The Secondary Market of Capacity Usage Rights (DUC) for transmission and storage in Portugal is governed by the Overall Technical Management Procedures Manual (MPGTG), published by ERSE, and establishes the possibility of market agents trade of DUCs which have been assigned to them in a capacity allocation process carried out by the System Manager.
All DUCs relating to the SNGN domestic points are covered in this market as are DUCs referring to the VIP with Spain. In the latter case, rights allocated jointly by the Portuguese and Spanish Technical Managers also exist if they refer to harmonized products.
According to the current MPGTG, market agents may trade gas or DUCs acquired in a congestion resolution process, through bilateral agreements. Agreements established between parties shall be communicated to the System Manager which validates them and registers the new positions for each agent.
DUCs referring to domestic points, acquired from the OMIP platform, may be traded through the secondary market platform provided by this entity, in accordance with the rules to be defined in the MPGTG. With regard to VIP DUCs, the rules to be applied are approved by the regulators of both countries and are set out in the "Information Memorandum".
This document stipulates the capacity allocation rules and procedures for the VIP between Portugal and Spain.