Portuguese regulator announces auction timetable for 2014

PORTUGAL: Portuguese energy regulator Erse has approved a programme of auctions for energy from renewable and co-generation producers for 2014 equivalent to 13% of national demand.

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According to Erse, the system of auctions of electricity produced by Portugal's so-called "special regime", which came into force last year, guarantees market access and predictability of supply for distributors and price stability for producers.

The auctions are carried out on the OMIP Iberian Energy Derivatives Exchange under Erse rules and they set a specific reference price for the Portuguese power market.

In its first year of operation in 2012 the auctions achieved savings for electricity consumers of around €17 million. The calculation is based on a comparison with the sale of an equivalent amount of energy on the spot market.

Publishing the timetable for the 2014 auction in advance allows participants in the Portuguese electricity market to develop long-term operating strategies, Erse said.

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