The MIBEL Regulatory Council (CR MIBEL) has conducted a review of its activities throughout 2023, highlighting various initiatives aimed at addressing the challenges posed by high energy prices and market volatility. The council published two key documents in November, one focusing on enhancing cooperation between the European Securities and Markets Authority (ESMA) and the Agency for the Cooperation of Energy Regulators (ACER), and another detailing measures taken at the European level to tackle elevated energy prices.

During the year, CR MIBEL engaged with key stakeholders in the energy sector, including large consumer associations and renewable energy producers, to discuss the impact of regulatory measures on the Iberian Electricity Market (MIBEL). The discussions also covered changes in financial regulations and their effects on the forward market, as well as proposals for reforming the European electricity market design. Participants emphasized the need for regulatory stability, harmonization of European measures, and improved liquidity in forward markets.

On June 6, 2023, CR MIBEL awarded the MIBEL Prize to professors Imelda and Natalia Fabra for their research on market power and price exposure in relation to renewable energy regulation. This research analyzed the impact of long-term power purchase agreements on electricity market functioning.

Throughout 2023, CR MIBEL continuously monitored the evolution of the MIBEL, noting that price levels and volatility were lower than in 2022, although geopolitical risks continued to create uncertainty. The council also discussed its work plan for 2024, which will focus on increasing societal engagement, conducting in-depth studies on MIBEL operations, and maintaining regular oversight activities.

The CR MIBEL operates under an international agreement established between Spain and Portugal, which outlines the coordinated regulatory and supervisory roles of its members in the Iberian Electricity Market.