20 December 2013

REN successfully delivered 200MW of financial rights of interconnection capacity between Spain and Portugal

In light of the recent regulatory changes and the publication of the Manual of Procedures for the Joint Management Mechanism of the Interconnection between Portugal and Spain by ERSE, the first auction of Financial Transmission Rights (FTR) for interconnection capacity between Portugal and Spain was held on December 19th.

The methodology adopted is the result of harmonization efforts by the Council of Regulators of MIBEL and is in line with the European target model. The Council of Regulators of MIBEL has committed to the Agency for the Cooperation of Energy Regulators (ACER) that this harmonized solution at the Iberian level will serve as a pilot project for the use of such instruments at the European level.

REN - Rede Eléctrica Nacional, S.A., as the issuer of these instruments, participated in the auction organized by OMIP - Iberian Energy Market Operator (Portuguese Branch), S.G.M.R., S.A. The following products were placed in this auction:

Contract Delivery period Offered quantity
FTR E-P Q1-14 Quarterly, 1st Quarter of 2014 200 MW
FTR P-E Base Q1-14 Quarterly, 1st Quarter of 2014 200 MW

Based on the bids placed in the auction for each of the contracts, the following results were obtained:

Contract Allocated quantity Prize (€/MWh) Number of participating entities Number of awarded entities
FTR E-P Q1-14 200 MW 0.26 9 6
FTR P-E Base Q1-14 200 MW 0.16 9 7


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