CNMC resolution confirms adoption of 96 continuous trading rounds in Spain's intraday electricity market (DCOOR/DE/002/26)

A CNMC transparency resolution dated 21 October 2026 (responding to access-to-information requests) discloses and confirms that CNMC had already adopted a Resolution on 30 July 2026 modifying the operating rules of the Spanish day-ahead and intraday electricity markets to implement 96 continuous trading rounds in the continuous intraday market (expediente DCOOR/DE/002/26). The transparency resolution grants partial public access to the non-confidential administrative file, which includes comments submitted by OMIE (the market operator) during a prior public consultation on adapting market rules to the 96-round continuous intraday structure, as well as confidential submissions from members of the Consejo Consultivo de Electricidad that remain excluded from disclosure.

The move to 96 continuous trading rounds represents a structural redesign of Spain's continuous intraday electricity market microstructure, increasing trading granularity (aligned with quarter-hourly products) and potentially reshaping liquidity distribution, price formation dynamics, and bidding/hedging strategies for generators, suppliers and traders operating in the Spanish intraday market. The transparency disclosure is the first public confirmation of the existence, scope and stakeholder consultation history of this rule change, since the underlying resolution and consultation documents were not previously public in full.

This event sits at the intersection of market microstructure reform and regulatory transparency. The substantive design change - expanding continuous intraday trading to 96 rounds - is significant for market design because it affects how often participants can rebalance positions intraday, which has direct implications for liquidity concentration, price convergence with real-time conditions, and the competitive dynamics between continuous and auction-based intraday mechanisms in Spain. However, the primary source itself is a procedural transparency ruling rather than the substantive resolution text, so key design parameters (effective implementation date, technical specifications of the 96 rounds, interaction with existing intraday auctions) are not detailed here and must be tracked via the underlying resolution text once available. The disclosure also confirms OMIE's role as proposer/consultee and the involvement of the Consejo Consultivo de Electricidad in the rule-making process, consistent with standard CNMC procedure for modifying market operating rules.

CNMC Resolution of 30 July 2026 modifying the operating rules of the day-ahead and intraday electricity markets (DCOOR/DE/002/26); Ley 19/2013 de transparencia, acceso a la información pública y buen gobierno (LTAIBG); Ley 39/2015 LPAC

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