OMIP is the MIBEL derivatives exchange that ensures the management of the market jointly with OMIClear, a company owned by OMIP and OMIE (the Spot Exchange), which executes the role of Clearing House and Central Counterparty of operations carried out on the market. OMIP was constituted on June 16th  2003 and its creation was part of a common agreement  between the governments of Portugal and Spain.

The main objectives of OMIP are the following:

1. Contribute to the development of the Iberian electricity market
2. Promote Iberian Reference Prices
3. Supply clients with efficient risk management tools
4. Overcome Some OTC Market Limitations

OMIP has currently 64 trading members from 9 European countries which can trade both Spanish and Portuguese futures, base load and peak load, with financial or physical delivery.  OMIP also provides a broad set of services in the wholesale and retail energy market as well as telecommunications market, including the organisation of a complete set of auctions designed to accept different asset types like: Virtual Power Plants programs, Gas Release programs, transmission capacity rights, wind farms licensing rights, power and gas procurement or telecom frequencies. Other types of services are also performed like CHP certificates issuing support and power load management.