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Iberdrola and Endesa hold first power auction

Utilities Iberdrola and Endesa have held Spain's first power auction, awarding a total volume of 1.45 terawatt hours (TWh). This auction represents the fruits of efforts by the two Spanish utilities to develop a competitive Spanish power market and promote the use of forward contracts.

Fifteen participants, 11 of them foreign, took part in the auction on June 13. A larger number of traders are expected to participate in later auctions, since not all were able to make the deadline to register