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
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.