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International activity


​Board of regulators of the Iberian Electricity Market (Mibel)


The MIBEL’s Board of Regulators (CR MIBEL) was set up in an international agreement between the Portuguese Republic and the Kingdom of Spain, known as the Santiago de Compostela’s Agreement. The CR MIBEL is composed by the CMVM and ERSE (Entidade Reguladora dos Serviços Energéticos), representing Portugal, and CNMV (Comisión de lo Mercado de Valores Mobiliarios) and CNMC (Comisión Nacional de los Mercado y la Competencia), representing Spain.

The scope of CR MIBEL activities is to enable a coordinated action of the national regulators in overseeing the functioning and development of the Iberian electricity market which, in particular, features the existence of a spot market and a derivatives market, without prejudice to the inherent powers attributed to them by their national law.

For the purposes of exercising its functions the CR MIBEL consists of a Chairmen’s Committee and a Steering Committee. The Chairmen's Committee is composed of the Chairpersons of the competent national authorities or by a representative appointed for that purpose, and it is responsible for the decision making inherent to the topics of mutual interest. Their decisions are adopted by the affirmative vote of a majority of its members whenever they do not interfere or affect the exercise of specific powers of each of the participating authorities. The Steering Committee is composed of senior executives appointed for that purpose by each of the national authorities. They are responsible for implementing the measures that have been delegated by the Chairmen’s Committee, the elaboration of proposals for decision by the Chairmen’s Committee and the preparation of the agenda and meetings of the Chairmen’s Committee.

The CR MIBEL’s chairmanship is held by each national competent authority on a biannual turnover basis.

The CR MIBEL, through its two Committees, meets periodically with the MIBEL’s stakeholders.