MIBGAS - Iberian Gas Market

MIBGAS - Mercado Ibérico del Gas (also referred to as the Mercado Organizado Del Gas) is the regulated market operator responsible for the organised wholesale gas market in Spain and, by extension, the Iberian gas market. Its platform publishes reference prices and indices for natural gas traded at the Spanish Virtual Balancing Point (PVB, Punto Virtual de Balance) and the Portuguese Virtual Balancing Point (VTP, Punto Virtual de Balance português), serving as the benchmark for wholesale gas pricing in the region. The market offers a range of standardised products, including Day Ahead and Month Ahead contracts, as well as weekend products and other maturities. Prices are expressed in euros per megawatt-hour (€/MWh), and the platform publishes last prices, variations and calculated indices such as the MIBGAS PVB Last Price Index (LPI) and the MIBGAS PVB Average Price Index (API). Trading sessions take place on business days, with data updated at 18:00h according to the market instruction methodology. Beyond price discovery, MIBGAS also manages the guarantee system of the Spanish gas system, providing clearing and collateral services that underpin the security of wholesale gas transactions. The operator has been expanding its ecosystem of market participants, reaching 300 agents, and has been developing market-maker and liquidity-provider arrangements in futures and LNG, with firms such as Repsol, Axpo and DXT Commodities acting as market makers or market dynamisers. MIBGAS publishes an annual report and maintains a corporate website at mibgas.es, where it also recruits technical, legal-financial and market analysis staff. The entity is a regulated market operator, meaning its activities are subject to oversight by Spanish and European energy regulators, and it plays a central role in the liberalised Iberian gas market.

MIBGAS - Mercado Ibérico del Gas operates as the regulated market operator for the organised gas market in Spain. Its origins lie in the liberalisation of the Spanish gas sector and the creation of a wholesale market with a virtual balancing point (PVB) to facilitate transparent price formation and trading of natural gas. The market was designed to provide a reference price for gas consumed in Spain, replacing opaque bilateral arrangements with a centralised, regulated exchange. Over time, MIBGAS extended its scope to include the Portuguese virtual balancing point (VTP), reflecting the integration of the Iberian gas market between Spain and Portugal. The platform now publishes prices for both PVB and VTP, with Day Ahead and Month Ahead products serving as the primary references. It also calculates indices such as the MIBGAS PVB Last Price Index (LPI) and the MIBGAS PVB Average Price Index (API), which are used by market participants and observers. The operator has developed a market-maker and liquidity-provider framework to improve trading activity. Repsol and Axpo have been designated as market makers in futures and LNG, while DXT Commodities has acted as a market dynamiser in LNG. These arrangements are intended to deepen liquidity and support the development of gas trading in the Iberian region. MIBGAS has also grown its participant base, reaching 300 agents, and publishes an annual report detailing market developments. In addition to price discovery, it manages the guarantee system of the Spanish gas system, providing clearing and collateral services. The company recruits technical, legal-financial and market analysis staff through its website, indicating an ongoing operational and analytical capability. As a regulated market operator, MIBGAS is subject to oversight by Spanish and European authorities, and its prices are widely followed as benchmarks for wholesale gas in the Iberian Peninsula.

• MIBGAS reaches 300 agents on its platform

• MIBGAS publishes its 2025 annual report

• Repsol and Axpo designated as market makers in futures and LNG

• DXT Commodities designated as LNG market dynamiser

Regulated market operator and benchmark price publisher for the organised wholesale gas market in Spain and the Iberian Peninsula.

• Day Ahead ES (PVB)

  Daily product at the Spanish virtual balancing point with delivery the next business day.

• Month Ahead ES (PVB)

  Monthly product at the Spanish virtual balancing point with delivery the following month (M+1).

• Day Ahead PT (VTP)

  Daily product at the Portuguese virtual balancing point with delivery the next business day.

• MIBGAS PVB Last Price Index (LPI)

  Index calculated per gas day from the last price of the last trading session of Day Ahead or Weekend products delivered at PVB.

• MIBGAS PVB Average Price Index (API)

  Index calculated per gas day from the reference price of the last trading session.

1. 1MIBGAS - Mercado Ibérico del Gasmibgas.es
2. 2Trabaja con nosotros | MIBGAS - Mercado Ibérico del Gasmibgas.es
3. 3Mercado Organizado Del Gas - Wikidatawikidata.org
4. 4Trabaja con nosotros | MIBGAS - Mercado Ibérico del Gasmibgas.es