OMIP (Operador do Mercado Ibérico de Energia – Pólo Português, S.G.M.R., S.A.) is the Iberian energy derivatives exchange, providing a regulated marketplace for the trading of electricity and other energy-related derivative products within MIBEL (the Iberian Electricity Market).
In addition to its role as a derivatives exchange, OMIP supports both public and private stakeholders in the Iberian energy sector, contributing to the development, integration, and strengthening of the Iberian electricity and natural gas markets. To support these objectives, OMIP manages a range of dedicated auctions on behalf of the electricity system, promoting market liquidity, competition, and cross-border market integration.
The clearing and central counterparty (CCP) services for transactions executed on OMIP are provided by OMIClear, an independent clearing house jointly owned by OMIP and OMIE, the operator of the Iberian spot electricity market.
OMIP was established on 16 June 2003 as part of a bilateral agreement between the governments of Portugal and Spain aimed at fostering the development and integration of the Iberian energy market.
The main objectives of OMIP are:
- To contribute to the development of the Iberian electricity market;
- To promote Iberian reference prices;
- To provide market participants with efficient risk management tools;
- To address some of the limitations traditionally associated with OTC markets.
- To develop and innovate new products that address the evolving needs and challenges arising from Europe’s energy transition.
OMIP currently has 92 exchange members from 9 European countries, who can trade derivatives referencing both Iberian and non-Iberian power markets, including baseload, peakload, and solar profile contracts, as well as physically settled and financially settled natural gas contracts.
Beyond its exchange activities, OMIP provides a broad range of services to the wholesale and retail energy sectors, as well as to the telecommunications sector. These services include the organization of auctions designed for different types of assets and rights, such as virtual power plant programmes, gas release programmes, transmission capacity rights, wind farm licensing rights, energy procurement programmes, and telecommunications spectrum allocations.
Furthermore, OMIP is responsible for operating the Guarantees of Origin auctions in Portugal, as well as the forward auctions of electricity generation subject to guaranteed remuneration schemes or other regulated support mechanisms, conducted on behalf of the Portuguese Supplier of Last Resort.
OMIP is qualified as a Benchmark Administrator under the European Benchmark Regulation.
