Trading volumes in the Iberian market – incorporating the Spanish and Portuguese electricity markets – have been growing steadily over the past five years, but a number of hurdles still stand in the way of a fully functioning market and could stymie future progress, some participants fear.

Since 2006 the market has attracted increasing numbers of participants and a rise in both over-the-counter and exchange-traded volumes as end-users move away from fixed tariffs. This move has been driven by