the spanish electricity market · 2017. 6. 14. · omel characteristics Îprivate capital company....

The Spanish Electricity Market

Sofia, February 9th - 10th 2006

CONTENT

9th February Session:

1. Introduction.

2. Recent evolution of the Spanish electricity market.

3. Daily and intraday markets and technical processes.

4. Final price and settlement.

5. OMEL’s information system (SIOM).

10th February Session:

1. Iberian Market

2. Spanish price convergence with other European organized markets.

1. INTRODUCTION.

ELECTRICITY MARKET REGULATORY FRAMEWORK

Law 54/ 1997R.D. Law 6/ 1999R.D. Law 6/ 2000R.D. Law 5/ 2005

R.D. 2019/ 1997R.D. 1435/ 2002R.D. 436/ 2004

Market

R.D. 1164/ 2001Third Party Access

R.D. 2018/ 1997R.D. 1433/ 2002

R.D. 385/ 2002Measurements

Orderof 29- XII- 97MarketOrder of 17- XII- 98Capacity Payment

Orderof 14- VII- 98

External AgentsOrder of 12- IV- 99

Measurements

Directive 2003/ 54/ EC Inter ior Market for Electr icity

Contract ofAdherence and Electricity

Market Activity RulesResolution of 5- IV- 01Resolution of 14- II- 03

OMEL CHARACTERISTICS

Private Capital Company.Responsible for the economic management of the system (since the 1st of July 2005 in collaboration with the spanishsystem operator) respecting the principles of transparency, objectivity and independence.Shareholders of the Company may include:

Every person or legal entityThe sum of their direct or indirect shareholdings in the equity of this company does not exceed 5%(except OMIP 10%)the sum of direct or indirect shareholdings by agents carrying out activities in the electricity sector may not exceed 40% and these shares may not been syndicated

It is possible to increase the share capital of the Company if some person ask for it, respecting the applicable legal provisions, including the mentioned limits.Code of Behaviour.

MARKET OPERATOR CODE OF CONDUCT

The Market Operator should carry out its functions in accordance with the principles of transparency, objectivity and independence.The impartiality of the market operator is ensured by:

The market rules are approved by Ministry of Industry, Tourism and Trade.The shareholders of the Market Operator can not have more than 5% of the capital (OMIP 10%). Electricity companies as a whole can not have more than 40% of the capital.The Market Operator income is included in the electricity tariffs as a part of the “permanent costs” of the electricity system.

MARKET AGENTSGeneral Requirements

To be registered in the Administrative Register for Distributors, Retailers and Qualified Consumers, which is located in theMinistry of Industry, Tourism and Commerce (http://www.min.es).Trading:

Legal capacity to sign a contract with the market operator.Define the technical characteristics of the sale/purchase units.Arrange guarantees issued in favour of OMEL in order to covereconomic obligations arising in connection with their participation in the market

Adhere with the Market Activity Rules and sign the Contract ofAdherence.

Communications and technical requirements.System Operator relationship.Access to the transmission and distribution network.

MARKET AGENTS TRANSACTIONSMARKET AGENTS TRANSACTIONS

Daily market sales

Daily market purchases

In the intraday market all can be buyers and sellers

Consumer Retailer Distr ibutorExternal agent

Regulated tariff consumer

Producer Retailer Self producerSpecial regimen

External agents

MAIN FIGURES OF THE SPANISH MARKET

Daily market started operations on January 1998. Intraday market started operations in April 1998.

Settlements of all markets and processes started on January 1998.

Economic volume traded in 2005: 15,792 million euros.

Energy traded in 2005: 256.620 GWh.

Installed generation in peninsular Spain 73,680 MW

6,052,297 transactions where attended in 2005.

97 companies act as purchasing agents on the market, 16 of them are external agents and 64 are independent resellers.

340 companies act as producers, 16 of them are external agents.

Domestic technical constraints are very reduced, around 1.4% of the daily energy (2005).

The market price is a reference for many commercial transactions.

ECONOMIC AND TECHNICAL MANAGEMENT OF THE SPANISH SYSTEM

2. RECENT EVOLUTION OF THE SPANISH ELECTRICITY MARKET.

CANTÁBRICO ACABATS BARBERA ACCIONA EOLICA DE GALICIA ACILOE AEROGENERADORES DEL SURELCOGÁS AES ENERGIA CARTAGENA ALABE MENGIBAR ALABE-CUADRAMON ALABE-LABRADAUNIÓN FENOSA ALABE-LESTE ALABE-LOMBA ALABE-MAREIRO ALABE-NORDESIBERDROLA ALABE-REFACHON ALABE-SOAN ALYTO ENERGIA AMPLIACION DE ALABE SOANENDESA ARCILLAS ATOMIZADAS ATOMIZACIONES MINERALES AVICU AVIGASE AVICOLA Y GANADERA

AZUCARERA DE ENERGÍAS AZULEJERA LA PLANA AZULIBER 1 BAHIA DE BIZKAIA ELECTRICIDADBECOSA EÓLICO ALIJAR BIEFFE MEDICAL BIOCULTIVOS DE NAVARRA BIOENERGIA SANTAMARÍABIOETANOL GALICIA BIZKAIA ENERGIA BOREAS EOLICA BOREAS EOLICA 2BOREMER BUNGE IBERICA CAILA Y PARES CARTONAJES LEVANTECELULOSA DE ENERGÍA CELULOSAS DE ASTURIAS CERAMICAS DEL FOIX CERAMICAS SAZACERAMICAS VIVES CERANOR CERÁMICAS DE CUATRO PALOMAS CIA. ENERGETICA PATA DE MULOCLP ENVIROGAS CLP ORGANOGAS COGENERACION DEL EBRO COGENERACION ECHEZARRETACOGENERACION LA LLORAL COGENERACION PRAT COGENERACION TOLOSANA COGENERACIÓN ADZANETACOGENERACIÓN DE ALCALÁ COGENERACIÓN DE NAVIA COGENERACIÓN DEL NOROESTE COGENERACIÓN MOTRILCOGENERACIÓN TALSA COGENERACIÓN TIERRA ATOMIZADA COGENERACIÓN VILLARICOS COGENERADORA BURGALESACOLORTEX COGENERACION COMPAÑÍA DE EXPLOTACIONES ENERGETICAS COMPAÑÍA ENERGETICA PARA EL TABLERO COMPAÑÍA EOLICA ARAGONESACOMPAÑÍA EOLICA CAMPO DE BORJA CORPORACION ENERGIA HIDROELÉCTRICA DE NAVARRA CORPORACION EOLICA DE BARRUELO CORPORACION EOLICA DE MANZANEDOCORPORACION EOLICA DE ZAMORA DANTA DE ENERGIAS DESARROLLO DE ENERGIAS RENOVABLES DE LA RIOJA DESARROLLO DE ENERGIAS RENOVABLES DE NAVARRADESARROLLO EOLICO DEL EBRO DESARROLLO EOLICO EL AGUILA DESARROLLOS EOLICOS BUENAVISTA DESARROLLOS EOLICOS DE CORMEDESARROLLOS EOLICOS DE GALICIA DESARROLLOS EOLICOS DE LUGO DESARROLLOS EOLICOS DE TARIFA DESARROLLOS EÓLICOS RABOSERADULCES Y CONSERVAS HELIOS ECOCARBURANTES ESPAÑOLES ECOWIND ENERGY ELCOGASELECDEY ELECDEY ASCOY ELECDEY CARCELEN ELECDEY TARAZONAELECTRO SAN DIEGO ELMET ELYO ARRASATE ELYO MARTORELLELYO SANT JOAN ELÉCTRICA DE LA RIBERA DEL EBRO EN. ELECTRICA DEL EBRO(GEN) ENDESA CICLOS COMBINADOSENDESA COGENERACION Y RENOVABLES ENDESA GENERACION ENEL UNION FENOSA RENOVABLES ENERGIAS ALTERNATIVAS EOLICAS RIOJANASENERGIAS AMBIENTALES DE OUTES ENERGIAS DE ARAGON II ENERGIAS ESPECIALES ALCOHOLERAS ENERGIAS ESPECIALES DE CAREONENERGIAS ESPECIALES DE CASTELO ENERGIAS ESPECIALES DE PEÑA ARMADA ENERGIAS ESPECIALES DEL BIERZO ENERGIAS ESPECIALES DEL NOROESTEENERGY WORKS CARTAGENA ENERGÉTICA DE ROSSELLÓ ENERGÍAS AMBIENTALES DE NOVO ENERGÍAS AMBIENTALES DE SOMOZASENERGÍAS AMBIENTALES DE VIMIANZO ENERNOVA AYAMONTE EOLICA BOSQUE ALTO EOLICA CABANILLASEOLICA CAPARROSO EOLICA DE SANABRIA EOLICA DE VILLANUEVA EOLICA DELMONCAYOEOLICA LA BANDERA EOLICAS DE EUSKADI EOLICAS DE LA RIOJA EOLICAS PARAMO DE POZAEOS PAX LLA ERCROS INDUSTRIAL EXPLOTACIONES EOLICAS DE MUEL EXPLOTACIONES EOLICAS PLANA DE MARIAEXPLOTACIONES EOLICAS SIERRA DE UTRERA EÓLICA MONTES DE CIERZO FIBRAREL FMC FORETFORANETO FORRAJES DE RIBAFORADA FORSEAN FUERZAS ELÉCTRICAS DE NAVARRAG.E. ENCE GALICIA VENTO GARONA VERDA SCPA GAS NATURAL SDG GENERACIONGENERACION DE ENERGIA RENOVABLE GENERACIÓN PENINSULAR GENFIBRE GEPESAGUIJOSA EÓLICA HIDROCANTABRICO GENERACION HIDROELECTRICA DEL TRASVASE HIDROELÉCTRICA IBÉRICAIBERDROLA GENERACION IBEREOLICA LUBIAN IBEREÓLICA HEDROSO-ACIBEROS IBEREÓLICA PADORNELOIBERFRUTA IDAE INCOGEN INDUSTRIAS CELULOSA ARAGONESAINDUSTRIAS DEL ACETATO DE CELULOSA INEUROPA COGENERACIÓN INVETEM MEDITERRANEA IRISCROM ENERGÍAJAMCAL ALIMENTACION KAO CORPORATION KOSORKUNTZA KW TARIFALA ENERGIA MADERAS MANUEL VILLAMOR MATEOS MB PAPELES ESPECIALESMESETA COGENERACION MINERALES Y PRODUCTOS DERIVADOS MINICENTRALES DOS MIQUEL Y COSTAS & MIQUELMOLINOS DE ARBOLITAS MOLINOS DE LA RIOJA MOLINOS DEL CIDACOS MOLINOS DEL EBROMOSTOS VINOS Y ALCOHOLES MYTA NATURENER NORTHEOLIC PICO GALLONORTHEOLIC SIERRA BODENAYA NORVENTO MONTOUTO NUCLENOR NUEVA GENERADORA DEL SUROLEXTRA P.E. CORRAL NUEVO P.E. LA CARRACHA P.E. LOS PEDREROSP.E. PLANA DE JARRETA PAPELERA DE AMAROZ PAPELERA DEL ORIA PARQUE EOLICO CINSEIROPARQUE EOLICO DE A RUÑA PARQUE EOLICO DE ADRAÑO PARQUE EOLICO DE AMEIXENDA-FILGUEIRA PARQUE EOLICO DE CURRASPARQUE EOLICO DE DEVA PARQUE EOLICO DE LA BOBIA Y SAN ISIDRO PARQUE EOLICO DE TEA PARQUE EOLICO DE VICEDOPARQUE EOLICO DE VIRXE DO MONTE PARQUE EOLICO LA UNION PARQUE EOLICO NEREA PARQUE EOLICO SANTA QUITERIAPARQUE EÓLICO DE COUCEPENIDO PARQUE EÓLICO DE MALPICA PARQUE EÓLICO DE OS CORVOS PARQUE EÓLICO PENOUTAPARQUE EÓLICO SIERRA DEL MADERO PARQUE EÓLICO TAHUNA PARQUES EOLICOS DEL CANTABRICO PARQUES EÓLICOS CIUDAD REALPINCASA PRODUCCIÓN DE ENERGÍA DEL XERTA PRODUCTOS CELULOSICOS PROYECTOS EÓLICOS ARAGONESESPUERTO REAL COGENERACION REAL CERAMICA REPSOL PETROLEO REPSOL QUIMICARIO GALLEGO RUBIERA FORJADOS Y CUBIERTAS S.A.T 1596 NUFRI SALTOS DEL ARGASALTOS DEL NANSA SAMPOL INGENIERIA Y OBRAS SAN JUAN DE BARGAS EOLICA SEPIOLSASERVEIS AUXILIARS S. RUB. SERVICIOS Y PROYECTOS AVANZADOS SIDERGAS ENERGIA SIERRA DE SELVASISTEMA ENERGÉTICOS SERRA DA LOBA SISTEMAS ENERGETICOS EL GRANADO SISTEMAS ENERGETICOS LA PLANA SISTEMAS ENERGETICOS MAÑON ORTIGUEIRASISTEMAS ENERGETICOS MONTES DE LEON SISTEMAS ENERGETICOS OPIÑEN SISTEMAS ENERGETICOS SIERRA DEL TRIGO SISTEMAS ENERGETICOS VALLE DE SEDANOSISTEMAS ENERGÉTICOS VILLARUBIA SMURFIT NAVARRA SNIACE COGENERACION SOCIEDADE GALEGA DO MEDIOAMBIENTESOCIETAT EÓLICA DE L'ENDERROCADA SOLAL COGENERACIÓN SOLWINDET LAS LOMAS SOMOZAS ENERGÍAS RENOVABLESSOTAVENTO GALICIA STORA ENSO BARCELONA SULQUISA TARRAGONA POWERTEC 94 TECNICAS COGENERACION GELSA TECNICAS DE COGENERACIÓN DE SILLA TENERÍAS OMEGATEXTIL SANTANDERINA TORTOSA ENERGÍA TRACTAMENT I SELECCIO DE RESIDUS TRIGENERADORA ALBELDATROIL VEGAS ALTAS TRUCHAS DEL CINCA SCPA UNION FENOSA ENERGÍAS ESPECIALES UNION FENOSA GENERACIONURGELL ENERGIA UTISA TABLEROS DEL MEDITERRANEO VALDEMINGOMEZ 2000 VANTEXSAVIESGO GENERACIÓN WIESA 6 ZABALGARBI ZINC METAL

CANTÁBRICO COOP. SAN FRANCISCO DE ASIS ELECTRA CONQUENSE DISTRIBUCION ELECTRA DE VIESGO 1 ENDESA DISTRIBUCIÓN ELECTRICAENDESA ENERGIAS DE ARAGON FUERZAS ELECTRICAS DE VALENCIA GRUPO ENDESA DISTRIBUCION HIDROCANTABRICO DISTRIBUCIÓN ELÉCTRICAIBERDROLA HIDROELÉCTRICA DEL GUADIELA I IBERDROLA DISTRIBUCIÓN ELÉCTRICA SOLANAR DISTRIBUIDORA ELÉCTRICA UNION FENOSA DISTRIBUCIONUNIÓN FENOSA

CANTÁBRICO ADURIZ ENERGIA AGENTE DEL MERCADO ELECTRICO AGRI-ENERGÍA BARCLAYS BANK, SUCURSAL EN ESPAÑAENDESA ENERGÍA BASSOLS ENERGIA COMERCIAL BP GAS ESPAÑA CANAL ENERGIA COMERCIALIZACION CE ENERGÍAENRON CENTRICA ENERGIA GENERACION CEPSA GAS COMERCIALIZADORA COMERCIALIZADORA DE ELECTRICAS OVIEDO COMERCIALIZADORA DEL CEGAIBERDROLA COMERCIALIZADORA ELÉCTRICA DE CÁDIZ COMERCIALIZADORA LERSA CYD ENERGIA (SUSPENDIDO PROVISIONALMENTE) CÉNTRICA ENERGÍASKS DESARROLLOS EOLICOS DETISA EDP ENERGIA IBERICA EHN GREEN ENERGY DEVELOPMENTUNIÓN FENOSA ELECTRA ALTO MIÑO COMERCIALIZADORA DE ENERGIA ELECTRA CALDENSE ENERGIA ELECTRA DEL CARDENER ENERGIA ELECTRA ENERGÍA

ELECTRA NORTE 1997 ELECTRA VAQUER ENERGIA ELECTRABEL ESPAÑA ELECTRACOMERCIAL CENTELLESELEKTRIZITATS-GESELLSHAFT LAUFENBURG ESPAÑA ELYO GYMSA IBÉRICA ELÉCTRICA SEROSENSE EN. ELECTRICA DEL EBRO(COMER)ENDESA COMERCIALIZADORA ENERCO CUELLAR EPRESA ENERGÍA ESTABANELL Y PAHISA MERCATOREUFER COMERCIALIZADORA FACTOR ENERGIA GAS NATURAL COMERCIALIZADORA GAS NATURAL CORPORACIÓN EÓLICAGAS NATURAL ELECTRICIDAD SDG GAS NATURAL SERVICIOS SDG GLOBAL TRES ENERGÍA COMERCIALIZADORA HIDROCANTÁBRICO ENERGÍAHIDROCANTÁBRICO GEN. COMERCIAL HIDROEL. CABRERA COMERC. HIDROELECTRICA DEL VALIRA HISPAELEC ENERGÍAIBERDROLA ICASA LA UNION ELECTRO INDUSTRIAL NATURGAS COMERCIALIZADORANAVARRO GENERACIÓN NEXUS ENERGÍA ROMERO ABREU HERMANOS SALTEA COMERCIALSEMPRA ENERGY TRADING SHELL ESPAÑA SNIACE ENERGIA UNION FENOSA COMERCIALUNION FENOSA GENERACION VIESGO ENERGIA COMERCIALIZADOR VIESGO GENERACION WIND TO MARKET COMERCIALIZADORA

OFFICE NATIONAL D'ELECTRICITÉ (Marruecos) AARE TESSIN LTD. FOR ELECTRICITY (Suiza) ACCORD ENERGY LIMITED (Reino Unido) BARCLAYS BANK PLC (Reino Unido) COMPAGNIE NATIONALE DU RHONE ()ELECTRABEL (Suiza) EDF (Francia) EDP ENERGIA (Portugal) EDP GESTAO DA PRODUÇAO DE ENERGIA (Portugal) ELECTRABEL (Bélgica)REDE ELECTRICA NACIONAL (Portugal) ELEKTRIZITATS-GESELLSHAFT LAUFENBURG (Suiza) ENBW TRADING GMBH (Alemania) ENEL TRADE (Italia) OFFICE NATIONAL D'ELECTRICITÉ (Marruecos)

REDE ELECTRICA NACIONAL (Portugal) RWE TRADING GMBH (Alemania) SONELGAZ (Argelia) STATKRAFT MARKETS GMBH (Alemania)

CELSA CEMENTOS LA UNION DURAN JUAN JOSE MARTINEZ LOPEZ PRAXAIR PRODUCCIÓN ESPAÑAGLOBAL STEEL WIRE

20/11/2005

MARZO 1999 NOVIEMBRE 2005PRODUCTORES PRODUCTORES

DISTRIBUIDORES DISTRIBUIDORES

COMERCIALIZADORES COMERCIALIZADORES

AGENTES EXTERNOS AGENTES EXTERNOS

CONSUMIDORES CUALIFICADOS CONSUMIDORES CUALIFICADOS

CCGT 14,800 8,524 57.6 100

Cogeneration 7,100 5,959 83.9 29

Wind power 13,000 8,529 65.6 36.8

Planning Executed Fulfil lment Market02 to 11 to 31- 12- 04 degree access

MW MW % %

PLANNING PURSUIT04 a 11

13,249

9,926

89.5

76.4

34.3

91.0

-1.000

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

11.000

12.000

13.000

14.000

10/0

9/02

15/1

0/02

20/1

1/02

26/1

2/02

31/0

1/03

08/0

3/03

13/0

4/03

18/0

5/03

23/0

6/03

29/0

7/03

03/0

9/03

09/1

0/03

13/1

1/03

19/1

2/03

24/0

1/04

29/0

2/04

05/0

4/04

11/0

5/04

16/0

6/04

21/0

7/04

26/0

8/04

01/1

0/04

06/1

1/04

12/1

2/04

16/0

1/05

21/0

2/05

29/0

3/05

04/0

5/05

09/0

6/05

15/0

7/05

20/0

8/05

24/0

9/05

30/1

0/05

05/1

2/05

10/0

1/06

ENER

GÍA

(MW

h)

-1.000

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

11.000

12.000

13.000

14.000

POTE

NC

IA (M

W)

Mercado diario (con restricciones) Mercado intradiario Potencia instalada

PARTICIPACIÓN EN EL MERCADO DE INSTALACIONES DE RÉGIMEN ESPECIALE INSTALACIONES DE RÉGIMEN ORDINARIO CON PRIMA

SEQUENCE OF OPERATIONS IN THE ELECTRICITY MARKET

ANCILLARYSERVICES6 INTRADAY MARKETS

MARKET OPERATOR SYSTEM OPERATOR SCHEDULES

Domestic Bilateral Contracts

DAILY MARKET

Technical Constraints Solution

Real Time Processes

VIABLE DAILYSCHEDULE

BASE OPERATINGSCHEDULE

FINAL HOURLYSCHEDULE

OPERATINGHOURLY

SCHEDULE

MATCHEDRESULTS

InternationalBilateral C.

A MARKET DESIGN TO FACILITATE THE PARTICIPATION OF SMALL AND MEDIUM ENTREPRISES

Rules of the market always taking into account medium and small participants’ needs:

Plans to reduce even more the contracting unit to kWhPlans to introduce more Intraday markets

Information system design takes into account their requirements:

Internet access to the marketMinimum hardware and software platform requirements No need of a “client system” at the participant’s site Possibility of automatisation of sending and accessing market information (very interesting for demand-side response).

SELLER AGENT AND REPRESENTATIVE

Special Regime producers can sell their production: 1. Directly to the market2. Through a seller agent:

Possibility of billing to the seller agent jointly or to each of the represented company separately.the seller agent may not be a market agent but in this case is a must that the represented company will and the billing will be done to the market agent (represented company).Guarantees must be provided by the represented company

3. Through a representative companyIn his own nameIn behalf of another company

0

340

680

1020

1360

1700

2040

2380

2720

11/0

1/98

12/0

4/98

12/0

7/98

11/1

0/98

10/0

1/99

11/0

4/99

11/0

7/99

10/1

0/99

09/0

1/00

09/0

4/00

09/0

7/00

08/1

0/00

07/0

1/01

08/0

4/01

08/0

7/01

07/1

0/01

06/0

1/02

07/0

4/02

07/0

7/02

06/1

0/02

05/0

1/03

06/0

4/03

06/0

7/03

05/1

0/03

04/0

1/04

04/0

4/04

04/0

7/04

03/1

0/04

02/0

1/05

03/0

4/05

03/0

7/05

02/1

0/05

01/0

1/06

GWh/semana

COMPRAS DE COMERCIALIZADORES, CONSUMIDORESCUALIFICADOS Y AGENTES EXTERNOS

PERÍODO DEL 01/01/1998 AL 22/01/2006

Energía a precio libre (período): 476.695,7 GWhEnergía total adquirida (período)(*): 1.503.469,2 GWh

Energía a precio libre (última semana): 1.748,4 GWh (33,16 %)Energía total adquirida (última semana): 5.272,1 GWh

* Excluído consumo de bombeo y autoproductores Diario + Bilaterales Intradiario

1998 1999 2000 2001 2002 2003 2004 2005 2006

33,16%

PURCHASES BY RESELLERS, QUALIFIED CONSUMERS ANDEXTERNAL AGENTS

Diario

0

5

10

15

20

25

30

35

40

45

50

55

60

65

11/0

1/98

12/0

4/98

12/0

7/98

11/1

0/98

10/0

1/99

11/0

4/99

11/0

7/99

10/1

0/99

09/0

1/00

09/0

4/00

09/0

7/00

08/1

0/00

07/0

1/01

08/0

4/01

08/0

7/01

07/1

0/01

06/0

1/02

07/0

4/02

07/0

7/02

06/1

0/02

05/0

1/03

06/0

4/03

06/0

7/03

05/1

0/03

04/0

1/04

04/0

4/04

04/0

7/04

03/1

0/04

02/0

1/05

03/0

4/05

03/0

7/05

02/1

0/05

01/0

1/06

%/semana

% COMPRAS DE COMERCIALIZADORES, CONSUMIDORESCUALIFICADOS Y AGENTES EXTERNOS

PERÍODO DEL 01/01/1998 AL 22/01/2006

Energía a precio libre (período): 476.695,7 GWhEnergía total adquirida (período)(*): 1.503.469,2 GWh

Energía a precio libre (última semana): 1.748,4 GWh (33,16 %)Energía total adquirida (última semana): 5.272,1 GWh

* Excluído consumo de bombeo y autoproductores

1998 1999 2000 2001 2002 2003 2004 2005 2006

3. DAILY AND INTRADAY MARKETS AND TECHNICAL PROCESSES

DAILY MARKET

TECHNICAL CONSTRAINTS

INTRADAY MARKET

ANCILLIARY SERVICES

GENERAL DESCRIPTION (1)Timetable

• It is the market in which the purchase and sale transactions of energy for the following day take place.

• Organisation:– Based on a purchase and sale bids system.

– Schedule Period: one hour– Schedule Horizon: the following day ( 24 hours)

– Bids reception closing time for day D+1: 10:00 of D-day

– Results for day D+1: 11:00 of D-day

– Agents informed of all bids in the term established by the legislation.

PROCESSES (1)Bidding agents

• Bidding sales agents:Production units, special regime production units which have sent a bid, traders and external agents.

• Bidding purchase agents:Production, distributors, traders, qualified consumers and external agents.

Matched energy

Dailymarginal

pr ice

Sale Bids

Purchasebids

Break- even pointPrice of the lastproduction bid

DAILY MARKET SUPPLY AND DEMAND CURVES

c€ / kWh

MWh

UNIT NAME

PURCHASE /SALE

DATE

Technicalconditions

ENERGY BID

BID PRICE

DAILY MARKET RESULTS (1)

PERÍODO DEL 01/01/1998 AL 22/01/2006

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

01/0

1/98

01/0

4/98

01/0

7/98

01/1

0/98

01/0

1/99

01/0

4/99

01/0

7/99

01/1

0/99

01/0

1/00

01/0

4/00

01/0

7/00

01/1

0/00

01/0

1/01

01/0

4/01

01/0

7/01

01/1

0/01

01/0

1/02

01/0

4/02

01/0

7/02

01/1

0/02

01/0

1/03

01/0

4/03

01/0

7/03

01/1

0/03

01/0

1/04

01/0

4/04

01/0

7/04

01/1

0/04

01/0

1/05

01/0

4/05

01/0

7/05

01/1

0/05

01/0

1/06

Fechas

cEur/kWh

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

1.000.000

MWh

Precio máximo Precio medio Precio mínimo Energía diaria

Precio medio ponderado de la energía en el mercado diario de electricidad Periodo Precio 01/01/1998 22/01/2006 3,478 cEur/kWh

ENERGÍA DIARIA POR TECNOLOGÍASPERÍODO DEL 01/01/1998 AL 22/01/2006

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

01/0

1/98

01/0

4/98

01/0

7/98

01/1

0/98

01/0

1/99

01/0

4/99

01/0

7/99

01/1

0/99

01/0

1/00

01/0

4/00

01/0

7/00

01/1

0/00

01/0

1/01

01/0

4/01

01/0

7/01

01/1

0/01

01/0

1/02

01/0

4/02

01/0

7/02

01/1

0/02

01/0

1/03

01/0

4/03

01/0

7/03

01/1

0/03

01/0

1/04

01/0

4/04

01/0

7/04

01/1

0/04

01/0

1/05

01/0

4/05

01/0

7/05

01/1

0/05

01/0

1/06

Fechas

ENER

GÍA

S (G

Wh)

RÉGIMEN ESPECIAL A DISTRIBUCION RÉGIMEN ESPECIAL A MERCADO NUCLEAR

IMPORTACIONES HIDRÁULICA CARBÓN

CICLO COMBINADO FUEL-GAS


ENERGÍA DIARIA POR TECNOLOGÍASENERO 2005 - DICIEMBRE 2005

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

01/0

1/05

15/0

1/05

29/0

1/05

12/0

2/05

26/0

2/05

12/0

3/05

26/0

3/05

09/0

4/05

23/0

4/05

07/0

5/05

21/0

5/05

04/0

6/05

18/0

6/05

02/0

7/05

16/0

7/05

30/0

7/05

13/0

8/05

27/0

8/05

10/0

9/05

24/0

9/05

08/1

0/05

22/1

0/05

05/1

1/05

19/1

1/05

03/1

2/05

17/1

2/05

31/1

2/05

Fechas

ENER

GÍA

S (G

Wh)






0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

01/0

1/05

15/0

1/05

29/0

1/05

12/0

2/05

26/0

2/05

12/0

3/05

26/0

3/05

09/0

4/05

23/0

4/05

07/0

5/05

21/0

5/05

04/0

6/05

18/0

6/05

02/0

7/05

16/0

7/05

30/0

7/05

13/0

8/05

27/0

8/05

10/0

9/05

24/0

9/05

08/1

0/05

22/1

0/05

05/1

1/05

19/1

1/05

03/1

2/05

17/1

2/05

31/1

2/05

Fechas

ENER

GÍA

S (G

Wh)

ENERGÍA DIARIA POR TECNOLOGÍASENERO 2005 - DICIEMBRE 2005

31%

3%

22%6%3%

10%

18%

7%




PRECIO DEL MERCADO DIARIOENERO 2004 - DICIEMBRE 2004 y ENERO 2005 - DICIEMBRE 2005

0

1

2

3

4

5

6

7

8

9

ENER

O

FEB

RER

O

MA

RZO

AB

RIL

MA

YO

JUN

IO

JULI

O

AG

OST

O

SEPT

IEM

BR

E

OC

TUB

RE

NO

VIEM

BR

E

DIC

IEM

BR

E

ENER

O -

DIC

IEM

BR

E

cent/kWh

Mercado Diario año 2004 Mercado Diario año 2005

Incremento: 93,89 %


PERÍODO DEL 01/10/2005 AL 22/01/2006

0

2

4

6

8

10

12

14

16

18

20

22

01/1

0/05

08/1

0/05

15/1

0/05

22/1

0/05

29/1

0/05

05/1

1/05

12/1

1/05

19/1

1/05

26/1

1/05

03/1

2/05

10/1

2/05

17/1

2/05

24/1

2/05

31/1

2/05

07/0

1/06

14/0

1/06

21/0

1/06

Fechas

cEur/kWh

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

1.000.000

1.100.000

MWh

Precio máximo Precio medioPrecio mínimo Energía casada M.D.Energía casada M.D. + Bilaterales



PERÍODO DEL 01/12/2005 AL 22/01/2006

0

2

4

6

8

10

12

14

16

18

20

22

01/1

2/05

03/1

2/05

05/1

2/05

07/1

2/05

09/1

2/05

11/1

2/05

13/1

2/05

15/1

2/05

17/1

2/05

19/1

2/05

21/1

2/05

23/1

2/05

25/1

2/05

27/1

2/05

29/1

2/05

31/1

2/05

02/0

1/06

04/0

1/06

06/0

1/06

08/0

1/06

10/0

1/06

12/0

1/06

14/0

1/06

16/0

1/06

18/0

1/06

20/0

1/06

22/0

1/06

Fechas

cEur/kWh

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

MWh

Precio máximo Precio medio Precio mínimo Energía diaria



PHYSICAL BILATERAL CONTRACTS

Execution of the bilateral contractSame treatment than bids.Multiple sale and purchase units.International contract:

It is submitted before the session closing, at 10:00 (*).Negotiated daily energies and a bid to stay in the interconnection in case of technical constraints.

Domestic contract:It is submitted before 11:00 and considered as firm when the acceptation period is closed

Negotiated daily energies.

Definition of the bilateral contractThe generic contract conditions are defined.Minimum duration: a year.

Takes part in the operator system processes.

ENERGÍA EJECUTADA EN CONTRATOS BILATERALES NACIONALES01/12/05 - 22/01/06

0

2000

4000

6000

8000

10000

12000

1/12

/200

5

2/12

/200

5

4/12

/200

5

6/12

/200

5

8/12

/200

5

9/12

/200

5

11/1

2/20

05

13/1

2/20

05

15/1

2/20

05

17/1

2/20

05

18/1

2/20

05

20/1

2/20

05

22/1

2/20

05

24/1

2/20

05

26/1

2/20

05

27/1

2/20

05

29/1

2/20

05

31/1

2/20

05

2/1/

2006

4/1/

2006

5/1/

2006

7/1/

2006

9/1/

2006

11/1

/200

6

13/1

/200

6

14/1

/200

6

16/1

/200

6

18/1

/200

6

20/1

/200

6

21/1

/200

6

Fecha

MWh

Total Bilaterales nacionales

BILATERAL CONTRACTS RESULTS


DAILY MARKET


INTRADAY MARKET

ANCILLIARY SERVICES


ErEr


c€ / kWh

MWh

Energy removed Er,to solve constraints

Pbi

Energy assignedto solveconstraints Er , atbid pr ice

Marginal

Pr ice

Demand

TECHNICAL CONSTRAINTS ENERGY

Energía Diaria Asignada por Restricciones TécnicasPERÍODO DEL 01/01/1998 AL 22/01/2006

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

01-e

ne-9

8

01-a

br-9

8

01-ju

l-98

01-o

ct-9

8

01-e

ne-9

9

01-a

br-9

9

01-ju

l-99

01-o

ct-9

9

01-e

ne-0

0

01-a

br-0

0

01-ju

l-00

01-o

ct-0

0

01-e

ne-0

1

01-a

br-0

1

01-ju

l-01

01-o

ct-0

1

01-e

ne-0

2

01-a

br-0

2

01-ju

l-02

01-o

ct-0

2

01-e

ne-0

3

01-a

br-0

3

01-ju

l-03

01-o

ct-0

3

01-e

ne-0

4

01-a

br-0

4

01-ju

l-04

01-o

ct-0

4

01-e

ne-0

5

01-a

br-0

5

01-ju

l-05

01-o

ct-0

5

01-e

ne-0

6

Días

Energía (MWh)

Energia Tendencia Quincenal

TECHNICAL CONSTRAINTS RESULTS

RESTRICCIONES TÉCNICASEnergía asignada por Restricciones Técnicas

0,000

200,000

400,000

600,000

800,000

1.000,000

1.200,000

Enero

Febrer

o

Marzo

Abril

Mayo

Junio Julio

Agosto

Septie

mbre

Octubre

Noviem

bre

Diciembre

Mes

GW

h

19981999200020012002200320042005

RESTRICCIONES TÉCNICASSobreingreso de los generadores respecto del precio del mercado diario

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

Enero

Febrer

o

Marzo

Abril

Mayo

Junio Julio

Agosto

Septie

mbre

Octubre

Noviem

bre

Diciembre

Mes

Eur

19981999200020012002200320042005

g


RESTRICCIONES TÉCNICASSobreingreso unitario de los generadores respecto del precio del mercado diario

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

Enero

Febrer

o

Marzo

Abril

Mayo

Junio Julio

Agosto

Septie

mbre

Octubre

Noviem

bre

Diciembre

Mes

Eur/M

Wh

19981999200120012002200320042005


RESTRICCIONES TÉCNICASSobrecoste unitario de los compradores respecto de precio del mercado diario

0,0000

0,0500

0,1000

0,1500

0,2000

0,2500

Enero

Febrer

o

Marzo

Abril

Mayo

Junio Julio

Agosto

Septie

mbre

Octubre

Noviem

bre

Diciembre

Mes

cent

/kW

h

19981999200020012002200320042005



DAILY MARKET


INTRADAY MARKET

ANCILLIARY SERVICES

INTRADAY SESSIONS

Timetable

28 hours

24 hours

20 hours

17 hours

13 hours

9 hours

Intraday 1

Intraday 2

Intraday 3

Intraday 4

Intraday 5

Intraday 6

INTRADAY SESSIONS

...20 21 22 23 24 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INTRADAY MARKET SUPPLY AND DEMAND CURVES

c€ / kWh

MWh

Sale Bids

Purchase bids

Matched energy

Intradaymarginal

pr ice

Sale bids from the production unitsand sale bids for power acquired bydistr ibutors, consumers, retailersand external agents

Purchase bids from distr ibutors,consumers, and retailers,and purchase bids for powerpreviously sold by production units

Pr ice of the lastmatched

selling bid

INTRADAY MARKETEXAMPLE OF KIND OF BID FOR PRODUCTION UNIT

MWh

MáximumPower

Technical Minimum

Daily market result

Hours0

Purchase bid for production unitSale bid to take the unit to the technical minimumSale bid to complete a constant working Sale bid to take the full regime


DAILY MARKET


INTRADAY MARKET

ANCILLIARY SERVICES

ANCILLIARY SERVICES

Managed by the System Operator

Needed services to ensure that the supply is scheduled, and performed with sufficient quality and security

Deviation ManagementAncilliary Services

Two types of ancillary services:Mandatory: Primary regulation, Voltage control (minimum requirement)Optional: Secondary regulation, non spinning reserve, voltage control (remaining reserves), restoration service

TECHNICAL MANAGEMENT PROCESSES

Requirement

Bids

Power

Energy

Price

AUCTION: ECONOMIC PRECEDENCE:

Non spinning reserve

Bids

TECHNICAL MANAGEMENT PROCESSES

Pr ice

Power

Deviation management Non spinning reserve

Secondary regulation

5,718

4,503

6,691

8,356 8,353

10,358

8,699 8,627

11,408 11,555

10,244

12,147

12,894 13,04412,627

4,3404,698 4,556

6,201 6,168

5,1635,609

5,065

5,743

6,801

6,255

9,049

6,731

5,940

7,723

9,381

7,643

8,695

6,4466,721

9,532

7,3226,981

9,238

9,768

8,798

9,594

7,610

8,223

9,311

7,018

5,865

5,296

5,873

5,290

6,340

4,6164,829

4,418 4,582

5,796

8,000

8,998

10,845

5,247

0,000

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

ENERO FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE

cent/kWh

M. DiarioRestriccionesM.IntradiarioG.DesvíosE.Terciaria

Precios medios de venta en mercados y procesos (cent/kWh)

ANCILLIARY SERVICES RESULTS

2,497

3,243 3,258 3,167

4,193 4,185

3,661 3,6443,898

3,680

4,494

1,747 1,855

2,2892,041

3,5993,797

3,239 3,169

2,640

3,342

4,065

6,801

5,743

5,065

5,609

5,163

6,1686,201

4,5564,582

5,796

4,698

4,340

1,844

2,013

0,000

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

ENERO FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE

cent/kWh

M.IntradiarioG.DesvíosE.Terciaria

Precios medios de compra en mercados y procesos (cent/kWh)

ANCILLIARY SERVICES RESULTS

4. FINAL PRICE AND SETTLEMENTS.

ELECTRICITY MARKET SETTLEMENT

ItIt consistsconsists ofof::

ToTo determine determine thethe total total priceprice ofof thethe energyenergy forforeacheach hourhour andand agentagent

ToTo determine determine allall revenuesrevenues andand chargescharges

CommunicationCommunication toto thethe agentsagents

FINAL

PRICE

•• CapacityCapacity paymentpayment

•• IntradayIntraday marketmarket marginal marginal priceprice•• PricePrice//costcost ofof thethe regulationregulation bandband serviceservice

•• PricePrice//costcost causedcaused by by technicaltechnical constraintsconstraints solutionsolution•• DailyDaily marketmarket marginal marginal priceprice

•• SurplusSurplus//DeficitDeficit ofof thethe REE REE prepre--lawlaw internationalinternational contractscontracts

•• PricePrice//costcost TechnicalTechnical SystemSystem OperationOperation real time real time processesprocesses, , reportedreported imbalanceimbalance managementmanagement, , regulationregulation andand operatingoperatingreserve reserve energiesenergies

CharacteristicsCharacteristics::

•• ImbalancesImbalances fromfrom thethe Final Final HourlyHourly ScheduleSchedule

•• ImbalancesImbalances fromfrom thethe internationalinternational regulationregulation andand securitysecurityexchangesexchanges

FINAL PRICE

5,647

0,147

0,058

0,006

0,048

0,684

5,555

0,132

0,055

-0,011

0,073

0,145

5,573

0,136

0,055

-0,018

0,046

0,448

-1,000

0,000

1,000

2,000

3,000

4,000

5,000

6,000

7,000

cent/kWh

Distribuidores y Exportación REE Comercializadores, C.Cualificados y Ag. Externos

Conjunto del mercado

PRECIO HORARIO FINAL MEDIO. AÑO 2005

Garantía de potenciaProcesos del OSMercado intradiarioRestriccionesAsig reg secundariaMercado diario

6,592

5,9476,242

FINAL PRICE

86%

2%

1%

0%

1%

10%

93%

2%

1%

0%

1%

2%

89%

2%

1%

0%

1%6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

cent/kWh

Distribuidores y Exportación REE Comercializadores, C.Cualificados y Ag. Externos

Conjunto del mercado

PRECIO HORARIO FINAL MEDIO. PORCENTAJES. AÑO 2005

Garantía de potenciaProcesos del OSMercado intradiarioRestriccionesAsig reg secundariaMercado diario

FINAL PRICE

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

1-1-05 1-2-05 1-3-05 1-4-05 1-5-05 1-6-05 1-7-05 1-8-05 1-9-05 1-10-05 1-11-05 1-12-05Precio medio final ponderado (PMFD) Precio mercado diario (PMD) Diferencia (PFMD-PMD)

cent/kWhDIFERENCIAS ENTRE PRECIO FINAL MEDIO

Y PRECIO MERCADO DIARIOENERO 2005 - DICIEMBRE 2005

Garantía de Potencia

SETTLEMENT AND BILLING

Spanish market settlement : Includes the daily and intraday markets, ancillary services, capacity payment and deviations calculated with metering readings.

This benefits agents and markets, due to the transparency and simplicity it creates. Participants benefit from public prices and single invoices.

This procedure requires:Reception of information by OMEL that correspond to the processes managed by the Spanish System Operator REE.Reception of information by OMEL of the meter measures sent by the System Operator.Settlement and clearing of the capacity payment.Calculation of the market final hourly price.Single invoice for each market participant.

Certification of the origin of the energy acquired in the marketaccording to Directive 2003/54/EC about the Internal Market of Electricity.

MEASUREMENTS ANDSETTLEMENTS WITH MEASURES

Physical market: sell/purchase of electricity that is going to be effectively produced and consumed.

Generation plants (in power unit bus bars)Final consumption: Supply at grid connection points.Difference between programs and measures is the deviation which cost is formed as a function of price and ancillary services.

ProductionReadings from meters are available to market operator in more than 97% the following day to the supply.

ConsumptionSignificant and not justified delay.Access tariffs and energy invoicing with different measurement data applied in different time period.Settlement proposal in a way that month plus x, data not provided take place to consider a total deviation respect to programmed.

AggregatedMeter Data

MARKETOPERATOR

SYSTEMOPERATOR

AGENTS DATA READRESPONSIBLE

ELECTRIC MEASUREMENTS INFORMATION SYSTEM

METERREGISTERS

SETTLEMENT

SECONDARYCONCENTRATOR

MAINCONCENTRATOR

SECONDARYCONCENTRATOR

Clains

MONTHLY SETTLEMENT

Monday Tuesday Wenesday

Monday Tuesday

Monday Wenesday

Tuesday Wenesday

Thursday

Thursday

Thursday

Month end +3weekdays

Collections andpayments date- 2 weekdays

Notificationto bank

of collections

Collections andpayments day - 3

weekdays

Notification ofcollection r ights

and paymentobligations

Notification ofcharge and

payment orders

Notification tobank of

collections and

Collectionsand payments

1

2

3

DEBTORS10:00

CREDITORS10:30

15th of the month orpr ior business day

SETTLEMENTBANK

ACCOUNT

1

2

3

4

D

D

D

D

G

G

G

SETTLEMENT BANK ACCOUNT

SE30JN8/

PURCHASE INVOICE

SE30JN8/

SELLERINVOICE

5. OMEL’s information system (SIOM).

OMEL ELECTRONIC MARKET CHARACTERISTICS

Market requirements Big number of participants and bids, with “reduced” equipment

Easy to use and maintain. All participants welcome

Working 7x24. Always available

System Operator communications and transactions security

Electronic MarketAll transactions done through an IT application

No subjective decisions

Human resources and technology combined efficiently

Innovation applied to electricity marketsInternet technology

Transactions digital sign

Multiple alternative communication means

OMEL technology used in other markets

INFORMATION SYSTEM FUNCTIONS

All market operations done through the IT System

Reception of selling and purchasing bidsMatching processSettlement processProvide participants the needed market informationInformation interchange with the related entities (SO)Publish non-confidential informationManagement of claims and messagesMaintenance of market agent data

Operating continuously without interruption (7*24)

INFORMATION SYSTEM ARCHITECTURE

Internet

SIMEL

Metering data

SIOS

Ancilliary srv.Market

Operations

Market Agents

Sell/purchase bidsMatching &Settlement

SIOM

Privatenetwork

System OperatorMarket Operator

NEEDS OF A NEW MARKET PARTICIPANT

+ +

PUBLIC INFORMATION

Information immediately forwarded after market sessions:Daily and intraday market results.Aggregated supply and demand curves.Use of the commercial capacity defined by the System Operator ineach interconnection.

Information available the following month:Production, retailing, distribution and international exchanges market quotas.Generation and imports capacity reserve.

Information released in three months.Market participant bids matched and unmatched.

E-mail for asking information: [email protected] web site information: http://www.omel.es

PUBLIC WEB SITE (I)

Accessible by market agents and the general publicOMEL publishes all market non-confidential information through this web siteMost presented information may be directly accessed or downloaded to the local PCIt is the best way to gather data and information about the market and its different processes results

PUBLIC WEB SITE (II)Published information

General information about OMEL and the marketDescription of OMEL and its organisationMarket legal frameworkMarket descriptionMarket agents

Up to date information presented by the companyMarket reportsNewsActivities

Market resultsDaily market Intraday marketAncillary servicesFinal prices

7. THE IBERIAN MARKET.

DIMENSION AND MARKET OPENING

TOWARDS THE IBERIAN MARKET (I)

Memorandum of understanding for the electricity between Spain and Portugal (July 1998).

Removed of obstacles to electricity tradeREN become external agent of the Spanish marketSpanish electricity companies can sell electricity in PortugalCoordination between REE and REN as system operatorsIn march 1999 a joined document is released

The Iberian market protocol (November 2001). Guarantee of access to the OMI and to the interconnections in conditions of equality and freedom of contracting.

• The OMI must open its capital to the participation of Spanish and Portuguese companies.

• Performances of the OMI of strict impartiality.Amplification of the interconnections.

• Line Alqueba-Balboa (2004).• Line Cartelle-Lindoso (2006). • Reinforcement of the interconnection of the Douro.• Increase of the transit capacity of the line Cedillo-Oriol.

Harmonized technical procedures to operate the system.

TOWARDS THE IBERIAN MARKET (II)

Conclusions of the Valencia Summit (April 2002)

Spot market in Spain.Forward market in Portugal.

Memorandum of Understanding signed in the Figueira da Foz Summit (November 2003).

Principles for the Iberian Markets.International agreements to be subscribed on January 2004.Shareholding exchange between OMEL and OMIP of 10% of this respective social capital.

TOWARDS THE IBERIAN MARKET (III)

International Agreement on the Iberian Market (January 2004) revised in October 2004

Participants: encompasses all participants in the electricity markets in both countriesCreation of an Iberian Market Operator (OMI): OMIP+OMELFirst step: Spot Market in Spain and Forward in Portugal (July 2005, when both countries ratify it))Both markets are integrated in 2007 (two years after MIBEL stars)Systems operators of both Parties are responsible for the system technical managementEconomic management of the interconnection: mechanisms to allocate the capacity will be agreed.

TOWARDS THE IBERIAN MARKET (IV)

International Agreement on the Iberian Market (January 2004) revised in October 2004

Regulation harmonization:Tariffs: price structure will tend to harmonizationSupervision: Spain CNE+CNMV & Portugal ERSE+CMVMCreation of a Regulatory CouncilMarket Agents Committee in each marketCreation of a Technical and Economic Management CommitteeAdministrative procedures for the authorisation and registry of agents: recognition by one of the Parties will automatically accredit the agent to act in the other

Guarantee of supply

IBERIAN MARKET (I)

The international exchange volume between Portugal and Spain has followed a increasing tendency in the period 1999-2005.

New agents in the market.

Congestions are more frequent.

In 2004 a 14% of the Portugal demand has been supplied by international exchanges.

In December of 2004 was set in motion the new tie line Alqueva-Balboa.

IBERIAN MARKET (II)

Main collaboration between OMIP and OMEL.Daily and intraday market price formation.

Hedge price difference risk in application of market splitting.

Information interchange about contracted open position in the OMIP forward market.

Coordination in the publishing of the market results and in the agents training.

IBERIAN MARKET (III)

POSITIVE EFFECTS OF THE MIBEL:

Greater market efficiency due to its increased size and the liquidity it an reach

Participation of all the actors under non-discriminatory conditions

Contribution to generation investment processes

Easing the deregulatory process on the demand side

Incentives for coordination between network managers

COMMERCIAL CAPACITY

Source: REEApril 2005

INTERCONNECTION CAPACITY SPAIN PORTUGAL BORDER

1.8001.6001.4001.2001.000

800600400200

0- 200- 400- 600- 800

- 1.000- 1.200- 1.400- 1.600- 1.800

05

MWh

01 02 03 04

Capacidad de importación no ocupada Importación Capacidad de exportación no ocupada Exportación

Años oct 01 a mar 05

CAPACIDAD DE INTERCAMBIO CON PORTUGAL Y ENERGÍA CASADA EN LOS MERCADOS Y EJECUTADA EN CONTRATOS BILATERALES

IMPORTS FROM PORTUGAL

IMPORTS FROM PORTUGALPERIOD FROM JANUARY 1998 TO APRIL 2005 (GWh)

0

50

100

150

200

250

300

350

400

ene

mar

may ju

lse

pno

ven

em

arm

ay jul

sep

nov

ene

mar

may ju

lse

pno

ven

em

arm

ay jul

sep

nov

ene

mar

may ju

lse

pno

ven

em

arm

ay jul

sep

nov

ene

mar

may ju

lse

pno

ven

em

ar

Organized market Bilaterals

Year 1998 Year 2000Year 1999 Year 2001 Year 2002 Year 2003 Year 2004

EXPORTS TO PORTUGAL

EXPORTS TO PORTUGAL FROM JANUARY 1998 TO APRIL 2005 (GWh)

0

100

200

300

400

500

600

700

800

900

ene

abr jul

oct

ene

abr jul

oct

ene

abr jul

oct

ene

abr jul

oct

ene

abr jul

oct

ene

abr jul

oct

ene

abr jul

oct

ene

abr

Mercado organizado Bilaterales

Year 1998 Year 2000Year 1999 Year 2001 Year 2002 Year 2003 Year 2004

5. SPANISH PRICE CONVERGENCE WITH OTHER EUROPEAN ORGANIZED MARKETS.

%

RELATION BETWEEN COMERCIAL CAPACITY AND INSTALLED POWER

Year 04

Sources: European Com mission and self elaboration

3.2

7.5

4.6

2.9

1/ 1993 NORDPOOL* * Yes Yes Yes Yes

1/ 1998 OMEL Yes No No Yes

5/ 1999 APX (Netherlands) Yes No No Yes

6/ 2000 EEX* * Yes Yes Yes No

6/ 2000 UKPX* Yes No No No

8/ 2000 OPCOM Yes No No No

11/ 2001 POWERNEXT* * Yes Yes No No

1/ 2002 BORZEN Yes No No No

4/ 2004 GME Yes Yes Yes No

6/ 2000 GIELDA ENERGII Yes No No No

1/ 2002 OTE Yes No No Yes

04FUNCTIONS OF THE EUROPEAN MARKET OPERATORS

Europexmembers

STARTUP DATE COMPANY SPOT MARKET ZONAL PRICES ADJUSTMENT MARKETFORWARD MARKET(Futures)

Northern C.

Spain

Netherlands

Germany

U.K. - UKPX

Romania

France

Slovenia

Italy

Poland

Czech Rep.

Source: Self elaboration * Unvaluable turnover ** CO2 market project

PRICE CONVERGENCE OF THE ORGANISED EUROPEAN MARKETS

During the last quarters organised European market prices have shown a clear tendency to converge.

Main price volatility periods:Nordpool: winter 2002-2003 and in a less extent the last quarter of 2003.Central Europe markets: second and third quarters of 2003.

In OMEL, the period of relative scarcity of generation reserve took place from the end of 2001 to the third quarter of 2002 in which the new combined gas generation plants begun to start operation.

€ / MWh

00 01 02 03 04

40

30

20

10

0

NordPool EEX PJM OMEL

Year 00 to 04

ELECTRICITY PRICE EVOLUTION IN THE INTERNATIONAL MARKETS

Energias mercados europeos spot01/01/03 - 22/01/06

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

01-ene 08-mar 13-may 18-jul 22-sep 27-nov 01-feb 07-abr 12-jun 17-ago 22-oct 27-dic 03-mar 08-may 13-jul 17-sep 22-nov

Fecha

MWh

APX NORDPOOL EEX POWERNEXT OMEL GME

PRECIOS MEDIOS EUROPEX01/01/03 - 22/01/06

0

20

40

60

80

100

120

140

160

180

200

01-ene 08-mar 13-may 18-jul 22-sep 27-nov 01-feb 07-abr 12-jun 17-ago 22-oct 27-dic 03-mar 08-may 13-jul 17-sep 22-nov

Fecha

Eur/MWh


PRECIOS MEDIOS TRIMESTRALES EUROPEX1/1/2000 - 22/1/2006

0

10

20

30

40

50

60

70

80

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

Fecha

Eur/MWh


Año 2000 Año 2001 Año 2002 Año 2003 Año 2004 Año 2005 Año 2006

PRECIOS MEDIOS TRIMESTRALES EUROPEX1/1/2005 - 22/1/2006

0

10

20

30

40

50

60

70

801º

Trim

estr

e

2º T

rimes

tre

3º T

rimes

tre

4º T

rimes

tre

1º T

rimes

tre

Fecha

Eur/MWh

APX NORDPOOL EEX POWERNEXT OMEL GME MEDIA


0

20

40

60

80

100

120

140

160

180

200

01-dic 05-dic 09-dic 13-dic 17-dic 21-dic 25-dic 29-dic 02-ene 06-ene 10-ene 14-ene 18-ene 22-ene

Fecha

Eur/MWh



0

20

40

60

80

100

120

140

160

180

200

01-ene 03-ene 05-ene 07-ene 09-ene 11-ene 13-ene 15-ene 17-ene 19-ene 21-ene

Fecha

Eur/MWh


QUARTERLY AVERAGE PRICES EUROPEX

Años 00 a mar 0570

60

50

40

30

20

10

0

APX

00 01 02 03 04 05

NordPool EEX Powernext OMEL GME

€ / MWh

PRECIOS MEDIOS TRIMESTRALES EUROPEX

the spanish electricity market · 2017. 6. 14. · omel characteristics Îprivate capital company....

Documents