Market Bulletin / Boletín del Mercado / Boletim do Mercado Nº /04/11

Transcrição

1 1. Market Data / Datos de la Sesión / Dados da Sessão 1.1 MIBEL SPEL Base Load (FTB / FWB / SWB) Futures (FTB) Forwards (FWB) Swaps (SWB) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement (1) Buy+Sell Nominal Open Open Open Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC OTC OTC Value MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. #cont. #cont. #cont. #cont. FTB D Th12Apr ,75 43,75 43,75 43,75 47,93 3, FTB D Fr13Apr ,00 53,00 53,00 53,00 57,00 53,00 2, FTB D Sa14Apr ,54 5,00 FTB D Su15Apr ,46 5,00 FTB WE 14Apr ,50 5,00 FTB Wk ,00 4,00 2 FTB Wk ,50 2,50 5 FTB Wk ,31 1,50 FTB M May ,05 48,15 47,05 48,15 47,80 49,00 48,25 1, FTB M Jun ,05 54,05 54,05 54,05 53,80 55,00 54,05 1, FTB M Jul ,35 0,96 FTB M Aug ,29 0,94 FTB M Sep ,91 0,95 FTB M Oct ,17 0,64 FTB Q ,60 56,00 55,85 0, FTB Q ,40 56,40 56,40 56,40 56,30 57,20 56,40 0, FTB Q ,35 53,45 0,17 3 FTB Q ,50 44,60 0,35 5 FTB Q ,70 0,33 FTB Q ,45 0,35 FTB Q ,94 0,21 FTB YR ,50 50,55 50,50 50,55 50,25 51,00 50,55 0, FTB YR ,65 47,80 47,23 0,33 26 FTB YR ,53 0,33 12 FTB YR ,53 0,33 (1) Settlement Prices for SPEL Base Load Forward (FWB) and SPEL Base Load Swap (SWB) are identical to SPEL Base Load Futures (FTB) for the same maturity (OMIP Instruction 01/2009 no. 7) // El Precio de Referencia de Negociación para los Contratos Forward SPEL Base (FWB) y Contratos Swap SPEL Base (SWB) es idéntico al de los Contratos de Futuros SPEL Base (FTB) de igual vencimiento (Circular OMIP 01/2009 n.º 7) // O Preço de Referência de Negociação para os Forward SPEL Base (FWB) e Contratos Swap SPEL Base (SWB) é idêntico ao dos Contratos de Futuros SPEL Base (FTB) de igual maturidade (Circular OMIP 01/2009 n.º 7). Page 1 / 23

2 1.2 MIBEL SPEL Peak Load (FTK) Futures (FTK) Market Total (excl. OTC) Nominal Auction Trading Session Closing Orders Settlement Buy+Sell Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. FTK D Th12Apr ,41 4,58 FTK D Fr13Apr ,99 2,16 FTK Wk ,83 4,43 FTK Wk ,95 2,77 FTK Wk ,32 1,65 FTK M May ,35 1,66 FTK M Jun ,57 1,14 FTK M Jul ,04 1,02 FTK M Aug ,91 1,00 FTK M Sep ,58 1,01 FTK M Oct ,95 0,71 FTK Q ,50 1,01 FTK Q ,30 0,72 FTK Q ,62 0,19 FTK Q ,76 0,39 FTK Q ,70 0,36 FTK Q ,52 0,38 FTK Q ,71 0,23 FTK YR ,40 0,33 FTK YR ,71 0,37 FTK YR ,94 0,37 FTK YR ,94 0,37 Page 2 / 23

3 1.3 MIBEL PTEL Base Load (FPB) Nom. Value Futures (FPB) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement (1) Buy+Sell Eq. Open High Low Last Bid Ask Price Change Auction Conti. Energy Fin. Phys. OTC MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. Open FPB D Th12Apr ,24 1,81 SPB D Th12Apr-18 2,4 FPB D Fr13Apr ,90 1,47 SPB D Fr13Apr-18 2,4 FPB D Sa14Apr ,44 4,47 SPB D Sa14Apr-18 2,4 FPB D Su15Apr ,36 4,47 SPB D Su15Apr-18 2,4 FPB WE 14Apr ,40 4,47 SPB WE 14Apr-18 4,8 FPB Wk ,21 4,00 SPB Wk ,8 FPB Wk ,71 2,50 SPB Wk ,8 FPB Wk ,54 1,50 SPB Wk ,8 FPB M May ,48 1, SPB M May-18 74,4 FPB M Jun ,45 1, SPB M Jun-18 72,0 FPB M Jul ,24 0,96 SPB M Jul-18 74,4 FPB M Aug ,12 0,94 SPB M Aug-18 74,4 FPB M Sep ,74 0,95 SPB M Sep-18 72,0 FPB M Oct ,18 0,64 SPB M Oct-18 74,5 FPB Q ,70 0, SPB Q ,8 FPB Q ,41 0, SPB Q ,9 FPB Q ,47 0,17 SPB Q ,9 FPB Q ,62 0,35 SPB Q ,4 FPB Q ,73 0,33 SPB Q ,8 FPB Q ,50 0,35 SPB Q ,9 FPB Q ,97 0,21 SPB Q ,3 FPB YR ,58 0,30 SPB YR ,0 FPB YR ,26 0,33 SPB YR ,4 FPB YR ,56 0,33 SPB YR ,0 FPB YR ,56 0,33 SPB YR ,0 #cont. #cont. Nom. Value MWh Mini Swaps (SPB) OTC #cont. Open #cont. (1) Settlement Prices for Mini PTEL Base Load Swap (FPB) are identical to PTEL Base Load Futures (FPB) for the same maturity (OMIP Instruction 01/2009 no. 7) // El Precio de Referencia de Negociación para los Contratos Swap Mini PTEL Base (FPB) es idéntico al de los Contratos de Futuros SPEL Base (FTB) de igual vencimiento (Circular OMIP 01/2009 n.º 7) // O Preço de Referência de Negociação para os Contratos Swap Mini PTEL Base (FPB) é idêntico ao dos Contratos de Futuros SPEL Base (FTB) de igual maturidade (Circular OMIP 01/2009 n.º 7). Page 3 / 23

4 1.4 Mini SPEL Solar Swap (SWS) Nominal Value MWh Mini Swaps (SWS) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement Buy+Sell Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MW /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. h #cont. SWS D Th12Apr-18 0,565 52,30 4,37 SWS D Fr13Apr-18 0,565 57,04 2,11 SWS D Sa14Apr-18 0,565 44,35 5,00 SWS D Su15Apr-18 0,565 39,71 5,00 SWS Wk ,955 48,37 4,30 SWS Wk ,955 44,61 2,69 SWS Wk ,705 50,87 1,62 SWS M May-18 21,39 51,88 1,61 SWS M Jun-18 21,9 58,12 1,13 SWS M Jul-18 24,521 60,59 1,03 Page 4 / 23

5 1.5 German DEEL Base Load (FDB) Futures (FDB) Market Total (excl. OTC) Nominal Auction Trading Session Closing Orders Settlement Buy+Sell Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. FDB D Th12Apr ,84 2,21 FDB D Fr13Apr ,25-1,13 FDB D Sa14Apr ,48-2,22 FDB D Su15Apr ,76 2,96 FDB WE 14Apr ,62 0,37 FDB Wk ,34-0,31 FDB Wk ,54-0,34 FDB Wk ,00-0,31 FDB M May ,90-0,09 FDB M Jun ,85 0,08 FDB M Jul ,89 0,01 FDB M Aug ,13-0,12 FDB M Sep ,63 0,61 FDB M Oct ,55-0,11 FDB Q ,85 0,16 FDB Q ,35 0,30 FDB Q ,30 0,23 FDB Q ,22 0,10 FDB Q ,56 0,34 FDB Q ,57 0,71 FDB Q ,88 0,16 FDB YR ,90 0,35 FDB YR ,05 0,23 FDB YR ,21 0,27 FDB YR ,92 0,22 Page 5 / 23

6 1.6 French FREL Base Load (FFB) Futures (FFB) Market Total (excl. OTC) Nominal Auction Trading Session Closing Orders Settlement Buy+Sell Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. FFB D Th12Apr ,08 3,50 FFB D Fr13Apr ,63 1,43 FFB D Sa14Apr ,13 0,92 FFB D Su15Apr ,37 1,82 FFB WE 14Apr ,75 1,37 FFB Wk ,53 0,43 FFB Wk ,50 0,00 FFB Wk ,40 0,15 FFB M May ,85 0,21 FFB M Jun ,30-0,03 FFB M Jul ,09 0,44 FFB M Aug ,26 0,51 FFB M Sep ,91-0,69 FFB M Oct ,93 0,11 FFB Q ,39 0,09 FFB Q ,30 0,17 FFB Q ,85 0,02 FFB Q ,50 0,50 FFB Q ,60 0,92 FFB Q ,45-0,28 FFB Q ,34-0,22 FFB YR ,31 0,29 FFB YR ,10 0,09 FFB YR ,75-0,20 FFB YR ,75-0,20 Page 6 / 23

7 1.7 PVB-ES NG Physical Futures Contracts (FGE) Futures (FGE) Market Total (excl. OTC) Nominal Auction Trading Session Closing Orders Settlement Buy+Sell Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open MWh/Day /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. FGE D Th12Apr ,140 0,270 FGE D Fr13Apr ,700-0,020 FGE D Sa14Apr ,920-0,800 FGE D Su15Apr ,920-0,800 FGE WE 14Apr ,920-0,800 FGE WkDs ,852 0,462 FGE WE 21Apr ,852 0,462 FGE WkDs ,852 0,462 FGE WE 28Apr ,852 0,462 FGE WkDs ,842 0,340 FGE WE 05May ,590 0,310 FGE BoM D+1 Calendar Day 19 21,852 n.a. FGE M May ,590 0,310 FGE M Jun ,520 0,270 FGE M Jul ,540 0,160 FGE Q ,790 0,250 FGE Q ,727 0,270 FGE Q ,133 0,229 FGE Q ,079 1,559 FGE Win ,950 0,250 FGE Sum ,610 1,450 FGE Win ,731 0,197 FGE YR ,780 0, FGE YR ,681 0,286 Page 7 / 23

8 1.8 MIBEL SPEL Base Load Financial Futures Options (OEB) Month Futures Options Futures Options (OEB) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement Buy+Sell Nominal Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. OEB C M May ,62 n.a. OEB C M May ,00 n.a. OEB C M May ,55 n.a. OEB C M May ,27 n.a. OEB P M May ,37 n.a. OEB P M May ,16 n.a. OEB P M May ,05 n.a. OEB P M May ,02 n.a. OEB P M May ,00 n.a. OEB C M Jun ,01 n.a. OEB C M Jun ,46 n.a. OEB C M Jun ,02 n.a. OEB C M Jun ,69 n.a. OEB P M Jun ,61 n.a. OEB P M Jun ,37 n.a. OEB P M Jun ,21 n.a. OEB P M Jun ,11 n.a. Page 8 / 23

9 1.8.2 Quarter Futures Options Futures Options (OEB) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement Buy+Sell Nominal Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. OEB C Q ,28 n.a. OEB C Q ,55 n.a. OEB C Q ,92 n.a. OEB C Q ,39 n.a. OEB C Q ,98 n.a. OEB P Q ,70 n.a. OEB P Q ,43 n.a. OEB P Q ,25 n.a. OEB P Q ,13 n.a. OEB P Q ,07 n.a. OEB P Q ,03 n.a. OEB C Q ,52 n.a. OEB C Q ,05 n.a. OEB C Q ,64 n.a. OEB C Q ,30 n.a. OEB C Q ,01 n.a. OEB P Q ,12 n.a. OEB P Q ,66 n.a. OEB P Q ,27 n.a. OEB P Q ,95 n.a. Page 9 / 23

10 1.8.3 Year Futures Options Futures Options (OEB) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement Buy+Sell Nominal Value Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. #cont. OEB C 4 YR ,74 n.a. OEB C 4 YR ,17 n.a. OEB C 4 YR ,69 n.a. OEB C 4 YR ,28 n.a. OEB C 4 YR ,96 n.a. OEB P 4 YR ,62 n.a. OEB P 4 YR ,19 n.a. OEB P 4 YR ,84 n.a. OEB P 4 YR ,57 n.a. OEB P 4 YR ,37 n.a. OEB P 4 YR ,23 n.a. Page 10 / 23

11 1.9 FTR Baseload (FTR) Nominal Value MWh Financial Transmission Rights (FTR) Market Total (excl. OTC) Auction Trading Session Closing Orders Settlement Buy+Sell Eq. Open High Low Last Bid Ask Price Change Auction Continuous Energy Fin. Phys. OTC Open /MWh /MW /MWh /MWh /MWh /MWh /MWh /MWh /MWh #cont. #cont. MWh #cont. #cont. #cont. h #cont. FTR E-P M May ,00 n.a. 500 FTR P-E M May ,00 n.a. 500 FTR E-P M Jun ,00 n.a. 500 FTR P-E M Jun ,00 n.a. 500 FTR E-P M Jul ,00 n.a. FTR P-E M Jul ,00 n.a. FTR E-P Q ,00 n.a. 200 FTR P-E Q ,00 n.a. 200 FTR E-P Q ,00 n.a. FTR P-E Q ,00 n.a. Page 11 / 23

12 1.10 Index / Índices / Índices Day Iberian Non-Iberian SPEL Solar (German) (French) FREL PTEL Index SPEL Index Spread PTEL/SPEL FTR Index Index DEEL Index Index Base Peak Base Peak Base Peak E-P P-E Solar Base Base ,64 44,02 40,64 44,02 0,00 0,00 0,00 0,00 44,56 31,52 39, ,24 48,82 47,93 52,41-2,69-3,59 2,69 0,00 52,30 29,84 44,08 2. Market Information / Información del Mercado / Informação do Mercado 2.1 Session Timetable/ Horario de la Sesión / Horário da Sessão Pre-Trade Continuous Trading Pre-Close 8:00 9:00 9:00 17:00 17:00 18:30 CET (Central European Time) Page 12 / 23

13 2.2 s / Miembros / Membros Company Trading OMIP OTC Broker Direct Clearing General Clearing OMIClear Financial Settlement Agent Physical Settlement Agent Power Physical Settlement Agent Gas Acciona Green Energy Developments S.L. Alpiq, AG Arraco Global Markets Ltd Axpo Iberia, S.L.U. Banco L.J. Carregosa, S.A. Banco Santander. S.A. BP Gas Marketing Limited Caixa Geral de Depósitos. S.A. Céltica Energía, S.L. Cepsa Gas y Electricidad, S.A. CIMD - Sociedad de Valores. S.A. Citadel Energy Investments (Ireland) DAC Citibank International PLC. Sucursal en España Citigroup Global Markets Limited City Financial Investment Company Limited Clidom Energy S.L. Cumulus Energy Master Fund Danske Commodities, A/S Dreue Electric, S.L. Ecochoice, S.A. EDF Trading Limited EDP - Energias de Portugal. S.A. EDP - Serviço Universal. S.A. EDP España, S.A.U. EGL. AG Page 13 / 23

14 Company OMIP Trading OTC Broker Direct Clearing General Clearing OMIClear Financial Settlement Agent Physical Settlement Agent Power Endesa Energía I. S.L. Physical Settlement Agent Gas Endesa Generación. S.A. Endesa Energía, S.A. Enérgya VM Gestión de Energia S.L.U. Enforcesco S.A. Engie Global Markets Eni Trading & Shipping Evergreen Eléctrica S.L. Factor Energia. S.A. Fenie Energía, S.A. Foener Energía, S.L. Fortia Energía, S.L. Fortia Energía Servicios Freepoint Commodities Europe LLP Galp Power S.A. Gas Natural Comercializadora, S.A. Gas Natural SDG. S.A. Gas Natural S U R SDG. S.A. GeoAtlanter, S.L. Gesternova, S.A. Gnera Energía y Tecnología, S.L Goldman Sachs International Griffin Markets Limited Iberdrola Comercialización de Último Recurso S.A.U. Iberdrola Generación España, S.A.U ICAP Energy. AS ICAP Energy Ltd Page 14 / 23

15 Company Trading OMIP OTC Broker Direct Clearing General Clearing OMIClear Financial Settlement Agent Physical Settlement Agent Power Physical Settlement Agent Gas Jafplus Energia, Lda. J. Aron & Company Kyonynsys Century S.L.U. Ledesma Comecializadora Eléctrica, S.L. Mercuria Energy Trading S.A. Morgan Stanley Bank. AG Macquarie Bank Limited Nexus Energía. S.A. PH Energia, Lda. Red Eléctrica de España, S.A.U. REN - Rede Eléctrica Nacional, S.A. Shell Energy Europe Limited Sociedad Bilbao Gas Hub, S.A. Spectron Energy Services Limited Switch Energy, S.L. Total Gas & Power Limited TrailStone GmgH Tullett Prebon (Europe) Limited Tullett Prebon (Securities) Limited Uniper Global Commodities SE Viesgo Comercializadora de Referencia, S.L. Viesgo Generación, S.L. Vertsel Energía, S.L.U. Page 15 / 23

16 Company Trading OMIP OTC Broker Direct Clearing General Clearing OMIClear Financial Settlement Agent Physical Settlement Agent Power Physical Settlement Agent Gas Viesgo Renovables, S.L Villar Mir Energía, S.L.U. Page 16 / 23

17 3. Fees / Tarifas / Preçário: 3.1 Trading/Registration, Clearing and Physical Delivery Fees of Power Derivatives Contracts / Comisiones de Negociación/Registro, Compensación y de Entrega Física de Contratos Derivados de Electricidad / Comissões de Negociação/Registo, de Compensação e de Entrega Física de Contratos Derivados de Electricidade Type of Transaction (Power Transactions) OMIP Trading / Registration Fee MV* < 1,5 TWh 1.5TW <= MV * <= 3 TWh MV * >= 3 TWh Continuous Trading 0,0075 0,0050 0,0025 Call Auction Trading 0,0075 0,0075 0,0075 Bilateral Transactions ** (between different owners) Registration of Transfer or Bilateral Transaction ** between the same owner 0,0045 0,0045 0, Units: Euro/MWh * MV Monthly Volume (calculated independently for transactions made through Continuous Trading and for those Operational Transactions registered in OMIP Derivatives Market). ** Bilateral Transaction registered in OMIClear through OMIP Derivatives Market. Trading s (Light) are charged trading and registration fees two (2) times greater. Type of Transaction (Power Transactions) OMIClear Clearing Fee MV* < 1,5 TWh 1.5TW <= MV * <= 3 TWh MV * >= 3 TWh OMIClear Physical Delivery Fee *** Continuous Trading 0,0070 0,0050 0,0025 Call Auction Trading 0,0070 0,0070 0,0070 Bilateral Transactions ** (between different owners) Registration of Transfer or Bilateral Transaction ** between the same owner 0,0070 0,0050 0, Units: Euro/MWh * MV Monthly Volume (calculated independently for transactions made through Continuous Trading and for those Operational Transactions registered in OMIP Derivatives Market). ** Bilateral Transaction registered in OMIClear through OMIP Derivatives Market. *** Based on the net position under delivery calculated on a (power) physical trading account level. 0,01 Page 17 / 23

18 3.2 Registration, Clearing and Physical Delivery Fees of Natural Gas Derivatives Contracts / Comisiones de Registro, Compensación y de Entrega Física de Contratos Derivados de Gas Natural / Comissões de Registo, de Compensação e de Entrega Física de Contratos Derivados de Gás Natural Type of Transaction (Natural Gas Transactions) OMIP Registration Fee OMIClear Clearing Fee OMIClear Physical Delivery Fee ** Bilateral Transactions ** (between different owners) 0,005 0,007 0,0055 Registration of Transfer or Bilateral Transaction ** between the same owner Unit: Euro/MWh * Bilateral Transaction registered in OMIClear through OMIP Derivatives Market. ** Based on the net position under delivery calculated on a (gas) physical delivery account level. Further details on the price lists in place can be found in OMIP Notice 03/2010 and OMIClear Instruction A02/2014 available in the respective websites // Para más detalle de las tarifas en vigor por favor consultar el Aviso OMIP 03/2010 y la Circular OMIClear A02/2014 disponibles en los respectivos sitios web // Para mais detalhe dos preçários em vigor por favor consultar Aviso OMIP 03/2010 e Circular OMIClear A02/2014 disponíveis nos respectivos websites. Page 18 / 23

19 3.3 Admission & Maintenance Fees / Comisiones de Admisión y Mantenimiento/ Comissões de Admissão e Manutenção Status Admission Fee (One-off Fee) OMIP Maintenance Fee (Annual Fee) Trading 1 (1) Trading 2 (2) (3) per account (4) Trading Light Broker OTC Unit: Euro (1) For Own Account and Third Parties Account (2) For Third Parties Account (3) Paid EUR in the admission date plus EUR when open the first trading account (4) Up to a maximum EUR Status Admission Fee (One-off Fee) OMIClear Maintenance Fee (Annual Fee) Direct Clearing General Clearing Financial Settlement Agent 0 0 Physical Settlement Agent 0 0 Unit: Euro Page 19 / 23

20 4. Rules / Reglas / Regras 4.1 OMIP Trading Rules / Reglas de Negociación de OMIP/ Regras da Negociação do OMIP OMIClear Clearing Rules / Reglas de Compensación de OMIClear / Regras da Compensação da OMIClear OMIP Code of Conduct / Código de Ética de OMIP / Código de Ética do OMIP 5. Operational Limits 5.1. Parameters of the Order Transaction Ratio In accordance with OMIP Instruction 01/2017 Operational Limits, OMIP sets the following limits to ratio of the quantity of ordered contracts to executed contracts to and the following limit to the ratio of the volume of ordered contracts to executed contracts to MWh. Page 20 / 23

21 5.2 Positions Limits The Portuguese financial regulator (CMVM), published on December 27 th 2017 (*) the Positions Limits applicable to OMIP products. According to OMIP calculation (approved by CMVM) the following limits apply: (*) Volume Limits per Order (nº of contracts) Power Products: Days (500), Weekends (500), Weeks (250), Months (100), Quarters (100), Years (50). Natural Gas Products: Days (10000), Weekends (10000), Week Days (5000), Balance of the Month (2000), Months (2000), Quarters (2000), Season (1500), Years (1000). Page 21 / 23

22 6. Liquidity Provider / Proveedor de Liquidez / Fornecedor de Liquidez 6.1 MIBEL SPEL Base Load Futures (FTB) Contract / Contrato / Contrato FTB M+1 FTB M+2 FTB Q+1 FTB Q+2 FTB Y+1 FTB Y+2 Liquidity Provider / Proveedor de Liquidez / Fornecedor de Liquidez Endesa Generación, S.A.U. Axpo Iberia, S.L. EDF Trading Markets Limited M+1: Front month contract // Contrato del mes siguiente // Contrato do mês seguinte M+2: Second month ahead contract // Contrato del segundo mes siguiente // Contrato do segundo mês seguinte Q+1: Front quarter contract // Contrato del trimestre siguiente // Contrato do trimestre seguinte Q+2: Second quarter ahead contract // Contrato del segundo trimestre siguiente // Contrato do segundo trimestre seguinte Y+1: Front Year contract // Contrato del primer año siguiente // Contrato do primeiro ano seguinte Y+2: Second year ahead contract // Contrato del segundo año siguiente // Contrato do segundo ano seguinte Page 22 / 23

23 6.2 MIBEL SPEL Base Load Futures (FTB) (cont.) Endesa Generación, S.A.U performs liquidity provider operations in the two front months each moment listed for trading on the FTB contracts. Axpo Iberia, S.L. performs liquidity provider operations in the front year and the two front quarters each moment listed for trading on the FTB contracts. EDF Trading Limited performs liquidity provider operations in the second year each moment listed for trading on the FTB contracts. Endesa Generación, S.A.U realiza operaciones de proveedores de liquidez en los dos meses más cercanos a cada momento listados para negociación en los contratos FTB Axpo Iberia, S.L. realiza operaciones de proveedores de liquidez en el primer año y en los dos trimestres más cercanos a cada momento listados para negociación en los contratos FTB. EDF Trading Limited realiza operaciones de proveedores de liquidez en el segundo año más cercano a cada momento listado para negociación en los contratos FTB. Endesa Generación, S.A.U. realiza operações de fornecedores de liquidez nos dois primeiros meses a cada momento listados para negociação nos contratos FTB. Axpo Iberia, S.L. realiza operações de fornecedores de liquidez no primeiro ano e nos dois trimestres mais próximos listados a cada momento para negociação nos contratos FTB. EDF Trading Limited realiza operações de fornecedores de liquidez no segundo ano a cada momento listado para negociação nos contratos FTB. Page 23 / 23