OM, the technology arm of OMHEX, is to provide a trading and clearing system to MIBEL, the pan-Iberian electricity market
OM and EDINFOR/ ACE, a leading Portuguese systems integrator, have signed an agreement for the delivery of a trading and clearing system to Operador do Mercado Ibrico de Energia (Plo Portugus) (OMIP).
Spain and Portugal have formally signed plans to create a pan-Iberian electricity market. The liberalization plan, known as MIBEL, will make it possible for participants in the pan-Iberian electricity market to buy and sell electricity on either side of the Spain/Portugal border.
The single electricity market will have 28.5 million business and domestic customers when it comes into effect in April this year. OMIP, a company created with the signing of MIBEL, will operate the Iberian derivatives market and the inherent clearing business, including OTC clearing.
OM has been selected to provide its CONDICO marketplace solution for energy trading and clearing to OMIP. The OMIP system will be put into production on April 20, 2004 and is an important building block in the newly integrated market.
“The fact that OM been chosen to deliver the energy trading and clearing system to MIBEL is acknowledgement of our position as a leading provider to the global energy industry and of the flexibility of our systems to adapt to international markets,” says Klas Sthl, President, OM Technology. “CONDICO’s fast time-to-market has been proven valuable in being selected for this contract.”