Spain Gas & Power Market Access
Spain Gas Market Access
What is the lead time to begin trading in the Spanish gas market?
5-6 months
What are the licencing requirements to trade in Spain’s gas market?
Natural gas sales and trading in Spain is a liberalized activity that may only be carried out by designated gas suppliers (Comercializadores). Accordingly, a gas supplier might be licensed as a wholesale supplier (Comercializador Mayorista) or/and a Retail Supplier (Comercializador Minorista) by the Dirección de Política Energética y Minas (DGPM), the Ministry's administrative body that is finally responsible to communicate the regulator (CNMC) that the administrative registration process is approved.
How is the Ministry’s license application process implemented?
Companies wishing to act as suppliers of natural gas must notify in writing before the commencement of market activity and through the DGPEM, their testimony fulfilling all the requirements set by RD 197/2010 and the Resolución de 21 de julio de 2017 spelled out in the official application forms.
Once the authorization is granted, the Ministry will communicate the decision to the CNMC and CORES. Final registration is confirmed through a document called Listado de Comercializadoras de Gas Natural, issued by the CNMC which assigns a number code to each new supplier.
Which regulator oversees Spain’s gas market?
The gas sector is overseen by the Comisión Nacional de Mercados y Competencia (CNMC)
What are the gas licencing requirements for non-EU and EEA firms?
There are no additional requirements for non-EU firms
What are the pre-requisite requirements for accessing the Spanish gas market?
Access to network services will only take effect after obtaining the status of Authorized Party (Sujeto Habilitado) or Market Agent (Agente de Mercado) before the System Manager of the Spanish Gas System (GTS) or the Portuguese Gas System (GTG), respectively.
What are the guarantees required to participate in Spain’s gas market?
Provisions are set out for a minimum amount of Euro 100,000 regarding guarantees expressly provided to secure imbalance situations in PVB and Euro 50,000 for capacity reservation purposes. This is a firm requirement from the GTS and MIBGAS to allow new participants to carry out gas activities in the system.
Spain Power Market Access
What is the licence lead time to begin trading the physical Spanish power market
7/8 months
What are the licencing requirements to enter the Spanish power market?
Electricity sales and trading in Spain is a liberalized activity that may only be carried out by designated electricity suppliers (Comercializadores). Accordingly, any company that performs those activities is required to be formally licensed as an authorized electricity trader (Comercializador de Electricidad) by the Dirección de Política Energética y Minas (DGPM), the Ministry's administrative body that is finally responsible to notify the CNMC, the System Operator (REE) and the Market Operator (OMIE) that the administrative registration process is approved.
How is the Ministry’s license application process implemented?
Companies wishing to act as electricity suppliers must notify the DGPEM in writing, of their intention to commence market activity, and must fulfil all the requirements set by Law 24/2013 and RD 1955/2000, as spelt out in the official application forms.
Once the authorization is granted, the CNMC will confirm registration through a document called Listado de Comercializadoras de Electricidad , which assigns a number code to each new supplier
Which regulator issues the licence to trade power in Spain?
The CNMC is the Government's administrative body and is ultimately responsible for awarding electricity commercialization rights to operate within the Spanish electricity sector.
What are the power licencing requirements for non-EU and EEA firms?
There are no additional licencing requirements for non-EU and EEA firms.
What are the application fees for a Spanish power licence?
The examination of the effectiveness of the registration license does not come with a cost.
Accessing the Spain’s Power Network – prerequisite requirements
The requirements to become accredited, both technically and economically, by REE previous to the Ministry application are the following:
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Obtain the ACER code
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Obtain an EIC code
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Request for registration as Market Participant (Participante de Mercado).
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Obtaining a digital certificate. A digital certificate issued (or validated) by REE is needed to access the System Operator systems such as eSIOS website, the main SO’s information and operations platform.
Becoming Balancing Responsible Party in Spain’s power market
To become a Balance Responsible Party (BRP), an agent must be registered as a Sujeto de Liquidación (SL/BRP), assuming responsibility for the settlement of one or more previously registered Unidades de Programación (UPs), with onboarding initiated via a simple request to the system operator (SO) demonstrating technical capability.
What are the collateral requirements to become a Responsible Balancing Party in Spain’s power market?
Basic Operational Guarantees (GOB) are permanent minimum guarantees required by the system operator to cover non-payment risk. For the first year, producers’ GOB are calculated as: (sum of maximum installed capacity) × 24 hours × 4 days × 10% of the average imbalance price for lower generation in the last available month, with a minimum of EUR 10,000; deposits are placed via MEFF. The system operator also requires additional monthly, and where applicable intramonthly, guarantees for periods where the final settlement is not yet available.
Where is the Spanish power market traded?
The Iberian electricity market is managed by the Iberian market operator (Operador del Mercado Ibérico - OMIE) business group.
OMIE administers the spot markets (daily and intraday) for the entire Iberian Peninsula. Its operating model is the same as that applied by many other European markets.
What methods to onboarding to the power futures exchange?
Following HUDEX termination in October 2025, the primary platform for Hungarian power derivatives is the EEX-PXE Hungarian Power Future on EEX. This offers cash-settled futures covering next 34 days, weekends, weeks, months (up to 6), quarters (7), and years (6) with 1 MW lots at €0.01/MWh tick size.
Preconditions for EEX-PXE Power Futures:
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Trading license from MEKH (or equivalent EU authorization)
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ECC (European Commodity Clearing) non-clearing or full membership
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Clearing bank agreement (extend existing if applicable)
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EEX trading participant status under EEX Terms & Conditions
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Balance group membership at MAVIR for physical delivery requests
Note: Direct participation requires infrastructure; indirect via Access Providers (banks) available for smaller traders.
There are two ways to trade on the derivatives market:
By direct participation - this is trading on a regulated market, operating under the license and on the trading platform of EEX.
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Enter into a contract with a clearing bank (if one already exists, it must be extended to cover the relevant products).
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Apply for a non-clearing membership in the European Commodity Clearing AG (ECC) settlement centre (if the membership already exists, it needs to be expanded for the relevant products).
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Become a trading participant on the EEX exchange under these EEX Terms and Conditions
By indirect participation - This option allows you to trade EEX products, even if you are not a direct trading participant. However, it does not apply to trading on the PXE and OTE Joint Day-Ahead Market or the End-User Market.
This option is suitable for you if you do not have the following:
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sufficient trading volume that would justify the cost of direct participation
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sufficient internal infrastructure
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financial resources
How it works
Several market participants ("Access Providers"), in particular banks, provide access to the EEX products for non-members via their infrastructure. Under this setup, non-members trade via the member ID of the Access Provider.
The design and terms and conditions of such access vary depending on the particular Access Provider's service offer.
The Access Provider remains legally and operationally responsible for all transactions concluded under its member ID.
What are the capital/collateral requirements to trade the power market in Hungary?
The European Commodity Clearing AG (ECC) deposit based on trading volume
Correggio Consulting Market Access Services
At Correggio Consulting, we offer a range of specialist services rooted in a profound understanding of the energy industry. Our service is underpinned by an extensive knowledge and experience of European and global markets at all levels of the value chain.
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