies in the electricity sector, fostering free competition between them.

The process to converge the Portuguese and Spanish electricity systems was formally initiated with the signing of the "Collaboration Protocol between the Spanish and Portuguese Administrations for the establishment of the Iberian Electricity Market", in November 2001. In this document, both countries laid down the bases for the collaboration between the various entities with responsibilities in the sector – administrations, regulators and operators – with a view to streamlining the conditions for the participation of economic operators in Mibel.

This process ended with the conclusion of the Agreement between the Portuguese Republic and the Kingdom of Spain for the establishment of an Iberian Electrical Energy Market, the basic principles of which are transparency, free competition, objectivity, liquidity, self-financing and self-organisation of markets.

OMIClear

OMIClear, C.C., S.A. is a company established in Portugal that provides clearing and settlement services as a Clearing House and Central Counterparty since July 3rd, 2006 of energy derivatives contracts traded and/or registered in OMIP Derivatives Market (the energy regulated market managed by OMIP - Pólo Português, S.G.M.R., S.A.).

In October 31st 2014 OMIClear was approved by its National Competent Authority (CMVM) and the rest of the members of EMIR College to perform the clearing and settlement activity as an ‘authorized CCP’, in compliance with the Regulation (EU) N.º 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, Central Counterparties and Trade Repositories (EMIR – European Market Infrastructure Regulation).