Price of electricity increases again in Spain and Portugal on Thursday, June 16

The price of electricity in Spain and Portugal rises again by 3.15 per cent on Thursday, June 16.

The average price of electricity in the wholesale market in Spain and Portugal will rise this Thursday, June 16, by 3.15 per cent compared to today, Wednesday, June 15. 

According to data from the Iberian Market Operator of Energy (OMIE), specifically, the average price of electricity this Thursday will be €170.81/MWh, which is €5.22/MWh more than today’s €165.59/MWh.

This is the second day of application of the so-called ‘Iberian exception’, designed to cap the price of natural gas for electricity generation.

Thursday’s maximum price will be registered between 9pm and 10pm, at €210.44/MWh, while the minimum for the day, of €150/MWh, will be between 2pm and 3pm. However, this price must include the compensation that the demand will pay to cogeneration plants and combined cycles, data still pending communication by OMIE.

These charges will amount to an average of around €59/MWh, which will be paid by the consumers who benefit from the measure, the consumers of the regulated rate (PVPC), or those who, despite being in the free market, have an indexed rate.

The new Iberian mechanism, which finally received the green light from Brussels last week, limits the price of gas for electricity generation to an average of €48.8/MWh over a twelve-month period, thus covering the coming winter, a period in which energy prices will always be more expensive.

Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of €40/MWh in the initial six months. That is compared to around €90/MWh at which natural gas is quoted in Mibgas.

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