Spain’s Law 8/2015, of 21 May, amending Law 34/1998, of 7 October, on the Hydrocarbons Industry, designates the company MIBGAS S.A. as the Organised Gas Market Operator. For its part, Portaria No. 643/2015, of 21 August, from the Cabinet of Secretário de Estado da Energia of Portugal, authorizes MIBGAS S.A. to exercise the same function in said country, thus configuring the Iberian Gas Market.
MIBGAS, as the Organized Gas Market Operator, is responsible for the management of the Organised Gas Market, being required to undertake the necessary and appropriate duties for its due and proper operations and the economic management of its services, upholding the principles of efficiency, effectiveness, transparency, objectivity, non-discrimination and independence.
It is charged with, amongst others, the following duties:
According to Article 15 of Regulation (EU) 1227/2011 REMIT, MIBGAS must notify the relevant public authorities of any behaviour contrary to correct operation of the market, such as any manipulation or attempted manipulation of the market or performance of operations with insider information and any situation that may be anomalous, always taking into account the information available to the Market Operator, for this purpose MIBGAS constantly analyzes the market.