8/07/2026

Since the beginning of July, and for the first time, Repsol has been acting as a market maker for MIBGAS Derivatives, a role that Axpo continues to perform after seven years. MIBGAS has market makers offering this service in natural gas futures and also in LNG products to encourage trading on the Iberian gas market.

Repsol has joined the list of agents that have decided to act as market makers by providing support and liquidity while in addition promoting trading in natural gas on the virtual balancing point (PVB) futures market for futures contracts with gas delivery in M+2, M+3, Q+1 and Y+1.

Axpo Iberia also offers the service on the PVB for futures contracts from month M+2 to Y+1; and also acts as a market maker for the PVB-TTF product: a non-financial natural gas contract with physical delivery on the PVB, which is settled on the gas delivery date at the Dutch TTF gas price (ICIS TTF Day-Ahead/Weekend Index) plus the spread resulting from the matching process.

In addition, Axpo will also promote LNG trading on the Virtual Balancing Tank (TVB), where it acts as a market maker for products with daily and monthly delivery, D+1 and M+1.

The role of market maker exists in most European markets,  its purpose being to promote market liquidity by ensuring that buy and sell orders for gas are continuously displayed on the trading screen, with a firm price spread between them. In this way, market makers provide robust price signals and promote market liquidity.

All MIBGAS Derivatives members can trade PVB futures as well as TVB spot contracts, so there are practically no additional requirements beyond those already in place for MIBGAS. All this information can be found in the MIBGAS and MIBGAS Derivatives Access Guide (Chapter 5: Acquisition of Agent Status in MIBGAS Derivatives).

About MIBGAS

MIBGAS operates the Iberian organised gas market, being responsible for its operational functions and the financial administration of its services in accordance with the principles of efficiency, transparency, objectivity and independence. With more than 300 agents, it is also the guarantee manager for the Spanish gas system. MIBGAS and MIBGAS Derivatives trade natural gas and liquefied natural gas products (non-financial and with physical delivery) ranging from intraday (with same-day delivery) to Y+2. In addition, it also offers the service for registering OTC transactions and auctions on request.

Committed to sustainability and decarbonisation, MIBGAS has been publishing the first Iberian index of renewable hydrogen prices, called IBHYX, since the end of 2024.

For more information: https://www.mibgas.es/en and https://www.greenenergy.mibgas.es/en.

About Repsol

Repsol is an energy company that provides solutions for all its customers’ home and mobility energy needs. It employs 24,000 people in over twenty countries and has 24 million customers.

Its extensive network of 4,500 service stations supplies fuel in Spain, Portugal, Peru and Mexico, and is introducing alternatives such as electric charging, 100% renewable fuels, autogas (LPG) and natural gas for vehicles. It has more than 3 million electricity and gas customers on the Iberian Peninsula and has a diversified renewable energy generation portfolio, with an installed capacity of 6,000 MW, mainly in Spain and the United States.

It produces total energy averaging 548,000 barrels of oil equivalent per day and operates one of the most efficient refining systems in Europe. Repsol is transforming its six industrial complexes on the Iberian Peninsula into multi-energy centres, capable of processing a wide variety of raw materials and waste to manufacture low-carbon products, such as 100% renewable fuels.

About Axpo

Axpo’s sole mission is to contribute to a sustainable future by offering innovative energy solutions. The company is Switzerland’s largest energy producer and an international leader in energy trading and the marketing of solar and wind power.

Axpo draws on the experience and expertise of its more than 7,500 employees, who are driven by their passion for innovation, collaboration and meaningful change. Using cutting-edge technologies, Axpo innovates to meet the changing needs of its customers in more than 30 countries across Europe, North America and Asia.