The purpose was to promote the development of the market for electricity with a view to safeguarding the natural gas client base in an unregulated market environment as well as manage the use of CO2 emission licences centrally, thereby guaranteeing a sustainable management.
Sale of electricity
In 2010, Galp Energia continued to sell power to several Group companies as it stepped up efforts to offer single and dual offers (those consisting of electricity and natural gas) to industrial clients.
In 2010, Galp Energia achieved power sales to end customers of 69 GWh, an increase compared to the 4 GWh sales of 2009.
Participation in auctions
Galp Energia participated for the first time in 2008 in the auction for virtual production capacity organised in Portugal by OMIP, the Iberian energy market operator. These auctions aim to trade options to buy electrical power.
This is a way to make available to market participants such as electricity suppliers, large-sized end customers and outside participants the use major operators’ production capacity, that is, the plants that were previously covered by power purchase agreements (PPAs).
Carbon emissions and licences bourse
From 2009, Power's procurement and trading division is responsible for trading the CO2 licences for every company of the Group. This area participates in the ICE/ECX CO2 emission bourse in order to maximise the value of Galp Energia's CO2 licence portfolio.
Electricity market
In terms of the electricity market, Galp Energia is enrolled in the MIBEL market (Iberian electricity market), both in the Spanish hub (OMEL) that manages the spot market and in the Portuguese hub (OMIP), which operates the futures market. Galp Energia is also enrolled in EPEXSPOT. In the future, Galp Energia may operate in this market.