By Chris King • 15 June 2022 • 0:27
Image of electricity meters.
Credit: Creative Commons
The average price of electricity in the wholesale market in Spain and Portugal will fall 22.6 per cent this Wednesday, June 15, compared to today, Tuesday, June 14. Tomorrow marks the beginning of the application of the ‘Iberian exception’, which has been established to cap the price of natural gas for the generation of electricity.
According to data published by the Iberian Energy Market Operator (OMIE), specifically, the average price on Wednesday will be €165.59/MWh. This is €48 euros less than Tuesday’s €214.05/MWh), and its lowest level since last May 29.
Wednesday’s maximum price will be registered between 1am and 2am, at €194.07/MWh, while the minimum for the day, of €144.17/MWh, will be between the hours of 4pm and 5pm. At no point during the day does the price exceed 200/MWh.
However, this drop in the price of the wholesale market will not be transferred in its entirety to the beneficiary consumer, since the compensation demanded to pay for cogeneration plants and combined cycles must be incorporated.
In this way, the price that clients of the regulated tariff will pay will be €224/MWh on average. This price is 6 per cent lower than the €237/MWh that would have been set without applying the cap on gas for this Wednesday.
The biggest losers will be those who had a fixed-price contract and renewed it since the end of April. They will suffer an average surcharge of almost €60.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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