The management of the Iberian spot electricity market is the responsibility of OMEL - Iberian Energy Market Operator - Spanish division, headed in Madrid that began its business in 1998.

On the spot electricity market, transactions are executed by the participation of agents on the daily and intraday market that aggregate, through market splitting, the Spanish and Portuguese zones of MIBEL.

Trading on the daily market is based on a daily auction, with settlement of energy at every hour of the following day. These prices can be different, namley when, for a given hour, the connection is congested, i.e. it is not enough to ensure all the electricity traffic between the two regions.