Iberian Electricity Market – MIBEL
The Iberian Electricity Market – MIBEL resulted from the cooperation between the Portuguese and Spanish Governments with the aim of promoting the integration of both countries’ electrical systems. The consequences thereof made a significant contribution not only towards establishing an electricity market at the Iberian level but also at the European level as an important step towards establishing an Internal Energy Market.
In this on-going development, which commenced in 1998, with unswerving and determined fervour by the governments of both countries, particularly salient were the following four points, inter alia, that need to be emphasized for the impetus that impacted on the establishment of MIBEL: (i) the signing of Protocol for the Cooperation between the Spanish and Portuguese Government for establishing the Iberian Electricity Market in November 2001, (ii) the signing of the Agreement in Santiago de Compostela between the Portuguese Republic and the Kingdom of Spain in October 2004, (iii) 22nd Luso-Spanish Summit of Badajoz which took place in November 2006 and also in January 2008; (iv) the signing of the Agreement in Braga which revises the Santiago Agreement.
Finally, on 1 July 2007, MIBEL was fully launched and brought to a successful conclusion the harmonisation of requirements between the two Iberian electricity systems, with the expectation that said operation would bring benefits to the consumers of both countries within a framework for providing access to all interested parties pursuant to the terms of equality, transparency and objectivity.