Benchmark indices according to Regulation (EU) 2016/1011

MIBGAS is authorized by the CNMV (Comisión Nacional del Mercado de Valores) and ESMA (European Securities and Markets Authority) as Benchmarking Manager, in accordance with Regulation (EU) 2016/1011.

The selected benchmark indices are as follows:

1. Reference price GDAES_D+1 (Spain)

The reference price is the weighted average price of all the trades made in a trading session for the product GDAES_D+1.

The GDAES_D+1 is the daily product with delivery on the following gas day at the Virtual Balancing Point (PVB).

2. Reference price GDAPT_D+1 (Portugal)

The reference price is the weighted average price of all the trades made in a trading session for the product GDAPT_D+1.

The GDAPT_D+1 is the daily product with delivery on the next gas day at the Virtual Point of Portugal (VTP).

3. MIBGAS-ES Index (Spain)

It is the weighted average price of all the trades made for the same day of gas with delivery at the PVB in all the trading sessions that have already been completed. The calculation takes into account all the weekend, daily and intraday products corresponding to the gas day and with delivery at the PVB being calculated.

4. MIBGAS-PT Index (Portugal)

This is the average price of all the trades made for the same gas day with delivery at the PVB in all the trading sessions that have already been completed. The calculation takes into account all the weekend, daily and intraday products corresponding to the gas day and with delivery at the VTP being calculated.

5. MIBGAS PVB Last Price Index (LPI) Day-Ahead

This index represents the closing price of the Spanish gas market, for the next business gas day with delivery at the PVB.

This index is calculated from the last prices of the corresponding daily and weekend products.

6. MIBGAS VTP Last Price Index (LPI) Day-Ahead

This index represents the closing price of the Portuguese gas market, for the next business gas day with delivery at the VTP.

This index is calculated from the last prices of the corresponding daily and weekend products.

7. MIBGAS PVB Average Price Index (API)-Day Ahead

This index represents the weighted average price of the entire market session for the next business gas day with delivery at the PVB.

The API DA is calculated following the Reference Price methodology, taking each of the daily or weekend products, depending on the delivery day.

8. MIBGAS VTP Average Price Index (API) Day-Ahead

This index represents the weighted average price of the entire market session for the next business gas day with delivery at the VTP.

The API DA is calculated following the Reference Price methodology, taking each of the daily or weekend products, depending on the delivery day.

The methodology for calculating the reference indexes is detailed in the Rules of the organized gas market, in the Legislation section.

The statements of these indexes can be consulted in the following document  (available in Spanish only).

These reference indexes are published daily by MIBGAS on its website, together with the rest of the prices included in the Market Rules at the close of the trading session.

In compliance with Delegated Regulation (EU) 2018/1637, MIBGAS performs a monitoring function of its benchmark indices with the allocation of sufficient means to carry out its review, control and monitoring work as a supervisory body.

MIBGAS, as administrator of the aforementioned Indices, provides a mechanism for the processing of claims that may arise in this regard, which guarantees a timely and fair investigation, procuring the claimant the result of the same within a reasonable period of time, as set out in the Procedure for the management of claims on the calculation of MIBGAS indices.

In order to ensure the interested party a guaranteed and expeditious procedure, MIBGAS makes available the complaints channel canaletico@mibgas.es.