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The Iberian Energy Clearing House

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OMIP

OMIP is the Iberian energy derivatives exchange that ensures the management of the market jointly with OMIClear, which executes the role of clearing house and central counterparty (CCP) of operations carried out on the market.

OMIP was inscorporated on June 16th 2003 and has presently a share capital of 2,500,000 Euros.

The main objectives of OMIP are the following:

  • Contribute to the development of the electricity market

The existence of an efficient derivatives market is crucial to the development of the electricity market, giving participants the conditions to become more competitive in the electric sector, independent of size, geographical location or type of activity.

  • Promote Iberian reference prices

The activity and prices generated on OMIP are extremely useful indicators of the economic activity regarding energy, supporting market liberalization.

  • Provide clients with efficient risk management tools

The main economic reason for the existence of derivatives contracts is to fulfill the need to hedge market risks, such as price variation, being a natural goal of OMIP to provide efficient tools to manage this risk. The market model allows institutions with know-how in the risk management realm to take on this important role, be it for own account or on behalf of third parties.

  • Provide a market model suitable for all agents

OMIP offers totally standardized contracts, which allows participants to benefit from market liquidity and transparency, trading anonymity as well as from the interposition of OMIClear as CCP in all transactions, allowing contract fungibility and eliminating counterpart credit risk. 

Taking advantage of the infrastructures in place and acquired know-how, OMIP widened its services to VPPs, natural gas buy and sell auctions, wind power production licenses assignment auctions, also managing the activities of the natural gas sector switching operator.