OMIP and OMIClear are going to launch a new product adapted to the characteristics of the photovoltaic production, as part of the MIBEL derivatives market which will be SWAP SPEL Solar. In relation to this new product, OMIClear will assume the role of Central Counterparty.
Based in this products, OMIP will organize auctions promoted by Endesa participating as the buyer.
This auction will be held, initially, 4 times a year (one per quarter). In these auctions, OMIP's Trading Members are allowed to participate, as well as, other potential agents which must have a direct relationship with one of OMIClear's Clearing Members.
Solar auctions allow producers (directly or through their representatives) to establish the energy forward price for each quarter in a transparent, competitive and reliable process.
This initiative arises from the need thet the wholesale market provides a tool that could fit the photovoltaic production profile.
The main features of the auction are:
- Montlhy or quarterly derivatives contracts
- Auctions promoted by Endesa or bilateral trading (OTC)
- Index SPEL Solar PV
- Organizer: OMIP
- Buyer: Endesa
- Sellers: Any agent (producer, agent, or broker) that meet the requirements
- Frequency: Quarterly auctions
- Telematic auction with descending price in several rounds
Exact dates depend on the Financial Authorities' approval. OMIP/OMIClear already submitted all information regardin the product and process to the regulators.
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