The Portuguese Law establishes that the Last Resort Suppliers (CUR) must acquire all the electrical energy produced by the Special Regime Producers (PRE).
Given this, ERSE (the Energy Regulator in Portugal, Entidade Reguladora dos Serviços Energéticos) changed their rules for separating the purchase of electricity for clients from the PRE acquisitions by the Last Resort Suppliers. In line with this, ERSE established a regulated auction system for selling the PRE electricity to the CUR which both allow a standardization of the market conditions and help the risk hedging.
The implementation of this auctions is carried out through general rules that foresee the organization of derivatives auctions (futures products) to be delivered in the Portuguese area. This helps covering the demand of the Portuguese area agents and their need for hedging.
Please, go to the ERSE website for more information about the general rules and conditions for special regime energy auctions, the communication of the annual PRE auction schedule and the results http://www.erse.pt/pt/supervisaodemercados/mercadodeelectricidade/contratacao/Paginas/leiloesdePRE.aspx
Alternatively, you can find the results for the PRE auctions here: