Section 2 explains the market design and the interconnection between MIBEL and EPEX countries.
The MIBEL and EPEX electricity markets comprise all transactions resulting from the participation of agents in the day-ahead market and the sessions of the balancing markets, respectively.
The Mibel derivatives market was launched on July 3, 2006 (see panel on the right of page 39) and was a fundamental step in the Iberian electricity market-building process.
Lastly, as in most futures contracts, there are margin requirements in the Mibel futures market.
agreement on November 8 at the Hispano-Portuguese Summit in Figueira da Foz on the timetable for launching MIBEL. In Portugal, the electricity market has already been partially open to competition in the business sector (non-residential), in particular for consumers of very high, high and medium voltage power.
MIBEL will also reinforce capacities for interconnection between the networks in the two countries, which is set to increase by 1,100 MW in 2004-05 and later on by 1,500 MW.
However, in view of the introduction of natural gas supply in Portugal and the foreseen creation of MIBEL
, the government has started to take steps to open up.
The details on the future of the sole Iberian power market MIBEL will be discussed at a summit in Figueira da Foz, western Portugal, on November 7, 2003, Tavares said
Under the agreement MIBEL was to begin operating on November 11, 2003.
* The creation of the Iberian Electricity Market (MIBEL
), still to be implemented, is expected to improve capacity and efficiency of the electricity sector.
Increase product-market competition * Reform institutional Creation of a independent arrangements for Competition Authority and a new competition policy Competition Law * Remove entry barriers and increase competition in network industries Agreement to create an Iberian electricity market (MIBEL).
An agreement to create the Iberian Electricity Market (MIBEL) has been signed.