Information on the company

The international agreement on the implementation of an Iberian electricity market between the Kingdom of Spain and the Republic of Portugal (click here to access), subscribed in Santiago de Compostela on 1 October 2004, regulating the Iberian electricity market (MIBEL), approved a new organisational structure by virtue of which the Iberian Market Operator (OMI) has become an entity comprising two parent or holding companies, with 10% cross-ownership, with each one of them also holding 50% of the capital of the two market management companies, with the Portuguese management company, OMI-Polo Portugués, SGMR (OMIP), operating the forward market, and the Spanish management company, OMI, Polo Español S.A. (OMIE), operating the spot market.

Pursuant to the provisions of the aforementioned agreement, which entered into force on 1 July 2011, completion has been made of the segregation process affecting the Spanish market operator - Operador del Mercado Ibérico de Energía, Polo Español, S.A., (OMEL). This has involved the block conveyance of the branch of the business involving the operation of the electricity market and other energy-based products, undertaken up to that date by OMEL, in favour of OMI, Polo Español, S.A. (OMIE).

By virtue of the above, as from 1 July 2011, the company Operador del Mercado Ibérico de Energía, Polo Español, S.A., (OMEL) will become a shareholding company, owning fifty percent (50%) of each one of the aforementioned management companies and 10% of the Portuguese parent company, OMIP–Operador do Mercado Ibérico (Portugal), SGPS, S.A., whilst the company OMI-POLO ESPAÑOL, S.A. (OMIE) assume the management of the bidding system for the purchase and sale of electricity on the spot market within the sphere of MIBEL.