On 8 September 2015, in accordance with the third transitory
article of the Electric Industry Law ("LIE", for its
acronym in Spanish, "Ley de la Industria
Eléctrica"), the Ministry of Energy published the
Guidelines of the Market (the "Guidelines", "Bases
del Mercado"), as the general administrative provisions which
establish the principles for the design and operation of the
so-called Wholesale Electricity Market ("MEM", for its
acronym in Spanish, "Mercado Eléctrico
Mayorista"), including those provisions related to the
auctions referred in the LIE.
The Guidelines are part of the Rules of the Market and define
the rules that all market participants ("PM") as
generators, traders, suppliers, non-supplier traders or qualified
users, as well as the competent authorities must comply with, and
the procedures they must follow in order to maintain the proper
management, operation and planning of the MEM. Pursuant to the
Guidelines, which will subsequently be supplemented
