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Mibel, Mercado Ibérico de  Electricidade


Board of Regulators


The Agreement entered into by and between the Portuguese Republic and the Kingdom of Spain for the establishment of an Iberian Electricity Market (MIBEL) that was signed at Santiago de Compostela on 1 October 2004 sets out the establishment of the Board of Regulators in Article 11. This Board is comprised of representatives from Portugal - the Portuguese Energy Services Regulatory Authority (ERSE) and the Portuguese Securities Market Commission (CMVM), and from Spain - representatives of the Spanish National Energy Commission (CNE) and the Spanish Securities Market Commission (CNMV).

The representatives of Portugal:

The Portuguese Energy Services Regulatory Authority (ERSE) ( is currently the entity in charge of regulating the natural gas and electricity sectors. In the first stage, its regulatory powers were confined to the electricity sector and the acronym ERSE stood for 'Regulatory Authority for the Electricity Sector'. In 2002, regulation of the natural gas sector was also assigned to said entity and the acronym ERSE remained the same. It is now called the 'Energy Services Regulatory Authority' with new articles of association that was approved by Decree-Law No. 97/2002 of 12 April.

The Portuguese Securities Commission (CMVM) (  was established in April 1991 with the task of supervising and regulating securities and derivatives markets (historically known as 'stock markets'). Its articles of association were subject to a couple of amendments with particular reference to the last ones that were enshrined and subsequently republished by Decree-Law No. 169/2008 of 26 August.

The representatives of Spain:

The Spanish National Energy Commission (CNE) ( is the regulator of the electricity sector and the hydrocarbon sector (both liquid and gas). It was established by Law No. 34/1998 of 7 October and elaborated by Royal Decree No. 1339/1999 of 31 July, which approved the regulations.

The Spanish Securities Market Commission (CNMV) ( is the authority entrusted with supervising and inspecting the Spanish securities markets and the activities of market players. It was established by Law No. 24/1988 - Securities Market, which introduced a major overhaul to this segment of the Spanish financial system. Laws Nos. 37/1988 and 44/2002 updated the abovementioned legislation and laid down a regulatory framework tailored to the European Union's requirements.


Annexed documents