Key data
| Regulation | Resolution of 30 July 2026, of the CNMC, modifying the operating rules of the daily and intraday electricity markets for the implementation of 96 trading rounds in the continuous intraday market |
|---|---|
| Publication | 11 August 2026 |
| Entry into force | Not specified in the resolution |
| Affected parties | Electricity traders, generators and large consumers operating in the wholesale market |
| Category | Energy |
| Year | 2026 |
| Extension | 192 pages |
| BOE Reference | BOE-A-2026-17570 |
Traders, generators and large consumers operating in the electricity wholesale market face a structural reform of significant scope: the CNMC Resolution of 30 July 2026 implements 96 trading rounds in the continuous intraday market, which represents much higher hourly granularity than previously existed. The change is not cosmetic: it affects operating systems, the conditions for market participants and the way programmed flow information is managed in interconnections.
The proposal came from the Market Operator and responds to the need to align the functioning of the Iberian market with European balance market standards. With 192 pages of modifications, the technical and operational scope of the regulation is considerable.
What does this regulation establish?
The resolution deeply modifies the operating rules of the daily and intraday electricity markets. The specific changes it introduces are as follows:
| Modified aspect | Change introduced |
|---|---|
| Number of trading rounds | 96 daily rounds are implemented in the continuous intraday market, increasing hourly granularity for position adjustment |
| Claims period | The applicable claims period in the market is modified |
| Limitation of bids per file | New conditions are established on the number of bids allowed per submission file |
| Conditions for market participant participation | The conditions under which market participants can participate in intraday markets are updated |
| Source of programmed flow information | The source of information used for programmed flows in interconnections is modified |
The increase to 96 daily rounds means that market participants have much more frequent trading windows throughout the day to adjust their energy buying and selling positions. This increases operational flexibility, but also requires greater responsiveness and automation in bid management systems.
Economic and operational impact
The reform has direct consequences for the daily operations of wholesale market participants:
- Greater flexibility to adjust positions: With 96 daily rounds, market participants can react more quickly to changes in demand, renewable generation or prices, reducing the risk of costly deviations.
- Need to adapt bid management systems: Current bid submission and management systems must be reviewed to support the new frequency of rounds and new file limitations.
- Changes in interconnection management: The modification of the source of programmed flow information in interconnections affects market participants operating with cross-border capacity in the Iberian market.
- Alignment with European standards: Convergence with European balance markets may open arbitrage and optimization opportunities for participants with presence in multiple markets.
- Cost of technological adaptation: Companies with automated trading systems will need to assess the impact on their platforms, especially regarding bid limitations per file and new participation conditions.
Who does it affect?
- Electricity traders operating in the wholesale market and managing positions in the intraday market.
- Electricity generators (conventional and renewable) that adjust their production in the continuous intraday market.
- Large consumers with direct access to the wholesale market that use the intraday market to optimize their supply costs.
- Market participants with interconnection operations affected by the change in the source of programmed flow information.
- Technology providers and trading platforms that support market participants' bid management systems.
Practical example
A mid-sized trader that currently manages its positions in the intraday market with existing trading rounds faces a new scenario: with 96 daily rounds available, it has the possibility to adjust its position every 15 minutes throughout the day, rather than in wider windows.
This means that its bid management system must be capable of generating, submitting and managing bid files with the frequency and format established by the new regulation, respecting the bid limitation per file introduced by the resolution. If the current system is not prepared for this cadence, the trader risks not being able to participate effectively in the rounds, losing optimization opportunities or incurring deviations that are settled at less favorable prices.
Similarly, a renewable generator with variable production (wind or solar) benefits especially from the greater granularity: it can adjust its production forecasts more frequently and reduce the cost of deviations against the initial program.
What should companies do now?
- Review bid management systems: Assess whether the current platform supports the operation of 96 daily rounds and the new bid limitations per file established in the resolution.
- Analyze new participation conditions: Verify that the company meets the updated requirements to operate in intraday markets according to the new regulation.
- Update internal trading procedures: Adapt bid submission protocols, position management and round tracking to the new frequency of 96 daily rounds.
- Review interconnection management: If the company operates with cross-border flows, verify the impact of the change in the source of programmed flow information in interconnections.
- Consult the updated claims period: Know the new deadlines for claims and ensure that operational teams have them integrated into their procedures.
- Read the complete resolution (192 pages): Given the extension and technical scope of the changes, it is recommended that the technical and legal team review the full text published in the BOE.
Frequently asked questions
How many trading rounds will there be in the continuous intraday market with the new regulation?
The CNMC resolution of 30 July 2026 implements 96 daily trading rounds in the continuous intraday market. This represents greater hourly granularity for position adjustment compared to the previous situation.
What specific aspects change in the intraday market rules?
The resolution modifies five main aspects: the claims period, the limitation of bids per file, the conditions for market participant participation in intraday markets, the source of programmed flow information in interconnections, and the number of trading rounds, which increases to 96 daily.
When does this CNMC resolution enter into force?
The resolution was published on 11 August 2026, but the entry into force date is not specified in the available information. It is recommended to consult the full text of the resolution in the BOE (reference BOE-A-2026-17570) to know the exact date of application.
What companies are required to adapt their systems due to this regulation?
Directly affected are electricity traders, electricity generators and large consumers operating in the electricity wholesale market. Also market participants with interconnection operations and technology providers that support their bid management systems.
Why does the CNMC introduce 96 rounds in the intraday market?
The measure responds to a proposal from the Market Operator and aims to align the functioning of the Iberian market with European balance market standards. Greater hourly granularity allows market participants to adjust their positions more frequently and precisely throughout the day.
Official source
Consult complete regulation in official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-17570