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.
A total of 15 participants, 11 of them foreign, took part in the auction, which was held 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 for the first, according to Iberdrola.
Two different products were offered in the auction. The first was 3-month blocks of 600 megawatts (MW) of base-load electricity which can be used at any time of day and any day of the week, and was sold at a strike price of 17
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