96 trading rounds in the intraday electricity market: what changes for operators and traders in 2026

Key data

Wholesale electricity market operators in Spain face a structural change in how energy is traded in real time. The CNMC has approved the expansion to 96 trading rounds in the continuous intraday market, in compliance with ACER Decision No. 11/2025 and Regulation (EU) 2019/943. This modification is neither optional nor discretionary: it responds to a European obligation and directly affects programming, secondary regulation and the collection rights of market agents.

The context is relevant: this adaptation was necessary following the introduction of the 15-minute imbalance settlement period (ISP15) and the disconnection of Iberian operators from the European TERRE platform on December 30, 2025. Both events left the current operating procedures outdated with respect to the new market reality.

What does this regulation establish?

The resolution modifies four operating procedures of the Spanish electrical system. Each one regulates a different area of market operation:

The central change is greater granularity in energy trading: by moving to 96 daily rounds (one for each quarter-hour of the day), agents can adjust their positions with much greater precision and frequency than before. This is consistent with ISP15, which also divides the day into 15-minute periods for imbalance settlement.

During the exception period approved until January 2029, continuous trading closure will be set at 60 minutes before the delivery hour. After that period, the applicable regime will be reviewed based on the evolution of the European market.

Economic and operational impact

This change is not merely technical: it has direct consequences on how agents manage their market position and, therefore, on their costs and financial risks.

• Greater hedging flexibility: With 96 daily rounds, operators can reposition every 15 minutes, reducing imbalance exposure and associated costs.
• New information requirements: The modified P.O.9.1 requires wholesale market agents to adapt their reporting and data exchange systems. This may involve investments in software or internal processes.
• Impact on collection rights: The modification of P.O.14.4 affects how collection rights are calculated and settled, requiring review of each agent's internal financial models.
• TERRE disconnection: The exit of Iberian operators from the European TERRE platform on December 30, 2025 already represented a change in regulation reserve management. This resolution consolidates the new operational framework resulting from this change.
• Exception window until January 2029: The transitional period with closure 60 minutes before delivery provides time for adaptation, but does not eliminate the obligation to comply with new procedures from entry into force.

Who does it affect?

• Wholesale electricity market operators: Must adapt their trading and programming systems to 96 rounds and the new 60-minute closure before delivery.
• Energy traders: Affected by changes in programming procedures (P.O.3.1) and collection rights (P.O.14.4).
• Energy generators: Must update their bidding and position adjustment processes in the continuous intraday market.
• Agents with information obligations: All those participating in the wholesale market are subject to the new P.O.9.1 requirements regarding data exchange.
• Operators with secondary regulation activity: Specifically affected by changes in P.O.7.2, linked to TERRE disconnection and ISP15.

Practical example

A trader operating in the wholesale market and managing supply contracts for large industrial customers needs to adjust its energy position throughout the day to minimize imbalances. Until now, intraday sessions offered limited trading windows. With 96 rounds, that trader can review and modify its position every 15 minutes throughout the entire day.

However, to take advantage of this flexibility, its trading system must be capable of processing and sending bids aligned with the new ISP15 periods. Additionally, its reporting processes must comply with the modified P.O.9.1. If it does not adapt its systems before entry into force, it risks being unable to participate in certain rounds or incurring uncovered imbalances that are settled at its cost.

The exception period until January 2029 —with closure 60 minutes before delivery— provides operational margin, but does not eliminate the need for immediate technical adaptation.

What should companies do now?

1. Review the four modified operating procedures (P.O.3.1, P.O.7.2, P.O.9.1 and P.O.14.4) to identify which specific obligations apply to your activity.
2. Audit trading and programming systems to verify they are compatible with 96 daily rounds and the new 15-minute ISP15 settlement period.
3. Update information exchange processes in accordance with the modified P.O.9.1, ensuring that reporting formats and deadlines meet the new requirements.
4. Review financial models for collection rights in light of changes in P.O.14.4, especially if you have contracts or agreements linked to imbalance settlement.
5. Plan adaptation before January 2029, the date when the exception period for 60-minute closure before delivery ends, and the regime could become stricter.
6. Consult with the system operator (Red Eléctrica / REE) regarding any operational questions about the practical implementation of the new rounds and associated information requirements.

Official source

View complete regulation at official source (BOE-A-2026-17285)

Notice: 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-2026-17285