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Mibel, Mercado Ibérico de  Electricidade

Mibel


Board of Regulators

Duties

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 in Article 11 the following as the key duties of the Board of Regulators: (i) Monitor the implementation and development of MIBEL; (ii) Issue a preliminary statement of opinion, which is mandatory but not binding, on the imposition of penalties for very serious administrative infractions by MIBEL to be agreed between the Governments of both countries; (iii) Coordinate actions of its members in carrying out MIBEL's supervisory powers; (iv) Issue coordinated statement of opinions on draft regulation for the functioning of MIBEL or changes thereto and the draft regulations on the management companies of markets comprised therein; (v) Any other duties that may be agreed upon by the two Governments.

A review of this Agreement, which was signed in Braga on 18 January 2008, retains the Board's constitution and sets out in paragraph 8 of the only Article changes to the duties that now include the following in addition to the abovementioned: (vi) Monitor the Iberian energy contracting mechanisms by last resort suppliers envisaged in the Agreement. To this end, the Board of Regulators shall regularly submit to the governments a statement of opinion with the outcome and draft amendments to the existing regulations.

Furthermore, a new sub-paragraph 3 to Article 11 was added, which specifies that: '... Whenever a member of the Board of Regulators is consulted within the powers that have been assigned by the relevant legislation, and prior to the approval of any draft law or regulation that directly or indirectly has an impact on the functioning of MIBEL, said Member should submit this proposal to the other members of the Board of Regulators for information and any comments thereto.

The meeting held in Lisbon on 25 January 2006 is an historic landmark, wherein the constitution of the Board of Regulators was formalised and the Internal Rules and Regulations signed. The first work meeting took place in Lisbon on 15 March 2006.


Annexed documents